There is plenty of discussion as to which social media platforms are ideal for financial advisors. Just about everyone in the industry understands Facebook is important for connecting with investors. However, there is some question as to whether an investment of time and effort into Twitter and other financial advisor social media platforms outside of Facebook is also prudent.
Facebook and Twitter Have Unique Merits for Financial Advisors
Facebook and Twitter have the potential to produce traffic to your financial advisor website. Facebook is more important simply because it is more popular. Facebook connects people with one another and local businesses including financial advisor firms.
Twitter is also helpful for raising brand awareness yet it is comparably difficult to navigate and much more politically charged than any other social media platform. Furthermore, Twitter posts are limited to 140 characters, meaning there is precious little room to communicate the merits of your financial advisory firm’s value offering.
However, as part of your overall financial advisor marketing strategy, Twitter is still worth using as a considerable number of locals who have a need or desire for your advisory services are using the platform. In short, Twitter is primarily used to share ideas. Facebook is primarily used to connect with others.
Facebook has a broader audience both in terms of user numbers and demographics. Twitter is primarily used by those between their late teens and early 30s. Most financial advisor firms target clients age 30 and older so it makes sense to invest the majority of your social media marketing time, effort, and budget on Facebook as opposed to Twitter.
Twitter is a Worthwhile Strategy
Though Facebook is clearly the better social media platform for financial advisors, Twitter serves an important purpose, particularly in the context of digital marketing and prospecting. In excess of 300 million people use Twitter, meaning there is plenty of opportunity to find new clients. Invest some time in the social media platform, amass a follower base and they will share, retweet, and respond to your tweets, helping you connect with others and communicate the merits of your value offering.
Just be sure to share content that helps clients solve relevant problems or better understand the value of financial services. Provide your followers with content that enhances their lives in some way and they will be inclined to heed your call-to-action and share your tweets with others.
Twitter will also help steer online traffic to your website. Add links to your financial advisor site to your Twitter profile and your tweets, tweet once every day or once every couple days and you will find new prospects visit your site that much more frequently. If you are still on the fence as to whether it is in your interest to establish a profile on Twitter, err on the side of being overly social in the digital realm.
Twitter is an important form of social proof that reinforces the legitimacy of your financial advisory firm. Having an active Twitter account makes it clear your firm is tech-savvy and looking to serve locals in need of financial advisory services. However, merely setting up a Twitter account and tweeting once every couple of months will not make much impact. Fill out your profile, add a professional image, select a background, add a link to your homepage, and share information with regularity to keep your audience fully engaged.
Focus on Facebook
Once your Twitter account is up and running, you should continue to add new content once per day or once every couple of days. The rest of the time you dedicate to social media should primarily be focused on Facebook.
Facebook is by far the most important social media platform as it has the most users, is quite active, and provides a considerable return on investment. Between updating your Facebook status, sharing links, commenting on followers’ posts, and buying Facebook ads, there is plenty to do on this uber-popular social media platform.
Baby boomers and millennials are particularly drawn to Facebook. Both age cohorts are important as they are the largest in the United States. The boomers are particularly important in the current moment as they control the majority of the country’s money. However, the millennials will inherit the boomers’ savings and investments, meaning it is important that your financial advisory firm establish connections with these young adults as well as their parents.
Facebook’s largest demographic is those between the ages of 18 and 49. These individuals are actively looking for financial advice. Prove your financial advisory firm’s worth to these young adults, bring them into the fold early in life and they are likely to be loyal clients through their golden years.
Baby Boomers Love Facebook Too
Though Baby Boomers were not the original users of Facebook, they love it just as much as their children’s generation. Statistics show Facebook is the Baby Boomers’ preferred social media platform. If that is not enough to convince you to focus on the platform, consider the fact that it is the top source of all web traffic.
Baby Boomers are the wealthiest generation in the country’s history. At the moment, Boomers control more than half of all wealth in the United States. These wealthy individuals spend nearly $550 billion each year. This figure is significant as it is in excess of $200 billion more than any other age group.
More than three-quarters of all Baby Boomers in the United States have a Facebook profile. Seize the opportunity to connect with Boomers on this popular social media platform, keep them engaged with your financial advisory firm as time progresses with the posting of regular content and they will gradually spread the word to friends, family, co-workers, and others about the merits of your financial advisory services.
What About Social Media Ads?
Facebook ads typically generate an impressive return on investment. The social media platform’s ads feature some top-notch targeting tools, helping you connect with exactly the individuals you covet as clients. The platform empowers businesses to zero in on specific users in terms of salary, hobbies, buying behavior, membership in Facebook communities, and beyond.
Furthermore, buying ads on the platform is simple and easy. If you don’t want to spend more than a couple of dollars advertising on social media each day, set your limit at that level and you won’t spend a penny more. It really is as easy as that.
Twitter’s ad targeting capabilities are also quite detailed, empowering you to zero in on users based on their specific interests, followers, language, buying behavior, etc. However, advertising on Twitter is more expensive than advertising on Facebook. AdWeek reports Twitter ads are worth the extra cost as their engagement rates are 3% higher than Facebook.
Perhaps the best approach is a blend of advertising on both platforms complemented by active use of your financial advisory firm’s social media accounts to also create interest in both an overt manner and an organic manner.
