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Social media and networking: How advisers market their business

Social media and networking: How advisers market their business

Informal networking, content creation and using social media to advertise their brand are all ways advisers look to bring in clients, according to those in the profession.

While the current uncertainty in financial markets means that expert advice is in demand, it does not mean that advisers should pull back on their own marketing and outreach efforts, those in the profession have said.

“More often than not our business comes in through word of mouth or professional connections,” London Money director, Martin Stewart said. 

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“That’s the best kind of marketing because it doesn’t cost anything,” he added. 

Others in the industry with established advice firms agreed with this. 

“If you ask me what should you do to market your business, I would say you need to go and build relationships with solicitors and accountants. They are worth their weight in gold,” PFEP Wealth Management’s managing director, Richard Bishop said.

In Bishop’s experience it is this networking that brings the most returns, but it’s nevertheless still important to do an element of local advertising. 

“Facebook’s a great and very cheap way of doing this. The only problem with it is you need to watch your branding. 

“You've got to be careful where you advertise and what you advertise because obviously where you advertise can have a huge effect on your brand. 

“So we use Facebook for wills and estate planning type stuff, we don't use it for wealth management. All our wealth management comes from introducers,” Bishop said. 

“It all comes down to your brand. If you’re trying to get up towards the success of the likes of St James’s Place and get high net worth clients you have to think where are they?"

Content creation

Kathryn Knowles, managing director of Cura Insurance and Advice for Advisers takes the same approach. 

“What we do is organic,” she said. 

“Our business has pretty much been built on informal networking and social media in terms of getting our brand recognised in the industry. A lot of that initially started with myself and the work that I do. 

“Our marketing and PR seem to just kind of merge into one and we don't necessarily have a specific budget.

“Our approach is about giving out information. I do quite a lot of pro-bono content, videos, live-webinars and things like that. 

“We’re on most social, Twitter, LinkedIn, Facebook. We tend to stay where IFA’s will be as they are our clients,” Knowles said. 

Knowles also has a podcast that provides CPD to advice and protection insurers. 

“We’re doing really well with that. At the moment we have 74 episodes and have issued over 1,600 CPD certificates,” Knowles said. "Everything we do is as organic as possible”.

Victor Sacks, director of VS Associates is another adviser who chooses to lean into content creation as a means of marketing his business.