It is but understandable that wealth management firms are very apprehensive and hesitant about using social media. But despite all misgivings, the fact is 7 out of 10 of your competitors—is active on a social media network. If you fail shed your fears and become active on social media, you will end up as a big loser.
There are ways you can safely engage on social media, and promote your brand while staying compliant with regulatory requirements. Some of the top challenges for social businesses in the wealth management industry including how to:
• Research and find out new safe practices for social media that ensure compliance and security
• Evolve an imaginative social media strategy across the organization—and achieve desired goals
• Utilize emerging technologies efficiently and effectively—minimizing risk for your brand
You’ll also get a behind-the-scenes glimpses by studying the various wealth management companies that have successfully integrated social media into their marketing and overall processes.
If you’re not utilizing social media to reach out to your prospects, please know you’re missing out on a valuable communication channel—one that your competitors are already exploiting.
You may be surprised to know that nearly 90% of individuals with investment accounts use social media regularly.
There are professional agencies created exclusively for the wealth management industry. They will show you how a social relationship platform can simplify the integration of social media into your current processes.
Well-established wealth management firms typically see an increase in clients acquisition and retention of existing customers through the use of social media. You can use social media to:
• Build credibility and loyalty for your brand
• Engage with prospects on their terms
• Develop impactful sales and client satisfaction social channels
Follow a comprehensive strategy that allows you to effectively, securely, and compliantly use social media across your enterprise—and support your business goals and deliver measurable ROI.
These are exciting times for the wealth management industry. Social media has opened up the channels for brand positioning, social monitoring, and making new connections with current and prospective clients.
Wealth management firms are today one of the most highly regulated sectors. They have solved a lot of their compliance challenges and recognized the enormous potential of social media.
It is reported that 42% of high net worth individuals refer social media as important for accessing information, 36% use social media for engaging with wealth managers and firms and 33% for executing transactions. These statistics clearly reveal how important it is for those in the wealth management industry to implement a robust social media strategy if they haven’t already.