Getting Started in Social Media: 5 Top Tips for Wealth Managers

The business of wealth management marketing is evolving – specifically, we are beginning to blog, tweet and link. Think your clients are not in the social media demographic? Think again. Bessemer Trust, the Wall Street Journal and more clients than you might imagine are already engaged in social media.

The explosion of social media over the past few years has created many new exciting opportunities for wealth management companies to engage with their customers, referral sources, prospects, and even employees. However, all of this opportunity also brings confusion, caution and reluctance. None more so than with compliance-sensitive financial services companies – wealth managers and other disciplines alike.

On this blog, we have already discussed how banks are handling social media and the impact of the guidelines recently issued by FINRA. But how can specific sectors within financial services test the waters of social media and see what forums and engagement approaches work best for them?

Below we offer 5 suggestions on how wealth management firms can start to engage in social media.

1) Financial Blogs

The Wall Street Journal blogs are among the most well read blogs out there, and they have two which target the wealth management community. The Wealth Report blog focuses on the lifestyles and the economy of the high net worth individual; offering advice from tax planning to the best private jet to buy. The Financial Adviser blog is devoted more to providing insight for financial advisers, wealth managers and their clients. Start with a listening campaign. Look for interesting posts where you can add value or an alternative opinion in the comments section, and where you can start a dialogue with the author. Once you feel more confident about contributing, you can offer to guest blog.

2) Webcasts/Podcasts

Many wealth management firms have a variety of thought leadership vehicles that they are already presenting to clients on a daily basis, whether it is client roadshows, monthly economic commentary, or articles on key financial topics. This can all be repackaged as webcasts or podcasts. Examples include:

  • Produce short economic commentary segments with the month’s outlook
  • Upload video segments of your last roadshow to the website
  • Host a Q&A session on upcoming tax legislation.

By leveraging existing material, it should save time and limit resources. This is something Bessemer Trust has used to their advantage successfully.

3) Social Media Press Releases

Social Media Press Releases (SMPRs) are optimized press releases that can include video segments, pictures and links to further information. Because of the extra information they can provide, many view them as more of a resource than a promotion. Wealth managers can use them to highlight thought leadership studies, promote new strategies and even to release quarterly earnings. You can include videos of interviews with key spokespeople, links to other data in a particular area, or previous pieces you have published.

4) LinkedIn Engagement

Increased engagement on LinkedIn can help wealth management professionals in a number of ways. It offers an easy way to network for best practices and can assist in maintaining visibility among high priority clients and prospects. It also offers a way to update people on company news or big thought leadership pieces and maintain a dialogue with important audiences for the firm. Among older and less technology-savvy audiences, LinkedIn is a popular venue of choice, and so can be a valuable forum for reaching clients in this industry. You may find more of your clients and prospects are engaged in LinkedIn than other social media forums. 

5) Twitter

The growth of Twitter as a social media vehicle has been phenomenal. From celebrities to CEO’s and philanthropists to analysts, everyone seems to have something to say about Twitter. For wealth managers Twitter could potentially be a great tool for communicating with clients, through thought leadership pieces, or industry commentary pieces on a regular basis. Twitter offers the opportunity to reach and engage with new audiences. In fact a recent article from gives tips on how people can use social media outlets, such as Twitter to their advantage in attracting and engaging with new customers.

However much engaging in social media seems like a daunting prospect, one thing for sure is it’s here to stay. So why not take advantage of it?

How are your wealth management colleagues and clients engaging in social media?

To reach Sally:

Phone:   212.584.5482  212.584.5482
Twitter: @sallymartin
LinkedIn: Sally Martin