More than 80% of financial advisors use social media for business, and 95% use LinkedIn. I can’t believe the number is less than 110%! Ok, so that’s not entirely possible, but I am surprised at any LinkedIn number less than 100%. While most financial professionals have a LinkedIn account, many are not using it to its fullest potential. Time, experience and compliance are the top concerns most of my clients express, but how many of these fears can be alleviated? Most!
LinkedIn myths for financial professionals are similar to those of other professions. The upside for advisors, wealth manager and wholesalers is virtually limitless compared to the pitfalls. Minimize the myths and you can maximize the growth. Here are the top five myths and how to overcome them.
- You Don’t Need a Summary – The LinkedIn profile is the beginning of social selling, and it is critical for success. Your LinkedIn Summary is your greatest opportunity to provide a brief description of who you are and what you do as a professional. The Summary is the elevator pitch of your profile, and it may be the only section some people read. Make it powerful!
- You Don’t Need a Plan – People waste time on LinkedIn just like they do on Facebook and Instagram. Develop a plan on who your target market is and how you are going to gain access to them. Having a social media / LinkedIn strategy manages the time of the advisor. Part of our strategy focuses on how many prospects we will generate every week. Our sales team invests 1 – 2 hours per day finding the right people and engaging with them through LinkedIn. We know exactly what resources we will share and how often we will post. We have a LinkedIn calendar that plans our content and consistent scheduling.
- You Don’t Need Premium – Yes, you need LinkedIn Sales Navigator. Financial professionals are sales professionals. Sales Navigator hyper-targets searches, and it compliments the LinkedIn strategy. In addition to finding people, it is used to find businesses, brands and companies that professionals are searching for. The juice is worth the squeeze in this case! Sales Navigator gives you InMails, unlimited connecting, Lead management and a robust search tool. Invest the money!
- Your Picture Doesn’t Matter – The first thing people will see on your LinkedIn profile is your picture. However, your picture must be professional. LinkedIn profile pictures are a headshot showing shoulders and up. Smile and show a positive attitude and fun nature. LinkedIn members with a photo receive far more engagement: 21 times more profile views and 9 times more connection requests. Expert move: add a background photo of your advisor team or picture of your city background.
- Accept ALL Invitations – Not all LinkedIn connections are equal. We have a process for accepting leads. When someone reaches out to one of our employees, we review the invitation, their profile and common connections. A common LinkedIn myth for advisors says you should accept all invitations because you don’t know where your next sale is coming from. This approach can also lead to identity theft and cybersecurity breaches.
Financial advisors use LinkedIn to gain $3.9 million in assets ($7.5 million for Sales Navigator). Avoid the LinkedIn myths for financial advisors, and plan for social selling success. Some professionals are afraid to take the leap into social media. Bold advisors understand the boundaries, and they lead way to improved revenue and relationships with their clients.
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