Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Social media’

Advisors are from Mars, Clients are from Venus

Posted by William Byrnes on January 3, 2012


You’ve been on a few “dates,” and you talk on the phone every couple weeks, but how well do your prospects and existing clients know you and understand your core personal investing philosophy? Small talk breaks down barriers and common interests keep the conversation moving, but taking the advisor-client relationship to the next level takes some work—and a lot of research. A recent survey gives us a head start by elucidating the communication divide that holds many advisors back from taking the big plunge with their prospects.

The survey found that HNW clients favor electronic communication media more than their advisors. Twice as many millionaires than advisors would like to use technology-enabled media—smart phone applications and social media. While 85% of millionaires are willing to communicate through social-media, e-mail, and text messages, only 43% of brokers and financial advisors share that willingness. And your millionaire clients are also more likely to use LinkedIn than you are (28% to 16%). And a third of millionaires already use social media in general as part of their professional life.

Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all the planning libraries and client presentations if you are not already a subscriber).

For other client development discussions in Advisor’s Journal, see Advisors’ Stairsteps of Influence (CC 11-49), Getting Your Feet Wet in the Social Media Market (CC 11-79) & Are Portfolios-To-Go Threatening Your Business? (CC 11-77).

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Getting Your Feet Wet in the Social Media Market

Posted by William Byrnes on August 15, 2011


If you’re one of the two out of three financial professionals who are out of the social media loop, you could be missing opportunities to boost your advisory business. Although the SEC and FINRA are cracking down on firms for social media misuse there’s still a wealth of untapped marketing potential for advisors brave enough forge into this new territory.

Social media sites like Facebook, Twitter, and LinkedIn can be used to build opportunities – if you know how to use them to the best of your advantage.

Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber)

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It’s not Facebook that’s making Microsoft Obsolete: Advisor Technology Trends

Posted by William Byrnes on August 1, 2011


Despite the ever-increasing popularity of social media sites like Facebook and Twitter, social media sites are not yielding the results advisors initially envisioned. In terms of building a stronger client base, social media and cold calling were shown to be ineffective ways of generating new revenue – they tied for last place in the recent study by Advisors Trusted Advisor. The producer-client relationship requires a high level of trust, and the use of social media sites, whether for advertising or networking purposes, can have the tendency of disturbing the producer-client relationship. Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

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Are the Mass Affluent Missing from Your Client Profile?

Posted by William Byrnes on July 19, 2011


Individuals in the fastest growing class of investors—the mass affluent—need your advice.  According to a recent report, there is a void in representation by financial professionals this group. As a corollary, they lack confidence in their ability to meet their financial goals, making them desirable candidates for professional services.

The mass affluent are investors occupying the upper tier of the mass market—the biggest group of consumers. But “mass affluent” isn’t just a synonym for “upper middle-class”; it is a subset of the upper middle-class with $50,000 to $250,000 in “investable assets.”

Depending on your career trajectory, the mass affluent can be resourceful in establishing the foundation for a successful practice. A majority (55 percent) of the mass affluent believe they will be wealthy one day. Although only a small number of the mass affluent will move into high-net-worth territory, you can get in on the ground floor of the upward career trajectory of those who will. Read this complete analysis of the impact at AdvisorFX(sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

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Tips for Advisors to Get Started in the Social Media Market

Posted by William Byrnes on April 25, 2011


If you’re one of the two out of three financial professionals who are out of the social media loop, you could be missing opportunities to boost your advisory business. Although the SEC and FINRA are cracking down on firms for social media misuse, there’s still a wealth of untapped marketing potential for advisors brave enough forge into this new territory.

Social media sites like Facebook, Twitter, and LinkedIn can be used to build opportunities – if you know how to use them to the best of your advantage. Clara Shih, author of The Facebook Era, believes that social media marketing, with training and best practices, can be a formula for success. Shih offers tips to help advisors gain success by using social media as a tool to grow their advisory business by connecting with prospective clients and strengthening existing client relationships.

Read this two-page article by linking to AdvisorOne – a National Underwriters Summit Business open-access original content wealth management news portal.

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SEC Says “Not so Fast” to Advisor Social Media marketing

Posted by William Byrnes on April 11, 2011


Social media marketing is quickly becoming many industries’ go-to medium for low-cost, high-yield advertising, but the Securities and Exchange Commission (“SEC”) may be saying “no so fast” to investment advisors.  But the SEC isn’t just asking for general information about advisors’ use of social media. Advisors are also being asked to provide a copy of “communications” made by the advisor on social media sites, including the text of postings, tweets and other messages sent by the firm.  Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

For previous coverage of SEC initiatives and rulemaking in Advisor’s Journal, see SEC Waffles in Study on Improving RIA Oversight (CC 11-24)Advisors Hit with Another Round of SEC Reporting Rules (CC 11-30)SEC Approves FINRA Suitability and Know-Your-Customer Rules (CC 11-17).

For marketing tips, see the “Soft Skills” segment of Advanced Markets AdvisorFX: The 7 Deadly Sins of Chief Marketing OfficersTo the Moon, Alice!—How to Market Even Though People Are Fed Up with Marketing, & Marketing to the Millennials.

 

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