A recent piece in the New York Times discusses how social media and online marketing affect financial advisors. To be precise, it quotes Mitchell S. Rock, a senior vice president at Morgan Stanley. He’s an advocate of social media, saying it helps get ideas in front of target markets.
But Rock isn’t typical. Many financial advisors only see social media as a potential risk. Compliance officers check off comments before staff post at many firms.
The risks appear reputational. There’s a genuine fear that one misjudged comment, the context of which can’t be controlled, could push million dollar clients offside at the click of a button.
The debate begs a question. What can digital marketing men do to help high stakes, high value clients in sectors like financial advice?
Winning over new markets
Developing such sectors will require posts and tweets to link into articles which take theories a step further.
Marketing men need to realise that when you’re getting new sectors onside, you don’t just send posts, or monitor them. Send them as a package, with three or four links to similar articles taking your actual ideas further.
Then, the overall process is more akin to education. And rather than fearing digital, tough sectors will become drawn into an overall process that educates about social media, and helps them understand financial advice better too.
In this way, digital marketing is about education. Creating a debate is more likely to succeed than trying to get an idea out there alone.