Grow your business using social media
Strategies and expertise to build and strengthen relationships
Our annual Social Advisor Survey of financial advisors’ use of social media was conducted in November–December 2019 among 1,010 retail advisors. In June 2020, we conducted a pulse survey of 252 advisors to explore changes in their use of social media in light of the COVID-19 pandemic, which began in February 2020.
10 minute daily challenge
Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.
Download the challenge (PDF)For financial advisors
Partner with Putnam to learn about an active approach to social media
Creating and optimizing your social media presence
Learn how to establish and optimize a profile that will build your brand to attract prospects.
Developing your LinkedIn network
Best practices for developing and growing your network and how to retain assets across multiple generations.
Prospecting and generating revenue using social media
This advanced session presents actionable strategies using wealth management and money in motion opportunities that can lead to asset gains.
Business building continues for social advisors during the pandemic.
74% of advisors using social media for business were able to initiate a relationship or onboard clients since late February.
Bank Advisor
Age 45, 15 years' tenure
I was able to add several new women clients just by connecting with them about my own struggles with my children being home full-time during COVID-19. The demands of motherhood, and the balancing act between my career and being a mother, became a common bond we shared in conversations on social media.
Regional B/D Advisor
Age 35, $150M AUM
The last four months were great for us as most people were at home and using social media. We launched a challenge-themed campaign and asked our followers to challenge others in their networks.
Regional B/D Advisor
Age 55, 18 years' tenure
I reached out to clients on social media to reassure them when the markets collapsed due to the pandemic. I was able to answer questions and offer reassurance quickly and easily.
Bank Advisor
Age 52, $200M+ AUM
COVID-19 has changed so much in our industry. A prospect I was never able to pin down had a change of heart and decided to get on social media. He is now a client.
Bank Advisor
Age 52, $200M+ AUM
COVID-19 has changed so much in our industry. A prospect I was never able to pin down had a change of heart and decided to get on social media. He is now a client.
Continuing the trend we saw at the end of 2019, 89% of advisors told us that during their tenure as advisors they have gained new clients attributable to their social media activity.
Regional B/D Advisor
Age 39, $200M+ AUM
I was referred by a client through Facebook to five new clients in one day. That was a success!
Regional B/D Advisor
Age 64, 14 years' tenure
I have been able to stay in contact with my clients using social media, building our relationships and earning their business.
Regional B/D Advisor
Age 35, 3 years' tenure
People prefer to do business with other people rather than companies. Social media marketing allows our company to give a positive impression through a humanization factor.
Advisors achieving success are using social networks as communication platforms.
94% of advisors seeing success use direct messaging capabilities on social platforms.
Regional B/D Advisor
Age 36, 9 years' tenure
Social media has been playing a significant role in the growth of my business for years. But today, with clients having a better understanding of the virtual concept, it is now very relevant to me and to them.
Advisors using messaging on social networks
55% of advisors who initiated a new relationship say they have increased their use of social media and increased their prospecting activity.
Regional B/D Advisor
Age 62, 15 years' tenure
I found out about a client issue from her Facebook page. I contacted her through Messenger and easily resolved it. Then she gave me several referrals.
Regional B/D Advisor
Age 41, 15 years' tenure
I wrote several long-form articles that were published on LinkedIn, and I got a lot of inquiries. I used a series of emails, text messages, and direct messages to develop a better relationship with these prospects. Eventually, I was able to convert some of these prospects into clients.
Insurance Advisor
Age 40, $150M+ AUM
I sent out targeted InMails last month using LinkedIn’s detailed search function and was able to turn two of my 20 targets into new customers.
Bank Advisor
Age 35, 10 years' tenure
A client referred his neighbor to my LinkedIn profile. After reading my profile and content, the neighbor messaged me on the platform, and I was able to gain a new client.
48%
are using LinkedIn’s InMail feature to contact prospects outside of their network.
Consistent with what we saw at the end of 2019, advisors continue to turn to LinkedIn as their preferred social network. Facebook remains in second place, leveraged more for both personal and business.
Social media networks used for business
36% have hosted or participated in a LinkedIn Live session.
Regional B/D Advisor
Age 36, 9 years' tenure
I had prospects who could not leave their homes because of COVID-19. With video streaming, I was able to close on a very wealthy client. He was so pleased with my "performance" that he has given me more referrals.
Wirehouse Advisor
Age 61, 18 years' tenure
Through several live events, I have gotten new clients. I expect this is a trend that will continue.
Advisors who initiated new relationships since late February are more likely to use one of LinkedIn’s premium membership levels, such as Sales Navigator.
Advisors using LinkedIn premium membership
10 minute daily challenge
Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.
Download the challenge (PDF)Home office support made the difference.
90% of advisors report home offices are encouraging and enabling the use of social media.
Advisors report their home offices have provided timely and relevant content to post, expanded the number of social networks approved for business, and provided access to training.
Support of social media from home offices
Most engaging content
Advisors report that market commentary, COVID-19 related articles, and advisors’ own original articles were the most engaging types of content during the pandemic.
Advisors' outlook is positive.
Advisors have demonstrated adaptability with 84% expecting that the changes made to their communication practices will largely remain going forward. Still, some believe they will return to operating as they did pre-COVID.
Wirehouse Advisor
Age 45, 23 years' tenure
Social media is playing a very significant role in everybody's professional and personal life, especially with the pandemic. You can either choose to take advantage of it or try to ignore it. With the assistance of our marketing department and our home office, I have decided to embrace this change.
Nine in 10 advisors agree that social media has changed the nature of client relationships during the pandemic.
Social media has changed client relationships
Bank Advisor
Age 30, 5 years' tenure
LinkedIn has the functionality to connect with 2nd level and 3rd level contacts, which makes it possible to build and develop my network with more related prospects. LinkedIn always recommends contacts, which saves me time and makes networking easier.
Registered Investment Advisor
Age 76, 35 years' tenure
I had a referral from a client. We connected on Facebook. I communicated briefly with the prospect and sent them articles that I had written and some by other authors. After a couple weeks of providing additional information, including my background and credentials, she signed on as a client.
10 minute daily challenge
Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.
Download the challenge (PDF)