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Social media offers virtually endless possibilities for scaling your business, and its value is not to be underestimated. With billions of people using social media channels to connect and consume information, advisors are increasingly taking notice of its possibilities. For instance, four in 10 advisors converted a social media lead into a client in 2024, according to a Broadridge report. If you’re not leveraging the benefits of social media for financial advisors yet, now could be the right time to revisit your marketing strategy.
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What Social Media Should Financial Advisors Use?
One of the most important rules of social media for financial advisors is to expend your time and efforts in the right places. Where you decide to focus on social media can depend on what type of clients you’re hoping to attract and where they spend most of their time online.
Some of the social media channels you might utilize to market your business include:
- TikTok
- YouTube
The social media platforms you choose to engage with should align with the type of content you create. And that starts with knowing your audience. If you haven’t yet clearly defined your ideal client — demographics, interests and the type of support they’re looking for — make that your first step. Knowing who you’re speaking to will help you determine which platforms are worth your time.
For instance, say your target audience includes child-free, dual-income couples in their 30s. In that case, platforms like Instagram, TikTok or X (formerly Twitter) might be a better fit. On the other hand, if you’re trying to reach retirees in their 60s, Facebook and YouTube may be more effective channels.
While it might be tempting to spread your efforts across every platform to see what sticks, this shotgun approach can lead to burnout and poor results. Instead, start by focusing on one or two platforms where your audience is most active. This targeted approach is often more efficient and yields a better return on both your time and marketing dollars.
In addition to social media, financial advisors may also consider utilizing automated tools as part of their marketing strategy. For example, SmartAsset AMP (Advisor Marketing Platform) can help you gain new referrals from high-intent investors who align with your ideal client profile, and nurture those relationships with automated email campaigns.
Automating some of your marketing efforts also has the benefit of leaving you more time to spend on your business, and your clients.
How to Use Social Media for Financial Advisors
One thing to know about social media is that you’ll likely do a lot of experimenting, especially in the beginning if you’re new to this type of marketing. It may take some time to figure out what type of content your audience is most responsive to, and how often you should create new content to maintain engagement.
With that in mind, here are a few tips for marketing your advisor business on social media.
1. Be Authentic
Authenticity plays a key role in building trust, both with potential clients and those you already serve. And trust isn’t just a nice-to-have; it’s what keeps clients loyal over the long term rather than drifting toward another advisor. Being genuine about who you are and what your business stands for can go a long way, even if your only interaction is through a screen.
Social media offers a great opportunity to humanize your brand. Sharing a bit about yourself — your background, values or personal milestones — can make your message more relatable. For instance, if you’re targeting young married couples and you’re in a similar life stage, say so in your bio. That small detail can make a big impact, helping prospects feel like you understand their financial challenges and goals on a personal level.
2. Be Consistent
Consistency is also important in building trust. Posting content without any rhyme or reason doesn’t give prospective clients a reason to follow you. Showing up on a regular schedule and providing your followers with quality content can help to foster trust as you build your brand.
How often should advisors post on social media? It really depends on the platforms you’re using. If you’re using YouTube, for example, then one video per week may be sufficient to begin growing an audience. Something like Twitter or TikTok, on the other hand, may require much more frequent updates, since those sites use a shorter format for content.
3. Provide Value
If you’re putting forth the effort to create content for social media, then it needs to have tangible value for the people who see it. Valuable content gets shared, which can help to attract new business, while the best content converts. Creating a content calendar or strategy can help with planning out posts so each one has a defined purpose.
What constitutes good social media content? Again, that can depend largely on the platform you’re using to market your business. Some of the most effective types of content can include:
- How-to guides or tutorials (good for video or long-form content)
- Quick and easy tips (good for shorter-form content or TikTok)
- Personal stories that are relatable to your audience
Trendy or newsworthy content can also work, though the traction you get from that type of content may be short-lived. A post may go viral, bringing you hundreds or even thousands of new followers. But producing quality content that’s designed to stand the test of time gives them the incentive to stick around for the long term.
4. Engage
Social media for financial advisors is all about bringing awareness to your brand. However, there’s more to it than simply hitting publish on new posts. You also need to engage with the people who are reading or viewing your content. That may be as simple as replying to comments, but it can take other forms, such as asking followers to participate in a survey or share your content if they found it helpful. Those are simple ways to increase engagement and potentially convert prospects into long-term clients.
5. Be Compliant
Social media can open up new doors for marketing your advisory business, but it’s not an anything-goes environment. There are rules advisors must observe when marketing through social media in order to be in compliance with federal regulations. If you’re not familiar with those guidelines, it’s a good idea to review them before wading into the social media waters.
How Financial Advisors Benefit From Social Media
Social media is not the only way to market your business, but it can be one of the most effective ways to increase your visibility in the public eye. Being active on social media allows you to develop your brand and build trust, something that can be invaluable for attracting new clients.
Compared to word-of-mouth marketing or cold-calling, social media can provide you with a much larger landscape in which to work. While those old-school marketing strategies still produce results, they can be time-consuming. If you’re busy trying to grow and scale your business, efficiency matters.
Posting on social media can allow you to get your message out to a much broader audience with a smaller investment of time. It’s possible to promote your advisory business through social media even if you’re starting with a smaller marketing budget. And social media can provide you with helpful feedback and data that you can use to fine-tune your marketing plan.
Bottom Line
Marketing through social media can be an effective way to drive new clients to your business and strengthen your relationship with existing clients. Thinking about what you hope to achieve and setting some clear goals can help you fine-tune your marketing plan and produce solid results.
Financial Advisor Marketing Tips
- Social media isn’t the only way to connect with potential clients. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- Think virtually. Clients are increasingly willing to work with financial advisors online, versus meeting face to face. If you’re hoping to break out of the traditional advisory mold, consider broadening your search to include investors who are comfortable with virtual meetups.
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