When I was at that semi-prestigious law firm on Long Island, I became convinced that I could draw business from around the country by creating content via social media that would allow me to develop relationships with financial advisors, third-party administrators, and plan sponsors. The managing attorney (who has since retired after destroying the firm) couldn’t disguise her disdain for social media by ridiculing her husband, who was successfully doing it for her own practice. It took me to start my own practice to be able to use social media effectively and for better or worse, it’s worked well since 2010.
While some plan providers claim it’s a waste of time, I disagree and a recent survey backs that up. Registered investment advisers are increasingly landing clients via social media marketing, according to recent research. The number of advisers converting social media leads to clients continued to trend up in 2022 to 41% of those surveyed, a 1% increase from last year, but up from 34% since 2019, according to a survey conducted by Broadridge.