hnw social media solutions

Justify your Fees using Social Media

Following the implementation of the Retail Distribution Review in financial services, I have been having some interesting conversations with bankers and wealth managers over the last few months about how they can use social media to engage with their clients, so I thought I would offer some thoughts here.

Let's take a basic example of a wealth manager who is charging his or her client 1% per annum to manage their investments. Assuming the client is happy with the performance of the portfolio, what additional value is he receiving for his fees? Most, if not all, managers will provide quarterly valuations, market reports and other traditional content, as well as perhaps the obligatory Christmas card. Is that enough to justify that fee? In my view, no.

There is an increasing expectation from clients that their wealth manager will make efforts to inform and educate them on an ongoing basis on digital and social media platforms. According to Cap Gemini and RBC's World Wealth Report 2014 (, almost two-thirds (65%) of HNWI's expect to run most or all of their wealth management relationships digitally within 5 years, and more than half would consider leaving a firm if an integrated channel experience is not provided.

Social media is a simple, effective and free way of engaging with your clients online and justifying your fees (something the FCA continues to question firms on). It takes no more than a few seconds to post an article on LinkedIn or Twitter (still the two most popular platforms for UK wealth managers) and these posts will then be seen on the news feed of your LinkedIn connections or Twitter followers - this simple exercise, no more than a few times per week, allows you to have multiple 'touch-points' with your clients and they are more likely to remember you if your name and face are in front of them at regular intervals. A simple example - a contact of mine on LinkedIn frequently posts updates about the housing market in the South West. If I am ever asked to suggest the name of a mortgage broker in the South West, who am I likely to think of?!

Remember, social media is not about selling, so your posts should inform and educate the reader. The mortgage broker above doesn't simply announce the latest mortgage rates, he posts interesting content about the housing market, the wider economy and even some pictures of luxury homes!

There is still a significant amount of unease in the industry about plunging into a social media presence, but those firms who fail to embrace it shouldn't take for granted that their existing clients will always be happy with merely a paper valuation through their post-box every few months...

How to tidy up your LinkedIn profile for 2015

It's that time of year when I like to refresh and update my LinkedIn presence - over the course of the last 12 months, you may have found yourself connecting with people you don't know, adding sections to your profile that are no longer relevant, as well as a whole multitude of other LinkedIn activities which you have no recollection of doing! So here is my New Year checklist for tidying up your LinkedIn account:

Your Profile

·         Is your photo up-to-date? LinkedIn isn't a dating site so your photo really should be a reflection of you!

·         Check that your contact information and website links are still current - click on Edit Profile then Edit Contact Info.

·         Is your professional summary, work experience and other sections a reflection of your day-to-day activities. Remember, if you have attended one of my workshops you will understand the importance of telling the reader 'what's in it for them' - LinkedIn is not just an online CV. Why would the reader want to engage with you?

·         Tidy up your Skills & Endorsements - this is one of those sections that really can get out of hand very quickly. Remove any skills that are no longer relevant, add any new ones, and remove any endorsements from people you don't know!

·         Scroll down to the very bottom of your profile where you will find a list of all the LinkedIn Groups you are a member of, as well as all of the Companies and Influencers you are following. I'm a big fan of keeping these lists to around 5-10 of   each, otherwise I simply can't keep up-to-date with everything that is happening on my LinkedIn newsfeed. Untick those Companies and Influencers you no longer want to follow, and leave any Groups that are no longer relevant.

Your Connections

I like to have an annual cleanse of my connections, otherwise the number can get out of hand. You have probably connected over the last 12 months with people you don't know or have never met, so it is worth going through all of your connections and removing those that are no longer relevant (or have annoyed you!) - remember, they won't get told that you have removed them. To do this, go to Connections, then Keep in Touch, and when you scroll down the page you will see a list of all your Connections. To remove someone, just hover over their name, click on More, then Remove Connection.

Your Settings

In this era of data protection and online privacy, it is important to check that the visibility of your data is set to a level you are comfortable with. I won't go through all of the various Settings here, but the ones to pay particular attention to are:

·         See where you're logged in (all of the locations where you are logged in to LinkedIn)

·         Set the frequency of e-mails (this will tidy up your Inbox)

·         View your applications (a list of all third-party sites that have access to your LinkedIn account)

·         Select who can see your connections

All of these can be found by hovering over your photo in the top right-hand corner, then click on Privacy & Settings.

If you think I may have missed something, please add it to the Comments box below. Happy tidying up!

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