PLANADVISER - November/December 2021 - 22

managing relationships / cover story
also present opportunities for advisers to help their clients
upgrade their tools. Reliance on old tech could result in
higher costs or make it more difficult to implement flexible
plan design features that will best serve participants.
In today's tight labor market, plan sponsors without
up-to-date technology face another potential cost: lost talent.
" If you don't have decision-support tools to help plan
participants in their benefit selections, they might not
understand and not appreciate the benefits they have, "
Parker says. " They may leave and go somewhere else that
can explain it better. "
A recent study by LIMRA and Ernst & Young found that
plan sponsors would choose benefits providers with systems
that work with their benefit technology platform, even if it
costs more. Plan sponsors increasingly want advisers who
can help them deliver tech-forward solutions to participants,
such as on-demand, personalized advice or a gamified experience.
An array of new fintech providers are able to offer
such services, so today's advisers need to know what is available
and how it might fit into a plan sponsor's benefits.
Multiple Solutions
Advisers have vastly expanded their arsenal of digital tools
to better connect plan sponsors with their participants.
The Broadridge study found that advisers are investing in
search-engine marketing, webinars, and audio and video
content for social media.
At Argi in Louisville, Kentucky, plan adviser Jim Trujillo
says the firm has relied on different communication tools
to make the connection at different companies. " We always
started by asking how our clients were communicating
with their people in the pandemic world we were living in,
and then we created a customized virtual solution for each
client, " he says.
For many, the answer was short-form videos. " So then we
really started to get creative about short videos and creating
Social Media as a Marketing Tool
S
ocial media platforms continued
to grow in popularity over the past
two years, according to eMarketer,
as Americans spent less time socializing
in real life due to coronavirus
concerns. In response, many plan
advisers shifted their marketing energy
and dollars to finding prospects where
they are now-online.
Forward-thinking advisers must
embrace social media as an important
avenue for prospecting, says
David Swallow of TIAA.
" We have
moved to social media for relationship
building, and we're heavily involved
with making sure we're on social
media and connected to consultants,
advisers and clients. "
Among advisers surveyed by Vestwell
in October, more than 90% said
social media is important or increasingly
important as a client acquisition
tool. The ability to direct-message
specific prospects makes social media,
especially LinkedIn, an effective way to
connect with them.
Social media also showed its value
as a vehicle for increasing firm visibility
during times of social distancing.
The Key to a Network
Mike Shamburger of T. Rowe Price
recommends that advisers think of
social media as a way to build their
network. He suggests connecting with
every client, prospect and center of
influence within their communities.
" The main objective in building this
network is to have as many clients,
prospects
and referral sources
as
possible see your activity and content
on a daily basis, " he says.
In addition to putting content out,
successful advisers also reach out to
prospects with tailored messages that
illustrate the adviser firm's value. Nine
in 10 advisers surveyed by Putnam
Investments said social media changed
the nature of their client relationships
during the pandemic. Nearly threequarters
of those who used it for business
initiated new relationships or
onboarded new clients.
A key to succeeding on social media
is to think of it as a means of brand
building, Shamburger says.
" Through social media, you have
the opportunity to emphasize both
your professional principles and operBrand
Building
Besides
for
prospecting,
ating model. But also let people relate
to you on a personal level by leveraging
personal affirmations, family, your
community and a general appreciation
for your opportunity to help people
through your work, " Shamburger says.
increasingly use social media
advisers
for
marketing to existing customers and
building their brand. Advisers need
to consider what type of content prospects
will enjoy and which platform
those prospects use most.
" The consistent visibility you
generate will keep you top of mind
when an opportunity presents itself, "
Shamburger says.
At most practices, it makes sense
to delegate talent specifically to social
media, Shamburger says. " You either
have to learn it and devote time to
managing it, or you delegate it to
someone with more experience, " he
adds. " It's important for the leader to
have final say on content, but it's not
necessary for them to source all the
content. " -BB
22 | planadviser.com November-December 2021
http://www.planadviser.com
PLANADVISER - November/December 2021

Table of Contents for the Digital Edition of PLANADVISER - November/December 2021
