More than 90% of financial professionals are on LinkedIn. It just makes sense! They use it for building relationships, generating new leads and providing helpful information. After coaching hundreds of advisors, wealth managers and wholesalers across the country, I speak with many who generate millions of dollars every year in new business. However, there are consistently three things advisors do wrong on LinkedIn.

We have all heard the story: Financial Advisor lands $70 million account using LinkedIn, but we don’t know what he did. Just as important, we need to know what he is NOT doing, so we can not do that. LinkedIn is a great sales tool for financial professionals, but many have not received coaching and training on how to use it. Here are the top three things advisors do wrong on LinkedIn. Stay away from these pitfalls!

LinkedIn Free vs. Sales Navigator?

  • They Don’t Have a Process – I know a lot of people get on Facebook and spend hours looking around. Top advisors spend 15 – 20 minutes in the morning and afternoon. Professionals can waste hours on LinkedIn looking at profiles and random posts. Schedule time for prospecting in specific industries and geographies. When a connection is made, know what you are going to say and what the next steps are.
  • They Sell – This acton is the biggest action advisors do wrong on LinkedIn. They see it only as a database of prospects and leads. People don’t join LinkedIn so others can sell to them. They join to receive information, updates and resources to build themselves professionally. Offer them relevant content to help their family, small business and community. People love to buy, but they hate to be sold to. Do not sign them up for your company newsletter unless they ask. Watch their newsfeed to see if someone is graduating or retiring, and offer approved resources specific to their needs.
  • They Don’t Tag – This feature is unique to Sales Navigator. As financial professionals build connections, “tag” them industry identifiers such as: education, law, healthcare, etc. Advisors can use their connection list as a CRM when tagging people as Prospect, Lead, Qualified Lead, Client, etc. Good news: people do not receive notifications you have tagged them. Advisors use tags to filter for special events and information.

There are dozens of features and benefits to using Sales Navigator for lead generation and prospecting. The free version of LinkedIn has many benefits, but most financial advisors don’t know the tips and tricks for landing dozens of meetings and generating $7.8 million in new business. Contact us for the 2018 LinkedIn Tip Sheet and boost your sales.

Scientifically Speaking, of course…