How Wealth Managers can Future-Proof their Business Using LinkedIn

As the average age of the population continues to get ever higher, one of the key questions faced by many wealth managers, particularly those who have worked in the industry for several years, is 'what will my business/client book/portfolio look like in 5-10 years? Many advisers I speak to have clients who are, to put it politely, at the 'top end of the age range' and they are very concerned that when those clients begin transferring their wealth to the next generation, they may lose those assets to another wealth manager.

I'm sure you are familiar with the term Generation X (those born between 1966 and 1980) but what about the term 'Millennial' or 'Generation Y', which is the term given to those born after 1981? LinkedIn recently produced some extremely compelling data about the online behaviour of these affluent 'NextGen' clients as far as their financial affairs are concerned. For example:

  •             They are 5x more likely than other demographic groups to see social media as their hub for financial information in the future
  •             They are 2.4x more likely to seek content from financial companies on social networks
  •             Over 50% are willing to consider financial offerings from non-financial brands

It should therefore be apparent that one of the most effective ways to begin engaging with this next generation of clients is online. At a bare minimum, that means an interactive website that is optimised for mobile, plus a LinkedIn profile for every 'client facing' member of staff, and perhaps a LinkedIn Company Page, depending on the size of your business. As far as your individual LinkedIn profile and activities are concerned, here are my top 3 best practices for wealth managers to engage with the next generation of clients:

  •             Your profile should not only be interesting and engaging, but should be visually appealing. Checklist - profile photo; background image; logos for current and previous employers and any educational institutions; attach multimedia e.g. client brochures
  •             Post content to inform and educate your contacts, DO NOT SELL. Checklist - post a news article of once or twice a week about a topic that will be of interest to your connections; follow-up by looking at the analytics on LinkedIn to see who has been viewing it.
  •             As a matter of course, connect with your clients on LinkedIn (get their consent first) and then connect with the children of your clients (the minimum age for UK users is 13). Checklist - build LinkedIn conversations into your sales processes; ask satisfied clients to connect; ask your clients to introduce you via LinkedIn to their children.

 The list could go on and no but I like to keep my LinkedIn posts fairly short. Hopefully this article has given you a flavour of how LinkedIn can form a core part of your marketing activities in order to future-proof your business.

How to tidy up your LinkedIn presence for 2016


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 presence:

Your Profile 

·         Is your photo up-to-date? LinkedIn isn't a dating site so your photo reallyshould 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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