Why You May Need More Than One Social Media Platform

Whether you’re using one social platform or none at all, it’s good to know how each social media platform can benefit your practice in different ways. LPL financial professionals are allowed to use LinkedIn, Facebook Business Pages and Twitter.

You may think that all social media platforms are the same, but I am here to tell you different! Each platform offers unique opportunities for you to expand your network or build relationships. As you’re aware, this business continues to rely heavily on referrals, and having a strong online presence provides credibility behind your expertise. Being easily found online for referrals is crucial in this digital age and social media is an easy way to be seen in multiple places. Learn about how each platform has different audiences and purposes to help you decide what social platforms works best.

LinkedIn

As experts in the industry, we advise that every financial professional have a LinkedIn profile. LinkedIn is designed for business networking by allowing its users to build connections for professional relationships, show their job expertise and share industry knowledge. LinkedIn is the world's largest professional network with almost 690 million users in over 200 countries and territories globally.

Keep in mind that LinkedIn’s audience is current working professionals—so when sharing content, consider sharing advice that is valuable specifically for them. For example, with the current market climate, consider sharing content around getting laid off or being furloughed, and answering those pain point questions. Sharing relevant content to LinkedIn’s working demographic will lead to more engagement and organic growth from shares.

Linkedin also has impressive search engine optimization. This means when referrals Google you, your Linkedin profile will be one of the first search results, which improves your credibility online!

If you’re interested in learning about the benefits of creating a LinkedIn Company Page, check out Sarah LeBlanc’s blog “5 Reasons You Should Consider a LinkedIn Company Page”

Facebook

Facebook continues to be the most used social media platform, with the global number of users being expected to reach 1.69 billion in 2020. Around 7 out of 10 U.S. adults (69%) use Facebook. Facebook is unique as it allows you to share professional and personal content in one! For example, you can share industry content around the markets, but also highlight a co-worker’s birthday. Facebook gives clients the opportunity to engage with you, which can strengthen the current relationships you have by letting them get to know you on a more personal level.

According to the 2014 Facebook Demographic Report, Facebook’s biggest growth has been in the over 55 population, adding 12.4 million new users. When sharing content, keep that age range in mind. For example, with a large portion of users over 50, you may want to share content around the common retirement planning questions you hear from your clients.

Twitter

Twitter is a fast paced, concise, broadcasting news platform. Twitter has 310 million registered users and is very popular with young adults, ranging from 18 to 30 years old. Surprisingly, the majority of Twitter users don’t actually tweet. Instead, they retweet content from experts, news, celebrities, brands, and more. This opens up a unique opportunity to become one of those news sources others turn to for their financial questions.

Having this insight is important and valuable. A younger audience requires a specific message. Young adults are hungry to learn, but they also have short attention spans. With that in mind, consider creating brief videos or articles that answer questions that help young adults with their specific problems (i.e. student loan debt or preparing to buy a home). Sharing valuable content that answers the audience’s questions will lead to you becoming a thought leader users follow for financial advice.

Twitter also allows you to reach out to centers of influence (COI) that you might not normally connect with, such as local media, community leaders, other professionals. You can connect with these COI’s by retweeting their content, participating in their discussions, and following each other.

So, do you need to use all three of these platforms?

Not at all! Each platform takes a specific social media strategy to use it effectively and efficiently. Again, LinkedIn is a good starting point for social media. If you’re interested in expanding your digital presence, you’ll want to consider where your target audience will most likely visit. Are you looking to reach clients that are interested in retirement planning? Facebook holds a lot of those users! Do you specialize in helping millennial investors? Twitter is a great way to reach that audience! 

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IMPORTANT DISCLOSURES

You should consult your compliance department for information about the rules and use of social media and the review of any and all advisor marketing materials.

All company names and products noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.