PLANADVISER - November/December 2022 - 35

Part of a Broader Strategy
To recognize that social media is just the start of things is
critical, in part because it is very hard to directly tie social
media marketing directly to sales.
" It's tough to go all the way from 'this person liked a
post,' to them becoming a client, " Curry says. " Attribution
is hard in our business, because you could meet someone at
a conference five years running, talk to them on the phone,
they like a few posts, and then they become a client. Why
did they become a client? "
Because of that, social media marketing really makes
sense as part of a broader marketing
strategy.
" I think people who think that
social media will be their main
driver of new business need to be
prepared that it's going to be a long
build and if you don't get your audience
big enough, or the contentquality
high enough, you'll have
to wait a long time for conversion, "
says Josh Itzoe, a former adviser
and founder of FiduciaryWor(k)s, in
Phoenix, Maryland.
Individual advisers should think
platforms and create profiles on those they feel most comfortable
with, experts say LinkedIn remains the best venue for
connecting with plan sponsor decisionmakers.
" I'm hard-pressed to believe that the vice president of HR
[human resources] or the chief financial officer of a company
is going to be scrolling TikTok and see a video from a 401(k)
adviser and say, 'That's a great video; I should hire them to
help me oversee my plan!' " Itzoe says.
" Younger demographics are on some of those social
media outlets, so that might make sense for more privateclient-focused
advisers. "
" Social is about getting people to the
top of the funnel, maybe to engage
with a piece of content. Then you need
a call to action, and you want to get
them into your funnel, so you can drip
on them over time. "
of their social media profile as a way to advance their
employer's, as well as their own, personal brand, which has
become increasingly valuable in today's marketplace.
This means having an up-to-date professional headshot
as a LinkedIn photo; a complete profile that includes
a professional headline and a summary written in firstperson;
and at least 500 connections, plus activity that goes
beyond simply liking other people's posts, and skills listed in
the order of the personal/professional brand of the client, or
type of client, you are trying to attract. Your profile should
include some detail about your current position and how
you work with clients, she says.
Putting the Algorithm to Work
Besides connecting with prospects and partners, social
media can help advisers connect with others in the industry,
remain in touch with former colleagues and keep an eye out
for potential clients.
Fitts aims to put up two beneficial posts per week and
to have meaningful, daily interaction with connections
on LinkedIn, including business prospects and others in
her network. " I want to touch people every once in a while,
because when I do touch them, then the next time I post
something, the algorithm might work in my favor, and they
show what I posted in their feed. "
The most effective use of social media will vary depending
on an adviser and firm, and it is one that advisers may need
to figure out through some trial and error.
" You need content, but you're seeing trends move away
from [text-based posts] to more engaging content, such as
audience polls, video or something else, " Itzoe says.
While plan advisers should consider all the social media
That said, Itzoe concedes that platforms such as Instagram
or Twitter may serve other purposes for larger firms,
such as acting as a recruiting tool by promoting a company's
culture and employer brand. In today's competitive
labor market, people want to work for employers that care
about them as people, recognize and reward them for the
work they do, and create opportunities for growth and
development. " Social can be used to communicate what
firms do in these areas, " Itzoe says.
A List-Building Tool
Often, the goal of plan advisers' social media strategy is to
get their connections to click through on content and onto
the firm's web page. So it is key that the web page is optimized,
with the adviser's contact information on the home
page and an easy way for the adviser to capture information
such as the visitor's email address.
" A good email list is still probably the very best
marketing resource you can have, " Itzoe says. " Social is
about getting people to the top of the funnel, maybe to
engage with a piece of content. Then you need a call to
action, and you want to get them into your funnel, so you
can drip on them over time. "
As with other kinds of marketing, firms need to keep their
strategy in place for several months, or even years, tweaking
it as necessary, even if they fail to see results right away.
" People get really fired up about a marketing strategy
and building their brand, and then they do it for six or eight
months and get distracted by another shiny object, " Curry
says. " You have to focus, to commit for a minimum of 18
to 24 months on any marketing strategy before you start to
see a result. " -Beth Braverman
planadviser.com November-December 2022 | 35
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PLANADVISER - November/December 2022

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