Failure to embrace social media is a bigger risk than that of getting slapped by the FCA, the owner of a digital consultancy has warned.
Sharon Flaherty, founder of BrandContent, said: “The risks of not using social media at all as part of firms’ communication strategies are far greater than those of using social media.
“Firms across the entire industry need to take the leap and begin designing online communications strategies to complement their existing face-to-face approach to prevent slipping further behind other sectors in their marketing efforts.”
She said customers often looked to see how firms operated online, with social media giving them an insight into how advisers treat their customers, and helping them decide whether or not to do business with them.
Ms Flaherty, former head of PR at MoneySupermarket, added: “Your social presence and how you communicate with your customers digitally gives transparency, which in turn leads to reassurance for potential customers and is a deciding factor in whether or not people choose your business.”
Adviser view
Phil Calvert, founder of advisory forum Lifetalk, said: “While advisers have moved forward in leaps and bounds over the past 18 months with social media, there is still a large chunk of advisers who will not have anything to do with it.
“Many of them do not believe that social media has any part to play in an adviser’s business, and they will often use compliance as the reason why they can’t or won’t take it forward.”
