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Social Media Supports Referral Programs and Other Marketing Methods

Firms appear to use social media to maintain visibility with clients and prospects, and to establish themselves as thought leaders.

If social media is a relatively ineffective tool for acquiring new clients and prospects directly, why do so many advisors rank it as a top marketing tool? The answer appears to be that advisors use it to support their efforts to work with new and current clients.

In this light, what does a good social media strategy look like? “In social media, you are what you post,” says Leslie Walstrom, Vice President, Head of North America Marketing at Columbia Threadneedle Investments. “So a good strategy starts with posting regularly—both thought leadership and more personal content—to build trust in your expertise and to show your authenticity.”

Most advisors appear to agree. Respondents were most likely to use social media to ensure they are visible when prospects are researching them (58%). Meanwhile, nearly half (48%) say they use it to enhance or strengthen relationships with current clients, and 43% say they use it to help establish themselves as thought leaders.