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Social Media Best Practices for Advisors

How do you reach your clients? Future clients? Do you rely on traditional media, or have you expanded the repertoire so that it includes a 21st-century edge?

In a June 1 NTSA podcast, John Hall, Vice President of Digital Marketing at PlanMember Services, offered his insights on the best ways for advisors to leverage the growing popularity of social media to enhance their businesses. The podcast was moderated by Cammack Retirement Group Vice President Mike Webb.

“Start by watching and listening,” Hall suggested. “Social media is about engagement,” he said, adding that it’s as much about listening as it is about broadcasting and posting.

Hall suggested that those who are in the process of developing a social media presence take the following actions:

  • Get comfortable with social media.
  • Know your goals.
  • Know whom you are trying to reach.
  • Find out if those you are trying to reach are on social media.
  • Determine what social media platforms your audience is using.
  • Make sure that your business-related social media accounts are separate from your personal accounts.
A useful practice, Hall said, is to see what industry influencers are doing on social media. Follow them, and consider how they are using social media — as well as who is following them and whom the influencers themselves are following.

Hall also said that it can be beneficial to go beyond the “big three” — LinkedIn, Facebook and Twitter — and investigate what other social media platforms may be good for your business.

Webb and Hall agreed that sometimes the process of obtaining clearance from compliance departments can be problematic since by the time approval comes, the information to be provided is not as timely nor current. Hall offered a way around that: securing pre-approval of content before posting.

Hall added that it is “not a bad idea to put together a content strategy. Understand the types of things you want to provide, your audience, the key elements that provide value. You can develop that content ahead of time and get it approved.”

And people already established in the use of social media still can fine-tune how they go about that, Hall said. He suggested that they can do the following:

  • Be sure you are on the right platform for your audience.
  • Make sure your profile is filled out completely.
  • Find your voice.
  • Be aware of industry standards that can help you.
The volunteer members of NTSA’s Communications Committee are planning to create more practice-oriented podcasts on a regular basis. So bookmark our new podcast page — and look for the next podcast soon!