Advises fail to realise social media benefits

Financial advisers are often frustrated with lack of return on investment on their social media effort, according to head of i-Impact Group Claudio Pannunzio.

However, Pannunzio said while social media should not be regarded as the ultimate marketing tool, it should be fully incorporated into every practitioner's marketing mix.

While benefits derived from social media are difficult to measure, they are too important to ignore, he said.

"The secret to social media success is active and enduring engagement. Study the audience to attain an intimate understanding of the financial issues they face and the type of information they seek," Pannunzio said.

"Create content suitable for the audience's key interests in easy-to-understand language and appeal to their emotions."

He suggested advisers be active on one or two social media platforms at least once a day.

"Focus on quality over quantity, for although there is a plethora of social media sites available, advisers should refrain from joining as many as possible", said Pannunzio.

"Instead, pick one or two platforms where clients and prospects go to get information about their investments and focus on those."

Finally, it is of crucial importance for financial planners to not delegate on the social media front and keep it in-house.