Social Media in Wealth Management; Reaching clients and prospects on social media.
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The majority of investors are now active on social media on a daily basis, and wealth managers should embrace this both on the company-level and on the relationship manager-level. Social media adds value in a number of ways. Companies can benefit from social media in promoting their brand, enhancing thought leadership and investment opportunities, reaching out to a younger target audience, as well as servicing customers. Relationship managers can leverage social media in researching and reaching out to prospective clients, nurturing client relationships, and building their personal brands.
Scope
• While the majority of consumers are now active on social media on a daily basis, the frequency of social media use decreases with age: 94.2% of investors aged 18–24 use social media at least daily, while just 44.1% of those aged 65+ log in daily.
• Company policy and the feeling that social media is too public are the most often cited reasons for wealth managers not being active on social media channels.
• The most popular activity companies undertake on social media is brand promotion, at 72.6% of respondents, followed by the promotion of new investment opportunities, thought leadership, and services.
• Client servicing is not yet among the activities wealth management companies regularly practice via social media. Only 31.7% of firms respond to client queries via social media – a very low percentage given the amount of time customers spend on social media.
• For relationship managers contacting prospects, the leading use of social media is the opportunity to build their personal brand followed by the opportunities to research and contact prospects.
Reasons to Buy
Review your current social media strategy and benchmark your social media activities against competitors.
Understand how to tailor content and social media strategy to fit each platform and benefit from competitor examples across different platforms and use cases.
Proactively shape social media activities in light of emerging platforms and social media trends.
Broaden the use of social media from mere marketing or brand-building activities.
Snapchat
Google+
Vine
Tumblr
Deutsche Bank
Goldman Sachs
Morgan Stanley
Klout
Credit Suisse
UBS
Julius Baer
Flickr
CreditEase
Deutsche Bank
JPMorgan
Nutmeg
Standard Bank
Fidelity Investments
AJ Bell Youinvest
American Century Investments
Salesforce
Vouched For
LinkedIn ProFinder
Socialware
Hearsay Social
Coutts
Ritholtz Wealth Management
GremIn
Financial Conduct Authority
FCA
FINRA
Hong Kong Monetary Authority
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