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What I Believe In Financial Social Media



socLast month Mack Collier wrote a brilliant post outlining his beliefs on social media that was an inspiration. If you haven”t already seen it, click the link below and take some time to digest each belief. In my opinion, anyone adopting a social media strategy should print the list and keep it close to remind themselves of who really matters when it comes to any social strategy- the customer.

Inspired by Mack”s post, I”ve decided to do the same, however will keep my focus on beliefs on social media in financial services. As a unique and challenging niche, the financial services industry is faced with additional hurdles when it comes to adoption and execution, and it is my belief that we are in the early stages of a massive evolution of how financial professionals connect, engage and collaborate with clients and prospects.
Here is what I believe…..
  • …that early adopters of social media in financial services will be rewarded with new business opportunities as they engage and share valuable content with their clients and prospects online. Not having a social strategy IS a strategy and a formula for failure as the acceptance and usage of social media tools to drive consumer behavior increases- especially with the next generation of investors.
  • …that citing compliance and regulatory concerns are an excuse and should not hinder financial professionals from exploring how to develop social media policies and participation within the framework of our regulated industry. Early adopters of social media are already participating by partnering with social media archiving and monitoring solutions at Actiance, Arkovi, Hearsay Social, Socialware and others that are providing the infrastructure and process for participation.
  • …that social media is not new to the engaged and connected advisor and is just an amplified digital extension of their values, beliefs and approaches. One of the biggest surprises for new adopters of social media is how easy it is to extend their voice in a social medium. Social media and networking does not require you to learn how to be social, it just encourages you to be more visible.
  • …that customers will begin to demand that their financial professionals be available and connected in the social mediums THEYprefer. Given the amount of time people are spending on social networks, it is only a matter of time before financial professionals are EXPECTED to be online, and those who are not- invisible.
  • …that social media networking will become the preferred method of new business development and relationships. Social networks are built on common connections and will facilitate the opportunity for new introductions and word of mouth referrals. Presence online will be akin to the new storefront and business brochure of the 21st century.
  • …investors will demand more authenticity and transparency that social media can provide. Social profiles on LinkedIn, Facebook and Twitter will allow financial professionals to broadcast their thought leadership either by curating or creating content that illustrates their unique voice or by engaging with their audience.
  • …financial professionals will enrich the relationships with existing clients regardless of account size. Social media broadcasting provides financial professionals the ability to scale their practice and democratize their message regardless of account size or geographic location. Time sensitive messages will not be hindered by the need to contact top clients first, and instead advisors can broadcast to all clients and follow up with those that have specific concerns.
  • …using social media will allow advisors to create and find the niches they would prefer to work with and in. Finding your tribes online that share similar passions and tastes will be easier using social media. Financial professionals will be able to carve out niches around their shared passions and activities providing them with a richer work experience.
  • …unique thought leadership via a blogging platform that includes video content is the future. Early adopters like Brittney Castro andCathy Curtis are already showing us a vision of where we are headed in financial services social media best practices and use. I envision that others will follow once they master the tools of engagement, and get more comfortable in front of a camera.
  • …niche focused networks will grow and add value to professionals that are using them. LinkedFA is a unique niche social network for financial and insurance professionals adding value to those who participate by keeping the focus on the industry and needs of clients. Users will not be distracted by posts outside of the scope of their niche and can remain focused on the conversations and relationships that help build and grow their business.
  • …that the adoption of social media will grow faster as client testimonials and financial professional success stories become more common. Celebrating client life events such as retirement, job changes and new family members will be commonplace in a social media setting and increase engagement between clients and advisors. Stories of how clients and their advisors are relating and sharing online will be passed along at picnics, family reunions, and among friends.
  • …that the lines between professional and personal profiles will blur in social media and that transparency will be valued even more- providing you an opportunity to be represented as your authentic self. Your profile will reflect who you are, what you value, and what you can do. You will no longer be defined by what you do, but who you are.
  • …we are only scratching the surface of opportunity for business growth using social media. Access may be the first challenge for many financial professionals followed by the need for best practices training and understanding on how to use the tools. In the near future I envision a social world where we will no longer differentiate a social strategy from an overall strategy and that the social aspects of the campaign will be built in. Social Marketing will be Marketing, and Social Media will be Media. All is one.
Victor Gaxiola | linkedin.com/in/victorgaxiola | http://hearsaysocial.com/author/vgaxiola/ Customer Advocacy Manager at Hearsay Social --- Social Media is my passion. I enjoy collaborating with people that understand the power of the medium as a new communication paradigm that is changing the way people engage, buy products and services, and share with each other. I often present Social Media best practices at seminars, webinars, and training sessions with a hands-on approach designed to educate, enrich, engage and entertain. I LOVE working in environments where new ideas and approaches are welcomed and encouraged. I’m an “idea guy” and thrive in the creative process that propels projects to the next level and working with teams that have the ability and passion to make things happen. Prior to my new role at Hearsay I had my own Social Media consulting practice and worked as a Financial Consultant, co-founding the Gaxiola Financial Group with my wife Kim. Together we developed outstanding relationships with our clients and increased engagement, retention and dialogue as early adopters of social media. I am visionary in my leadership and an enthusiastic self starter. I collaborate easily with people at all levels and backgrounds and have over 20 years of experience in client facing B2B and B2C roles in Social Media, Sales, Marketing, and Project Management. Work with purpose is fun- and I enjoy being a catalyst for change. I am active in the local community serving on the board of Volunteer Morgan Hill and as President of the Leadership Morgan Hill Board of Directors and chair the Public Relations & Communication committee. Away from the office, I enjoy traveling, music, and spending time with the family.

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About Victor Gaxiola

Victor Gaxiola | linkedin.com/in/victorgaxiola | http://hearsaysocial.com/author/vgaxiola/
Customer Advocacy Manager at Hearsay Social
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Social Media is my passion. I enjoy collaborating with people that understand the power of the medium as a new communication paradigm that is changing the way people engage, buy products and services, and share with each other.

I often present Social Media best practices at seminars, webinars, and training sessions with a hands-on approach designed to educate, enrich, engage and entertain.

I LOVE working in environments where new ideas and approaches are welcomed and encouraged. I’m an “idea guy” and thrive in the creative process that propels projects to the next level and working with teams that have the ability and passion to make things happen.

Prior to my new role at Hearsay I had my own Social Media consulting practice and worked as a Financial Consultant, co-founding the Gaxiola Financial Group with my wife Kim. Together we developed outstanding relationships with our clients and increased engagement, retention and dialogue as early adopters of social media.

I am visionary in my leadership and an enthusiastic self starter. I collaborate easily with people at all levels and backgrounds and have over 20 years of experience in client facing B2B and B2C roles in Social Media, Sales, Marketing, and Project Management. Work with purpose is fun- and I enjoy being a catalyst for change.

I am active in the local community serving on the board of Volunteer Morgan Hill and as President of the Leadership Morgan Hill Board of Directors and chair the Public Relations & Communication committee. Away from the office, I enjoy traveling, music, and spending time with the family.

Comments

  1. Wow, great article! That is very inspiring.

    I’d also add that the growth of mobile devices will help financial advisors and investors connect more often (and more meaningfully) through social media. The end result being: Financial advisors can better understand and serve their clientele.

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