With more pressure than ever on advisors to be more than just financial guides, but to be an empathetic and understanding ear for cautious investors, there is no shortage of advice on how to better advise existing clients. Just as important to the health of their business, however, is bringing in new clients. It’s important for advisors to be proactive in acquiring new business, but typical marketing channels, such as email, are overused and easily ignored. To cut through the clutter and gain access to a stockpile of potential clients, advisors can use an often overlooked tool: LinkedIn.
At Hartford Funds, we recently hosted Stephen Boswell of the Oechsli Institute on a webinar to discuss how to incorporate LinkedIn as part of financial advisors’ marketing strategy. The Institute asked 917 financial advisors about their LinkedIn usage, and studied the activities of those who used it successfully to gain new clients. The research uncovered three important actions that advisors should consider.
Branding and Posting
Before trying to find new clients using LinkedIn, you need to ensure your page represents your personal brand and sends the right message to potential clients. Make sure your photo is a professional picture, not a selfie or a candid photo. Your summary should tell your story, be written in first person, and be directed toward your clients rather than a recruiter or employer. People will likely only see the first two lines of your summary, so begin with a strong, assertive opening statement about what sets you apart from other advisors. To further demonstrate that you are a trusted source for financial advice, you should also try posting content, such as relevant news articles or data points, a few times each week, with your own commentary to add a personal touch.
Now that you’re ready to start prospecting new clients, the Oechsli Institute recommends a few methods. To start, leverage the search bar to find target prospects by using key terms. For example, if you are looking for executives, you can include terms such as “president” or “chief.” Once you’ve identified a target prospect, review any common connections and reach out to one to request an introduction. Another approach is to use an advocate search, which entails looking at the connections of someone you’re already connected with, and then, using the search panel, filtering the results by criteria such as location, company, or job title. The final method, akin to cold calling, is to reach out to people with whom you have no mutual connection, but do have other commonalities with, such as alma mater.
Creating a Game Plan
Just like any other strategy for your business, if you want social media to be an effective resource, it needs to be something into which you put time and effort. Come up with a list of daily actions—for example, responding to messages and invites, or reviewing your newsfeed and engaging in the conversation—and weekly actions, which could include conducting searches or reviewing who has viewed your profile. Using LinkedIn consistently can provide optimal results for your business.
As social media and digital marketing become more significant to business success, it becomes more important to stay at the forefront of these technologies. LinkedIn offers opportunities to connect with clients you may not have access to otherwise, but it is only as effective as its user.
The Oechsli Institute is not an affiliate or subsidiary of Hartford Funds.