The wealth management industry has seriously lagged others in its social media provision, but being “late to the party” means that firms can make use of what others have learnt. Here, wealth management marketing and social media expert April Rudin explains what firms should be doing to make the most of social media channels.
1. Which social media channels do you think it is essential for wealth management firms to have a presence on? What are the reasons which make each of these a “must”?
Firstly, wealth management firms must realise that not having a social media presence is not an option anymore. While wealth managers have long relied on their history, tradition and reputation for new client acquisition, this is no longer enough. Not only are baby-boomers transferring wealth to younger generations, but there are also swathes of IPO/technology entrepreneurs, hedge fund managers and the like who have created significant wealth. These sorts of people are the new high or ultra-high net worth client, and they are not interested in the leather couch, library or 100-year old history of a firm. They have different value propositions including mobile, digital, sustainable investing and many more unique engagement points. I say: it’s adapt or die for old school thinking. Finally, there is a misconception the HNW/UHNW individuals are not “on” the internet. Nothing could be further from the truth - they have more gadgets and are more wired and mobile than ever before.
With that in mind, it is essential for wealth management firms to maintain a robust and fresh presence on all/any social media platforms where potential clients, sources of referrals, or other centres of influence might maintain a presence. Successful social media marketing plans create visibility by consistent and constant messaging on each channel while leveraging the distinctions which are unique to that channel.