According to LIMRA, an international company specialising in research and education in the financial services industry, financial advisors could stand to benefit from having more of a presence on social media, especially if they are looking to work with younger consumers. Although their research is based on an American sample, the results can be educational and beneficial to all.
Findings from the 2019 Insurance Barometer Study showed that roughly 85 million Americans use social media to learn more about financial advisors. Six in 10 of these consumers say they use social media sites to find information on financial services products and services or were looking for reviews on financial professionals.
In order of importance, consumers rate Facebook as the most important social media platform to get information. Not only should the financial advisors have a presence on social media, but they must also be active to effectively engage with consumers, especially those under 50, the research showed.
Topping the list of information consumers said they find valuable when engaging on social media are:
- An explanation of how to save money – 39%
- Comments from other people – 38%
- A statistic that makes me look at a specific situation differently – 33%
- A definition or explanation of an industry term – 29%
- A quote from someone who has lived through a unique or specific experience – 28%
- A link to a blog post that contains valuable information for my situation – 26%
- A video story told about someone who has lived through a unique or specific experience – 25%
- An inspiration quote from a public figure – 19%
These are learnings for any financial advisor from America to South Africa.