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The Importance of Choosing the Right Social Media Platform for Financial Advisors

Financial advisors often wonder which social media platforms they should be on to effectively reach their target audience. At the Institute for Advanced Financial Planners’ annual symposium in Edmonton, experts discussed the importance of choosing the right platform based on personal preference and target audience.

The panelists, including Robb Engen, a fee-only financial planner, Aravind Sithamparapillai, an associate with Ironwood Wealth Management Group, and McGrath, emphasized that advisors don’t need to be on every platform. Instead, they should choose one that they are comfortable with, suits their personality, and can commit to posting on consistently.

Sithamparapillai, for example, prefers using Instagram to post videos targeted at his audience of midwives. McGrath and Engen, on the other hand, both described themselves as introverts and prefer writing. McGrath writes tax planning articles to engage with his physician clients, while Engen writes blog posts about common financial planning topics to reach a mass-market audience.

The experts also stressed the importance of authenticity and consistency when posting on social media. They advised advisors to commit to regular posting for at least six months to a year before expecting significant traction. Building a following involves showing your personality and engaging with people who respond to your posts.

It was noted that outsourcing social media to a third party may impede authenticity, as advisors should be actively involved in their online presence. Engen also mentioned that posting becomes easier with practice, as ideas flow more readily, and topics don’t always have to be complicated or original.

Different firms have different compliance policies for social media use. While some topics require pre-approval, others are fair game. McGrath advised caution when responding to people online and recommended being gracious when someone points out a mistake.

In conclusion, financial advisors should carefully consider their preferred platform and target audience when developing their social media strategy. By consistently posting authentic content that resonates with their clients, advisors can effectively build a following and demonstrate their expertise in the field.

Sources:
– Institute for Advanced Financial Planners’ annual symposium in Edmonton.