Anna Lawlor is director of Social i Media
Social Media 101
What is social media?
Social media is about interaction in virtual communities and networks. It is a combination of online tools used to communicate with, about, and to our peers. In short: social interaction online. Based on US research data, more than three-quarters of financial advisers use social media.
Where are the advisers on social media?
Twitter is favoured (anecdotally and according to research reports available) followed by LinkedIn, Facebook and Google+. Some advisers, such as Mike Robertson Associates, make use of YouTube.
However, the social media universe is vast and encompasses social sharing (Instagram, SlideShare), publishing (WordPress, Blogger), broadcasting (podcasts, Vine, Vimeo), microblogging (Twitter), social network apps (TwitPic), video conferencing (Skype, Google Hangouts), geo-location (FourSquare, Facebook Check In) and more. There are also social media management tools such as HootSuite, TweetDeck, SproutSocial and Sendible to help you publish across the different networks.
Is it about marketing – or procrastinating?
Social media is as business-minded as the way the platforms are used and the strategy of the user. Social media differs from traditional marketing in that it facilitates a two-way conversation rather than a one-way promotion or sales push.
For advisers not yet ready to actively partake, social listening – such as collating and reading publicly available social media posts – can be a good way to dip a toe in the social media pool.
What does the FCA say about social media?
The FCA’s financial promotion rules (COBS 4, BCOBS 2 and MCOB 3) are the same regardless of the media – whether it’s a local newspaper advertisement, a blog or social media post – and regardless of the medium, be it text, image, video or audio.
A communication that merely informs or educates will not normally be considered a financial promotion but must always be fair, clear and not misleading.
Typical concerns advisers have about using social media
• My existing clients are not on social media
• I don’t believe there’s a way to partake in social media compliantly
• Facebook, Twitter etc are probably fleeting; I don’t want to waste time
• I’m sceptical of the return on investment
• I don’t get Tweeting; I don’t want to get it
Source: comment feeds on social media stories
