An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
Social media for financial advisors
I’m not sure about you, but it took me at least a few weeks into the first lockdown to really become comfortable with video-conferencing and engaging with clients in new and unique ways. If you still haven’t embraced the change, perhaps stop reading now…..With the initial hurdle passed, it’s time to move on to the biggest issue facing financial advisers in the new normal: finding new clients.
While most advisers I speak to have mastered the ability to connect with existing clients, finding and attracting new clients without the ability to do something as simple as shaking hands has become more difficult than ever. It’s clear that traditional advertising is gone and with face-to-face meetings on hold for some time, it’s never been more important to embrace the socials. This is our five-point plan to launch your social media strategy and grow your business. If you still don’t understand socials after this, ask your children!
- Tip 1 – Know your niche and find your message
No, your niche isn’t HNW or UHNW people: if it is, pretty much every other adviser in the country is competing with you. Before you even consider expanding your marketing strategy you need to understand who your core customer is. Who do you enjoy working with the most? To whom are you able to provide the most value from your expertise and experience? Once you answer this question, you can target your content to your audience far more clearly. Is it young families? Or retirees seeking a regular income? Is it divorcees or widows?
- Tip 2 – Pick your platform (two at most)
You don’t need to be everything to everyone, don’t bother trying. The industry is littered with those who thought they could help all clients big and small, with profit margins generally hit as a result. The people you are seeking will determine the appropriate platform:
- Google – Remains an incredibly powerful tool, but without regular, organic content, your chances of getting lucky are limited;
- Facebook – By far the most powerful advertising platform for financial advisers, with the ability to target advertising based on the interests of Facebook members;
- LinkedIn – Useful, but heavily tilted towards white-collar professionals. Are you seeking to engage with employees or leaders of large corporates, or small business owners and mums and dads?
- Instagram – If millennials are your niche, this is the platform for you;
- Tik Tok – If you don’t know what it is, don’t even bother.
- Tip 3 – Be yourself
Working from home has created an opportunity for even the biggest introverts. You are now able to present to large groups from the comfort of your bedroom, study or kitchen table, and no one can see your shaking hands. Your potential clients don’t want to read a 40-page white paper you found interesting, they want to know about you, your team and understand how you can help.
- Tip 4 – Get Visual (and rehearse)
If you don’t have a proper webcam, order one now on Kogan. There is literally nothing stopping financial advisers from establishing a digital presence today. Video and audio content are proven to deliver substantially better outcomes and engagement than pithy comments or long-winded articles. Most importantly, with all the time at home, you have no excuse not to rehearse. Sit in front of your camera (or even in the bathroom) and listen to the way you speak, it will drastically improve your delivery.
- Tip 5 – Have a plan
Going to war without a plan guarantees failure. When it comes to any form of social media marketing, the algorithms reward those offering regular, consistent and engaging content. There is no benefit in running a single video or a week of posts and then forgetting about it because it is all too hard. Engage a platform like Hootsuite and plan your strategy for months and months ahead. If you are filming or recording a podcast, aim for at least six individual pieces but record them all at the same time.
