For better or worse (some say it’s for the better—keep reading), the investment professional’s job has changed as a result of social distancing required by COVID-19. Interactions with clients are largely virtual, and prospecting requires some new thinking.
Given what’s changed, if this were 10 years ago, the near-term business outlook might be grim. Last year, growth-focused investment professionals told Broadridge Financial Solutions that they found in-person events to be their most effective channel. Pre-pandemic that’s where business was expected to come from.
But that was then, and this is now. Our experience now with investment professionals, along with research conducted recently, confirms that social media participation in 2020 has been a difference-maker in both communicating with clients and winning business.
And what about you? For those of you who haven’t prioritized your social media presence to date or suspect you could be more effective, we offer the data below to nudge you in our direction. We can help.
Work with us and you may realize your potential as a social media superstar. Or, maybe you’ll just be you—and that alone will be more than enough to deepen your relationships with clients and broaden the reach of what you have to say.
It’s long been true that the battle for new clients, and to retain generations of clients, has moved online. Websites were named in last year's Broadridge survey as the second most effective marketing channel.
But the experience of this year finally closes the case on the role that social media plays. Simply put, your clients and prospects spend more time on social platforms than you can ever expect them to spend on your own site.
If you’re anything like the respondents to this Broadridge survey, you know you need to be more “client-facing.”
For the last several months, social media platforms are where the faces of clients of all ages are. Increasingly, they expect to see you there, too.
“But I don’t have time to do all this.” Back in the day that was a common pushback from investment professionals who considered social media optional. This year’s experience has turned that objection on its end. Social media offers a way to leverage your effort.
Survey after survey shows that you’re spending more time than ever communicating with clients about market movements—likely often repeating yourself.
Clients have been surveyed, too, about communicating during the pandemic, and their message is unambiguous. The more they hear from you, the happier they are—and the more impressed they are with the value you provide.
Think of the time you spend on individual phone calls and emails. Now consider how you might scale those messages with social media posts. Your market updates, for example, keep your clients informed and have the potential to be shared by them with their networks. Even the social media post that triggers a follow-up call or email will get you further faster.
Just as lines have blurred this year between work and home so have the barriers dropped on social networks. New research shows that Baby Boomers are the last holdout to have reservations about reading your posts or your following them on social media, including Facebook, Twitter, Instagram and others.
Of course, the best social platform for business purposes is LinkedIn. It's by far investment professionals’ preferred social network, according to research conducted over the years.
What’s more, LinkedIn is the best fit for your brand.
On LinkedIn, too, user sessions have grown during the pandemic, and Microsoft recently reported that engagement was at record levels.
LinkedIn training and consulting is what Calamos Investment Consultants specialize in, as you can read more about in this post.
The research tells us that you may have any number of reasons for not acting until now. Last year, 41% of advisor respondents to an American Century Investments' study said they were reluctant to use social media for business for fearing of making a mistake. Understandable, we've heard that, too. And see the obstacles below, as identified by this year's Greenwich research.
Whatever's kept you from missing out on the benefits of social media and LinkedIn, in particular, let's work through them now together to jumpstart 2021.
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