IFAs encouraged to use social media to boost their business and aid clients

News - Banking

Written by Ray Clancy

Thursday, 22 July 2010 10:31

Independent financial advisors are increasingly embracing social media options to reach out to clients and those who don’t are missing out on the benefits, it is claimed.

Social media is now at the heart of how many IFAs network, share best practice and grow their businesses, according to Philip Calvert, founder of IFA Life, the leading social networking site for the industry.

He points out that those who do not embrace new technology risk being unable to meet the needs of their internet savvy clients because they are uninformed about Social Media, added Calvert, who also trains IFAs on how to use social media in their business.

‘With change and challenges on the horizon, social media is becoming the tool of choice for IFAs to provide help and support to each other without having to leave the office,’ he said.

Although the industry is still cautious about how it uses social media as a marketing tool, it has thoroughly embraced it to share best practice, debate industry issues, comment on news and to learn new ways to grow and develop their businesses.

‘There is a perception amongst many IFAs, and indeed the Financial Services Authority, that social media is all about marketing and as a result some IFAs have been banned from using it. This is an incredibly short sighted view, when social media has so many other uses,’ Calvert points out.

He believes that social media has a role to play in terms of being able to listen to clients, the industry, their target market and what people have to say about them and their brand. It allows IFAs to improve knowledge, to learn news skills and to share best practice and can be used for search engine optimisation and to attract website traffic.

It can also be used to give and to get answers to technical questions, to collaborate with others on projects, to contribute to debates and to add value to people’s online experience as well as promote and follow up events and seminars and to provide customer service.

There are now a multitude of social networking sites which can all help IFA businesses in different ways including LinkedIn, Ecademy, Facebook business pages, YouTube and Twitter.

Calvert urges all IFAs to learn more about social media and how they can use it strategically within their businesses. ‘It’s very exciting to see how the industry is embracing the technology, but there are still huge numbers of IFAs that don’t feel it has any relevance to their business or who mistakenly believe that their clients aren't interested in it,’ explained Calvert.

‘All the statistics show that consumers of all ages are using the internet to search for and obtain financial information and social media is a key part of that but sadly many IFAs are being shown up as uninformed on the technology and therefore unable to meet the needs of their internet savvy clients,’ he added.