The Digital Pivot for Financial Advisors

I had the privilege of recently hearing Kevin O’Leary speak at a conference in Orlando for independent financial advisors. Nicknamed "?Mr. Wonderful?", O’Leary is an entrepreneur, businessman, investor and best known?for over 13 years of making deals on ABC’s “Shark Tank.” As our keynote speaker, O’Leary, had the opportunity to discuss any topic he felt would most benefit the financial advisors in attendance. He chose the “Digital Pivot.”

The last few years have caused businesses to evolve and integrate digital marketing strategies.?Businesses that have incorporated direct-to-consumer (DTC) marketing are the businesses O’Leary has been investing in. O’Leary said, for financial advisors, “LinkedIn is the platform that everyone should be on, but I know most of you in this room don’t have a LinkedIn account.” He went on to say that he wouldn’t work with a financial advisor who wasn’t on LinkedIn.?

I was curious to see if Kevin O’Leary was right about most of the attendees not having a LinkedIn profile. When I returned home, I spent several hours sending out personalized connection requests to each conference attendee on LinkedIn. To my surprise, 60% of the registered attendees didn’t have a LinkedIn profile. Out of the attendees who had a LinkedIn account, only 25% had posted in the last month. Kevin O’Leary was right! Less than 10% of the financial advisors who were in that room actively used LinkedIn.

Why are so many financial advisors not using LinkedIn?

1.?????Lack of comfort with LinkedIn.

Many Baby Boomers and Gen Xers don’t feel comfortable with social media platforms. They did not grow up with social media like Millennials or Gen Zers. Often times, the lack of comfortability with something prevents someone from trying to learn it. ?

2.?????LinkedIn requires many dedicated hours each week.

While LinkedIn does require active engagement and original content, you don’t have to spend hours and hours on the platform each week. In my marketing coaching program, I recommend financial advisors have two to three thirty-minute sessions calendared as LinkedIn time each week. With just one hour a week, the power of LinkedIn can be leveraged.

3.????My prospects and clients don’t use LinkedIn.

My first response to this is, if you aren’t on LinkedIn, how do you know that your customer base is not on there? According to a recent study done by AudienceProject, 82.3% of baby boomers are members of at least one social media site and 31% of Baby Boomers make up all LinkedIn profiles. More and more individuals are using social media for communication and research. Your profile will be one of the first things a new prospect looks at when determining whether or not to work with you.

The Digital Pivot caught many advisors off-guard. Covid-19 forever changed how financial advisors communicate and engage with clients. While LinkedIn and other Social Media platforms are not new, the push to DTC marketing has certainly gained much more success following Covid-19. Many financial advisors are still struggling with the rapid evolution of technology and how to fully utilize the tools available. If you are a financial advisor who is struggling to understand how to use LinkedIn, reach out to me and I will be happy to share a thirty-minute overview of the platform, how I leverage it for prospecting, and how I have mastered the algorithm to maximize post engagement and circulation.?

Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. Sierra Ridge Wealth Management is not an affiliate of NEXT Financial Group, Inc.