With hope and fear. If they can publish a few blog posts, advisors can extend
the life of a public relations story nearly effortlessly. With social media
and its ability to generate attention inexpensively, it's hard not to
The difficulty comes in when you ask an RIA what they are willing to pay for
it. An RIA must opt for at least a minimal, consistent effort to
communicate their subject matter expertise to their prospects.
So, while the vehicles underlying all that publicity are almost free, the
talent to assemble content and distribute it is not.
And that's the rub: RIAs need to make a commitment to reach out and sustain
an effort to attract new prospects into their loop. Whether an RIA is ready
to take the deep dive into social media, he or she needs to answer four
1. Do I like the idea of using nearly free marketing tools to attract
That is the title of financial services research firm Corporate Insights
update to their 2008 study on the topic of social media in financial
The attached video interviews Alan Maginn, Senior Analyst, Consulting
Services and asks him to answer these four questions:
How are financial services firms using social media? How are financial
services firms handling customer service in regards to social media? How are
financial services firms using Twitter? How are financial services firms
using Facebook to interact with clients and prospects?
While I appreciate Alan’s comment... (more)
At least that was my take-away from a recent poll conducted by Ignites during
their Exchange: Social Media's Role for Mutual Funds. Ignites is the
pre-eminent source for news about the mutual fund industry, and their
sponsored session offered two different perspectives on the use of social
media at mutual fund firms.
According to the Ignites poll - What do you think is the greatest benefit of
social media marketing efforts? - conducted during the event, social media's
greatest contribution maybe a "spike in direct communication with potential
fund customers". Roughly 32% of res... (more)
Social Media on Ulitzer
RIAbiz.com recently discussed the findings of an August 24-25, 2009
Investment News survey conducted on the Twitter habits of the
financial-advisory community. Not surprisingly the survey reveals that "a
mere 14.9% of financial advisers say they communicate with clients or
colleagues through Twitter. Meanwhile, only 44.9% and 43.8% of advisers say
they use LinkedIn and Facebook, respectively, the survey found".
Have RIAbiz.com and Investment News missed the point? It's not about
Twitter, Facebook or LinkedIn! It's about communicating with one's
New Media on Ulitzer
Topic A at the recent Securities Industry and Financial Markets Association
Annual Meeting (SIFMA) was what to do about the fastest-growing
communications phenomenon since the invention of the Internet: the explosion
in social networking.
Whenever compliance and communications come together there is sure to be a
tussle and this meeting was no different. Chairman and CEO Rick Ketchum cited
the current policy as “currently constructed, these sites would not permit
you to easily supervise these communications. For that reason, most firms
prohibit their employe... (more)