HNW Investors are Social

For financial advisors, social media represents a powerful addition to traditional marketing. Indeed high net worth investors are active on social media and expect their advisors to be also.  To wit,

  1. 87% use social media
  2. 52% of investors want to connect with advisors on LinkedIn
  3. 50% of high-net-worth investors want market, trend, and product information via social media

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To be competitive today, financial advisors should be using social media to engage connections and capture qualified prospects.

Digital Foundation: This strategy is underpinned by your Digital Foundation, that is:

  • Client and 1st degree connections on social networks, the three most important (e.g., LinkedIn, Twitter, FaceBook)
  • Contact database
  • Contacts in a CRM system (e.g., SalesForce, RedTail)
  • LinkedIn Connections
  • Alerts and monitoring

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As you consider your digital strategy and in particular, financial advisor compliance strategies that take advantage of the Charles Schwab RIA Stands For You Campaign, there are a number of questions you may have related to regulatory compliance. The following responses were provided by, Mitch Avnet. Mitch is a Revenue Architects supporting partner and leading industry compliance expert who’s background includes experience with Lincoln Financial Group, Wachovia and PNC Financial.  Need assistance in your compliance program?  Contact us!

Below are some FAQs for compliance and Mitch Avnet’s replies:

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Among wealth managers/ financial advisers, there remains skepticism about using social media and a digital marketing with a stronger online presence. As I prepare for an updated “Day-in-the-life of an adviser” talk next week with Schwab RIAs (clients of Schwab Advisor Services), I created a summary slide to serve as an abstract for the talk. The slide sums up the key messages for me:

  • While digital marketing will not and should not replace personal 1:1 relationship strategies, it can help you grow your practice and deepen existing relationships – particularly among your increasingly connected client base.
  • A good online presence can help you shift your business mix from traditional “outbound” activity to “inbound” – lowering cost of client acquisition.
  • But, as content proliferates, clients will increasingly use “relevance filters” – using search, influencers and their human “social networks” for trusted answers. It is hard to “game the system”
  • And, for advisors, regulation and changing technology add risk and confusion.
  • So, what should you do?
  • Today more than ever, firms need an effective digital marketing strategy and plan that aligns with their target client strategy.

The follow-on question is what makes up that strategy?

We focus on the three elements of the Revenue Architecture – keeping it simple, breaking it down:

1 Revenue Strategy

  • Set your ambition
  • Segment your audience & define long-tail positions
  • Build value propositions
  • Measure capability and gaps
  • Envision creative strategies

2 Revenue Systems

  • Design a solid website for brand experience
  • Configure and deploy foundation technology / services for digital marketing
  • Establish digital/social outposts

3 Revenue Programs

  • Design creative multi-touch campaigns
  • Develop a month-to-month/ week to week calendar
  • Create multi-media content
  • Publish and engage