Acquiring new clients is integral to an advisor’s business, and a study by the Oechsli Institute found that they must look beyond overused methods like email, toward more engaging tools such as LinkedIn, Bill McManus writes on Hartford Funds’ Masters of Advice Institute.
How to Use LinkedIn to Find New Clients
The study surveyed 917 advisors about their use of LinkedIn and how they used the social platform to acquire new clients, he writes. The researchers found that advisors’ profiles should reflect their brand image and the message they want to promote, according to McManus, director of the Strategic Markets Team for Hartford Funds.
The Oechsli Institute study also found that photos should be professional and summaries must be a clear story in first person, he writes. Summaries should be directed toward potential clients rather than recruiters and have a strong opening, as only the first two lines will be read, according to McManus.
Moreover, advisors should post relevant articles, news and data with personal commentaries several times a week, he writes. This promotes them as a trustworthy source of financial advice, according to McManus.
The Oechsli Institute recommended using LinkedIn’s search functionality to target prospective clients with keywords—“president” and “chief” to find executives, for example, he writes. Once a prospect is found, advisors should reach out to shared connections for an introduction, according to McManus.
Furthermore, advisors can search the connections of someone they are already affiliated with using filters such as job title, location or company to find new prospects, he writes. Advisors can always contact people with whom they have no shared connections but do have another link with, such as their alma mater, according to McManus.
Advisors should come up with daily and weekly actions to ensure consistent use, he suggests. Daily actions can include reviewing profile feeds, responding to messages and invitations and engaging online, whereas weekly actions may involve reviewing page views or carrying out searches, according to McManus. Platforms such as LinkedIn are becoming ever more important and it is key that advisors stay abreast of the technology to ensure its effective use, he writes.
