No one is perfect, and everyone makes mistakes. However, the LinkedIn mistakes financial advisors make directly affect their income and the assets of their clients. Ouch! Social media is ripe with the opportunity to build relationships with the ideal client. LinkedIn is an especially powerful tool for financial professionals to keep in their tool belt. A recent Putnam Investment survey showed a whopping 92% of advisors using social media have gained assets. As more people use it, it is increasingly important to have a strategy and improve your approach.

The LinkedIn mistakes financial advisors make are relatively easy to correct, and many of them are based in fear. Using LinkedIn is not a panacea for a bounty of wealthy clients, but it is key to branding yourself and your company in a way that appeals to multiple generations. Avoid these pitfalls as you engage with prospects and clients.

  • Not Connecting with Your Clients – Make a list of your clients, and connect with them FIRST on LinkedIn. Your clients know, like and trust you. These professionals are looking to you for financial advice, and they will accept your invitation to connect. After setting up your LinkedIn profile, reach out to your clients, and let them know how you will be servicing them. LinkedIn is another resource you will use benefit them. It will not replace your existing communication tools, but it will be an additional way for you to share valuable information.

LinkedIn Myths for Financial Advisors

  • Not Completing Your Profile – Everyone is busy, but completing your LinkedIn profile is critical. LinkedIn profiles with a picture are 14 times more likely to be viewed than profiles without a picture. Financial professionals should have a picture, add all of their education, work experience and certifications. Most advisors leave off their summary, but this is the quick explanation most people are looking for. Invest the time in completing your profile, so when people visit your page it benefits them.
  • Not Having a Strategy – Financial advisors waste time on LinkedIn just like Facebook. Develop a LinkedIn strategy that includes how often you will post, what days are for prospecting and who is your ideal client. The LinkedIn strategy governs and directs advisors’ actions. Strategies are client focused, and it directs the content and consistency of information shared. The LinkedIn strategy is a living document, and it is
  • Not Using LinkedIn Consistently – Consistency is the key to success for most social media, and LinkedIn is no exception. Set a calendar for the type of content to be shared weekly. Creatively post pictures, videos and resources that will benefit your connections.

15 Minutes a Day to LinkedIn Success

  • Not Using Sales Navigator – The most common question people ask me is, “Is Sales Navigator / Premium worth the money?” YES! Sales Navigator lets advisors find the ideal client, save people as leads and save valuable searches. The average asset gain for advisors using Navigator is $7.5 million ($3.6 million with Basic / Free). Sales professionals need Sales Navigator. The List feature saves people in groups that make it easier for marketing.

The LinkedIn mistakes financial professionals made in the past do not need to be your mistakes. Adjust your approach to LinkedIn, and you can turn those relationships into revenue.

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