Financial advisers could ease their clientele worries by using social media!

Research into the main concerns among modern financial advisers found that compliance is keeping them up at night. Staying compliant to shifting regulations far outweighed any other industry concern right now.

But in second place was maintaining their client base. Around one in four advisers are worried about how they will manage to keep their existing customers.

This is an understandable concern with a myriad of research suggesting that trying to acquire new clients costs around 5 times more than it does to maintain your current clientele. Moreover, existing clients are more likely to spend more with you because they already trust your services.

So, could social media be the answer?

Staying connected matters more than you think

Existing clients may have already signed up for your services for a set period, but they are being exposed to other financial services from your competitors during that time. To prevent them from considering other services, you can improve your ongoing relationship with them through social media.

Continually connecting with them throughout the year reminds them that you are here when needed – and you won't just come sniffing around when it is time to renew a service.

Social media can provide exclusivity

But it isn’t just about staying connected. Social media is also about making clients feel valued. And what better way to do that than to provide them with exclusivity through your social channels.

You could use your accounts as a way to promote exclusive deals and promotions to existing clients that follow, like or subscribe. This can be a double-edged sword because on the one hand, it provides that exclusivity for your current clients, but on the other, it could mean prospective clients consider what you’re offering them.

Highlight your expertise with your socials

Your current clients chose you because of your expertise and their trust in what you can do. You need to keep providing more evidence that they made the right choice by continuing to highlight your knowledge and expertise.

You can remind them they made the right choice by providing value. Use social media channels to give them valuable content that they can use and will benefit them. This is one of the most effective ways of retaining business. You could post news stories, industry tips or market insights using blogs, statuses and videos.

Which social media platform should advisers use?

There is no right or wrong answer on which social media platform to use and this will largely be determined by your target demographic. Aside from this, it might come down to your brand's style and how you want to be seen by your clients.

However, as financial advice is a serious service, you might opt for more serious social media channels. Twitter is an option, or you may choose to keep it ultra-professional with a LinkedIn account. However, nothing is stopping you from utilising Facebook and Instagram if they marry with your brand.

It can feel a little overwhelming trying to choose the best route for you and your business but we are here to help, just get in touch and we can talk you through your options.