| Breaking The Myth | | | | Planners need referrals to succeed and that |
| There is a myth out there that Financial Planners | | | | people want to vet smart, well polished financial |
| cannot use Social Media. I am here to tell you that | | | | minds is paramount for me when I sit with a |
| is truly a myth and there are tons of ways that | | | | financial firm. I always keep that at front of my |
| Financial Planners can use Social Media. To start | | | | mind. |
| with, compliance is always an issue, especially in | | | | Because I was in the business, I know it well. I |
| the most regulated industry in the world. | | | | can tell you that Social Media is the greatest |
| Compliance checks and clearing your public | | | | invention on the planet for Financial Planners as |
| marketing material is just part of the game. | | | | long as you know the rules and use common |
| FINRA, the regulatory body for the financial | | | | sense. Here are the things that I do with all |
| services industry has recently published guidelines | | | | financial folks. |
| for using social media and they are of | | | | Step One |
| tremendous benefit to the industry as a whole. | | | | I make sure that they have connected with all of |
| First, financial planners are allowed to use | | | | their current clients; this is commonly overlooked |
| microblog sites, like Twitter, without going through | | | | and often forgotten. Of course there must be a |
| the traditional channels of compliance. This was a | | | | strategy for this; the most common is utilizing this |
| myth that many have fallen victim to believing at | | | | data base to provide new connections and |
| one point, this included me. Facebook posts, | | | | business. There is nothing wrong with saying you |
| Tweets and other short form social media | | | | have tickets for the ballgame and could use some |
| statements CAN be made by those in the | | | | new introductions. Instead of making 300 phone |
| financial services industry. The problem is just in | | | | calls, put in into that orbit you have already |
| the fact that they are not using the tools they | | | | worked so hard for. Right now, 80% of the |
| have available properly. | | | | country does not trust their financial professional. |
| Let Logic Prevail | | | | If you are not showing your clients you have |
| What better playing ground can a financial advisor | | | | nothing to hide and opening up on Social Media, |
| have to network than the internet? America has | | | | they already think you are hiding something. Get |
| a financial IQ lower than the points paid on a | | | | it? If you are not the one that they see every |
| savings account and yet we cannot get our | | | | week, who is? Make sure you provide a way for |
| financial firms to post educational material to help | | | | your clients to see you when you are not around. |
| out. All financial professionals need to be in contact | | | | To polish and finalize step one, let me also make |
| with their clients on a regular basis, because they | | | | it clear that Social Media is a two way street and |
| deal with money. If you are not using this idea | | | | should be used as such. Not only can your clients |
| and running with it, I assure you someone will be | | | | see you and listen to what you have going on, |
| hiring a firm, like Boom Media, to get in the space | | | | but you also get to see them and listen. By |
| first. Why make 400 phone calls a week, send | | | | connecting with your existing data base you have |
| out blanket news in the manner that your clients | | | | the opportunity to listen to what is going on in |
| want anyway. Why spend time telling the same | | | | their lives. For example, Mr. Smith may have a |
| story about your kid's baseball game, film it and | | | | son and you have been so busy working on |
| then throw it on Facebook and let your clients | | | | building your business and managing money that |
| see it when they want to. The latest study | | | | you forgot he even existed. This is not a knock, it |
| showed that more than 180,000,000 people log in | | | | is reality. If you are busy you forget. Then all of a |
| to Facebook every day. Your clients are there | | | | sudden you read a status update that says, |
| and they are being prospected by another firm if | | | | "Enjoying the weekend, little Johnny is turning 10". |
| you are not in that space protecting them from | | | | What does this mean to you? It lets you know |
| the wolves. | | | | that the Smith family is progressing to another |
| Financial Planners have a tremendous opportunity | | | | stage of life and that they need to sit down for a |
| to provide basic educational information to the | | | | review. It also lets you know that they need |
| public and round up new business in half the time. | | | | some college savings plan put together, they need |
| The internet allows intelligent people to show the | | | | to stay focused on retirement at the same time |
| world they are intelligent and display it in front of | | | | and they probably have 10 other friends that |
| the world. The internet also allows you to self | | | | need the same. |
| publish articles on massive sites for all to judge. | | | | This is Step One in a 6 part series. Please |
| Think about it, if you were looking to roll over | | | | remember this Financial Planners: Social Media is a |
| your 401(k) or hire a money manager where | | | | like a Health Savings Account, you have to use it |
| would you look first? Family and friends, then | | | | or lose it. Be available for every to come to you |
| Google, then Facebook (to vet them), then other | | | | and the sky is the limit. Get in the space, set up |
| published information (if you have any). This | | | | camp with existing clients, look, learn and most |
| industry is tricky to promote and can be a | | | | importantly start to listen. |
| nightmare if done wrong. Knowing that Financial | | | | |