FA-IQ reached out to advisors to ask: In what ways do you use social media to engage with clients?
Matthew Spradlin is a director, wealth manager and partner at Godfrey & Spradlin Private Wealth Advisory at Steward Partners. Spradlin, based in Midlothian, Virginia, has been in the industry 20 years and manages $300 million in client assets.
“With communication evolving at light speed over the previous 20 years, the families we serve have come to expect information delivered quickly and accurately. Social media platforms such as LinkedIn and Facebook provide our team with an avenue to share timely and pertinent information about market movements, particularly during volatile times, legislative changes, such as tax reform, that may impact our clients’ near and long-term goals, or various topics relating to financial planning or strategy,” Spradlin said.
“It is [vitally] important to remember successful client relationships thrive with personalized interaction. While social media allows us to disseminate, in mass, critical information to the families we serve in ways that were impossible just a few years ago, we also tailor certain pieces to specific individuals based on interest or need. Overall, we view social media as an efficient tool in our communication toolbox,” he added.
Dan Schuster is a wealth advisor at Fjell Capital at Sanctuary Wealth. Schuster, based in Fargo, North Dakota, has been in the industry five years and manages $100 million in client assets.
“Our clients and future clients are on social media. [Consequently], we spend a large portion of our day there too. Our strategy is pretty simple: we want to be experts in our field and communicate that to our clients by meeting them in the place they would hang out, using words they would use. For us, that’s LinkedIn,” Schuster said.
“Our team does this through posts, webinars, and live streams. Every week, we have multiple video streams and dozens of posts being published, generating tens of thousands of impressions. We share (boldly and consistently) why we do this and who it’s for. It's been fantastic. We've witnessed amazing growth this year,” he continued.
“Lastly, I truly believe that social media today is like the public squares of old. The only difference is that this public square isn’t restricted by geographical boundaries. For us, using social media is much less about becoming the next big “influencer”, and much more about sharing our story to our clients and market. That story is how we’re helping millennials and young families across the U.S. get on track with their money, and how you can too,” he added.
Grace Speckman is a financial advisor at Evans May Wealth at Sanctuary Wealth. Speckman, based in Carmel, Indiana, has been in the industry five years and manages $874 million in client assets.
“We’re having fun exploring the usual social media platforms, LinkedIn, Instagram, and Facebook, but videos have been getting the most traction. Whether it’s webinars, YouTube, video clips on Instagram, or podcasts with a video component, clients seem to enjoy the face-to-face element!” Speckman said.
“Because we have different client demographics across social platforms, we can cater accordingly to drive engagement. I love having the flexibility and freedom to get creative with our communication, and our clients are loving it too. Social media allows for more frequent and relevant touchpoints, it’s a win-win!” she added.