As a financial advisor, you are your brand. Just like a lawyer, doctor or any other professional, trust in the services you offer as a Registered Investment Advisor (RIA) – financial planning, investment management, and tax planning – is dependent on how well they are performed but also the interactions clients have with you.
When it comes to growing your advisory practice, you never know the source of your next meaningful connection. Networking and contacts that benefit your business can come from a variety of places. LinkedIn has become the gold standard when it comes to professional networking. With over 740 million members, LinkedIn connects people and professionals around the world. One of the benefits of creating a LinkedIn network is that every person has their unique network, forming an entire web of connections. This web of connections is vital to the success of your financial advisory business. The LinkedIn community is 100% business-oriented; connecting and engaging on LinkedIn is essential in building your online presence and brand. Your profile serves as a more-detailed resume, building trust and allowing people to know who you are and what you do. Chances are, when someone is looking to hire a financial advisor, LinkedIn will be one of the first places they’ll visit online. You can find and connect with people within minutes. I’ve said this before, and I’ll say it again -- if you’re not utilizing LinkedIn, now is the time to get started. Here’s how.
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Advisors budgeting resources for their practices in 2021 should make marketing and business development compliance a top priority. Several changes are expected this year and RIAs will be well-served to focus on the new and evolving regulatory requirements. The most significant is the new SEC Marketing Rule, which will modernize the industry’s marketing rules for a digital age but also usher in fresh scrutiny. To guide you, I’ve compiled a checklist of seven practical tips that you and your team can print off and refer to. Take a moment to review them to be prepared compliance-wise for 2021 and beyond.
Your first exposure to potential clients is now going to be online. So ensuring your digital presence is strongly presented and communicates your value is crucial – our research shows almost half of all clients pass on an advisor based on what they find about them online. One essential element to a strong digital presence is your LinkedIn profile. Unlike other social media sites, LinkedIn has become the networking platform of choice for professionals. It’s also where a potential client considering you will likely go to find out more about you. If you are not utilizing LinkedIn, now is the time to get started. While simply having a LinkedIn profile is a good start, having one that stands out will set you apart from the competition.
Expectations of working with a financial advisor have changed. The digital world we live in today has played - and will continue to play - a large part in how prospects find, select, and hire financial advisors. These days, most information is consumed digitally and through multiple sources of information - sometimes by only scanning the headlines. With so many resources available, investors make better, more informed buying decisions in all aspects of their lives.
During these unpredictable times, a positive relationship between Financial Advisors and their clients is imperative. In-person meetings have been replaced by Zoom calls, networking events aren’t happening and handshakes are a thing of the past. This added layer of complexity compounded by the fact that clients expect clarity on what’s happening in the market, to help calm nerves, and to set realistic expectations for their financial future.