Comments on: Why Financial Advisors Should Use Social Networks

By: Business Exit Strategy

Business Exit Strategy — Wed, 02 Nov 2011 15:16:25 +0000

In social networks there are we can make friendship with so many people.It will really help the financial advisers.They can improve their business and make new business plans.

By: Theresa

Theresa — Thu, 24 Sep 2009 23:58:13 +0000

Thanks, Chad! I am actually planning to use the Putnam example in an upcoming meeting…maybe I will grab some examples from NM as well.

By: Chad Mustard

Chad Mustard — Wed, 23 Sep 2009 21:25:15 +0000

Thanks for the comments David and Theresa. Yes, asking for a referral directly on the social network would be a compliance issue, but you don’t have to ask directly. If you’ve found someone you want to be introduced to, then send a personal email to your client/connection asking for an introduction.

When I worked at Northwestern Mutual my mentors would always ask for referrals at the end of a meeting. Instead of asking a sweeping general question, now you can be better prepared when you ask for that referral. Now you could say, “I noticed you’re friends with…on Facebook, I would love to meet them, can you arrange an introduction?”

I’m sorry it’s been so hard for your exec’s to see the value in social networking. Maybe try directing them to companies who are embracing it like Northwestern Mutual, or Putnam investments. Here is a great article by David Meerman Scott, who posted the first comment, on Putnam’s social media efforts: http://www.webinknow.com/2009/08/putnam-investments-breaks-ground-on-blogs-twitter-and-social-media.html

Good Luck!

By: Theresa

Theresa — Wed, 23 Sep 2009 20:55:55 +0000

It’s so hard to accomplish though. I work for the home office/broker-dealer of a financial services company and I’ve spent this year trying to develop a social media policy for our advisors that our execs will approve. I cannot get them to see the value, and they’re so afraid of it!

Plus, you talk about recommendations and introductions, but aren’t recommendations a compliance/regulatory issue?

Thanks for the article though…you definitely have some great tips!

By: David Meerman Scott

David Meerman Scott — Wed, 23 Sep 2009 18:25:37 +0000

Well said. If I were still in the financial markets, I sure wouldn’t want to be cold calling.