An annual research study released by Putnam Investments in April 2019 reports that financial advisors are rapidly gaining new clients from social media. Of the 1,021 financial advisors surveyed, 92% said that social media helped them gain new clients in 2018, versus 49% in 2013.
In addition to gaining new clients, there are other advantages that come with active social media participation, including:
○ Faster and more efficient communications. Communications occur in real time, on platforms where clients are spending their time and are more comfortable interacting.
○ New opportunities. Following up on a client referral and making introductions to connect is much easier and faster through social media.
○ Connections. Making new connections to existing clients’ adult children and heirs are much easier than traditional methods.
○ Better client relationships. Through social media, advisors have a better sense of their clients’ personal lives, such as marriages, births, travel, career movements, etc., which can help build more personal, authentic relationships and create additional touch points for interactions.