Remember when “social media” just meant Facebook and Twitter? Or even Myspace? Those days are long gone, and we currently live in a world where 15-second to 3-minute TikTok videos are dominating social space. TikTok is a social platform that features user-created videos ranging from pranks and stunts to how-to videos and even – you guessed it – financial information.
While it may seem odd to think of TikTok for financial advisor marketing, consider the platform’s user demographics: According to Statista, 75% of TikTok’s user base is between the ages of 20 and 50+. Of that 75%, 44% of those users are classified as Gen Z or Millennials.
It’s no secret that financial advisors need to be engaged with these segments of investors, as they are either currently in their prime asset accumulation years, or soon will be. It’s also important to note how these younger investors seek their information. Where Baby Boomers would traditionally turn to friends and family for recommendations, Gen Zers and Millennials turn to the internet and more specifically to social media channels.
While they’re still looking for recommendations from others, it’s done on a much larger, and more public scale. It’s also no secret that the attention span of the average digital consumer is shrinking, hence these short, easily digestible pieces of content become the preferred way to distribute information.
So where does that leave financial advisors? How can you get involved on TikTok in a way that feels authentic and communicates the right message to potential clients?
Read on for ways to enhance your digital marketing presence on this rapidly expanding platform.
Paid Promotion (Ads)
Just like other social platforms, TikTok offers businesses a platform for targeted, paid advertising. Financial advisors can choose an audience and set a budget, then use TikTok’s video tools to create the content for its platform.
Additionally, you can create a video and then upload it into your ad as long as it meets the social channel’s requirements. This ability to target an audience will not only gain exposure for your financial advisor firm but will also produce more organic reach if users like your content and want to see more.
Posting Original Content
TikTok was designed for users to create their own, unique content. As a financial advisor, the content you create should be no different. As with any digital marketing or social media marketing effort, quality content is critical for success. On TikTok specifically, you’re competing with millions of other videos and need to find a way to grab and hold a viewer’s attention long enough to engage them and motivate them to want to share your videos and ideally vist your website for more information.
Because TikTok videos are so short, you have literally seconds to reel in the viewers. And let’s face it – a clip from one of your webinars or slide shows isn’t going to cut it. As voyeuristic creatures by nature, people love to get a glimpse into other people’s lives. For people with important yet typically misunderstood jobs (i.e., financial advisors, lawyers, doctors) there are some common misconceptions that can be debunked when producing engagement videos.
These “day in the life” videos can not only be entertaining but also educational and can do extremely well on TikTok. Another approach for content would be to create a video of commonly asked questions and answers, with catchy graphics and sounds. This way of making “boring” topics more interesting can go a long way with an audience looking for information, but do not want to read a 1,000 word whitepaper on the subject - at least not just yet.
Creating high quality informative content can also help you stand out as a trusted source among the “get rich quick” schemes that make investing sound super easy, highly profitable, and risk free. Unfortunately, there aren’t many ways to stop lower quality financial advisors from distributing false or misleading information about investing and money management. The best way to combat this is to show your knowledge and experience, and of course, follow the proper regulations and compliance practices.
TikTok Live
Also like other platforms, TikTok provides users with more than 1,000 followers with an option for live streaming. Once this service is available, it can be a valuable tool for engaging with your audience, such as doing a Q&A, or even featuring a guest and doing an interview-style informational session. Because this is truly live content, having a plan is crucial for financial advisors to prevent any legal missteps or technical difficulties.
Hashtags
As with other social platforms, the use of hashtags is critical for getting your content seen organically on TikTok. Just like when using keywords for SEO, some hashtags are extremely popular and will return thousands upon thousands of results while others may be less popular, but give you a higher ranking position within those results.
When it comes to financial advisor social media, it’s recommended to use a mix of hashtags to try to gain the most exposure and views, while also not crowding your message with too many conflicting or irrelevant hashtags.
Best Practices and Tips
Observe First Before Diving In
This is especially important if you’re new to TikTok. Sign up for a personal account and simply observe what you see and take notes (including what not to do). Search hashtags, scope out the competition, and come up with a general idea of how you want your financial advisor TikTok account to be promoted.
Have the Right Gear
Once you’re ready to get started, remember this: TikTok is a video platform, and having the right equipment is an important part of getting started right. Can you create everything from your smartphone? Yes. Will it be better with lighting and quality editing? An even more important yes.
Don’t Sell
TikTok is meant to be entertaining, not full of “commercials.” Keep that in mind when creating your financial advisor content. Educate first, sell second. If your content is good, people will keep coming back for more and you’re well on your way to converting viewers into qualified leads.
Call in Reinforcements
Ok, so you don’t eat, sleep, and breathe TikTok. Maybe it’s not even your thing, but you understand the critical need for financial advisor marketing. Whatever the case, there are social media marketing professionals who do – in fact – eat, sleep, and breathe this type of content and can help you navigate this new territory.
