What You Can Learn from 16 Million Financial Advisor Posts (Hearsay Study)
What do you get when you analyze 16 million social media posts by 100 financial brands?
Let’s first say – THANK YOU Hearsay for doing this study. None of us have the patience (or money to be honest) to comb 16 million FA social posts for trends. Can’t say it was on our to do list.
And so YOU don’t have to analyze 16 million posts (or even the whole report), here are our top takeaways that matter for you.
Backstory: The financial services companies analyzed by Hearsay included firms in asset management, wealth management, property & casualty insurance, life & annuities, and banking. The content Hearsay analyzed included Facebook, Twitter, Instagram, and LinkedIn posts. Hearsay analyzed posts on the following topics: career & recruiting, corporate brand, product promotion, company principles, financial education, news, and lifestyle.
The Most Important Takeaways
It’s no secret that financial brands struggle to keep up with marketing trends. It’s easy to get entirely dependent on referrals and lose your motivation. The result? Much of the marketing that’s out there is half-baked and NOT working. Here are a few of the problems the study uncovered.
Consistency is THE #1 Strategy
Don’t worry, you didn’t just accidentally walk into a marriage seminar, but feel free to apply the same advice (your spouse will thank us later!)
This isn’t much of a surprise. Any successful person knows this concept well – do anything consistently, and you get better at it day by day. It’s also true that you don’t build relationships in real life or online by showing up once a month.
If you post “when you remember” your consistency is probably taking a significant hit. If your last post is from a year ago, let’s say you’re not going to win new business because of your glowing social media presence. Consistency is arguably the #1 predictor of financial advisors’ digital marketing success.
Posting Article Links Isn’t a Good Plan
We all know that annoying feeling of posting a link to an article. You put a ton of work into writing it; objectively, this stuff is fantastic… and it gets nine views. And no clicks.
If you’ve worked with us here at Evergreen, you know we occasionally throw a link in a post here and there, but you also know it’s the exception. Links to other sites will indeed restrict your reach. Not “algorithm friendly” as they say. So what do you post instead?
You may have heard a new term called “Zero-click content," which means you share something without someone having to leave their social media site. Platforms like LinkedIn and Facebook love that sort of thing and reward you via the algorithm. So take those articles you’re posting, chop them into shorter segments, and maybe grab a graphic from Canva. The more your audience can get the valuable content in-platform, the better you’ll do.
(We’re also really good at this – check out our low-cost Content Engine solution to supercharge your marketing on a budget.)
Original Content Out Performs Canned Articles Every Single Time
Also, can we acknowledge that thousands of advisors use the same 3-4 article libraries and DON’T CHANGE THE STOCK PHOTO?
Hearsay found that original content had nearly SIX times the engagement as canned content, even if the original content was only text-based. It performed ahead of video and photo on the regular. It’s no surprise that original content increased by 55% based on Hearsay’s study.
You might be relieved that one simple original post (even without a photo or video!) is likely to perform better than a stock article or video from your marketing library. Your clients really can tell the difference!
“Social Media Doesn’t Work” Isn’t True
If you’ve ever felt social media is a waste of time, you might not be doing it correctly! In the study, 81% of the companies surveyed are winning new AUM from social media strategies.
Are you a part of the 81% or the 19%?
With that number in mind, it’s unsurprising that 2022 was the most engagement financial brands had ever seen on social media. Specifically, they found that engagement has increased by 23 percent across all social channels in the last two years.
The brands playing the game with intentionality are growing faster than ever. The brands that don’t prioritize marketing are still on square one. (And no, this growth isn’t just happening in corporate brands with corporate budgets).
And yes, this article is about Hearsay’s study. Still, we may not have surveyed 16 million posts, but we work with clients daily that are part of the 81% winning new business. For example, check out this email we got from an advisor just this week:
“Okay… let’s find 50 more just like this one. Over $2M in net worth PLUS a stake in a family business worth $3-4M. We are meeting again in a few weeks.”
And guess what – this prospect has never met them in person. They didn’t get referred. They found the advisor from their LinkedIn marketing, followed along for a few months, and reached out. And while that’s a great win, it’s not rare. This stuff works when you play the game well.
Posting a Variety of Content Keeps Things Fresh
So, what were these brands doing with 81% of successful brands on social media? The brands with the most success posted a variety of content (i.e. not just articles that linked back to their website). They posted a mix of educational content, brand-focused media (focused on their people), and lifestyle trends.
“[This] gives firms, advisors, and agents a new way to earn trust, showcase expertise, and position themselves as industry thought leaders,” Hearsay writes in the report. “This trend suggests firms are actively embracing the opportunity for advisors and agents to connect with prospects and customers in a more personalized way.”
One of the most important observations here – the report suggests team members, rather than administrators, are leading the charge to more diverse content.
If you are an RIA with strong ranks of financial advisors, consider looping them into your marketing. Give your advisors a chance to grow because of their partnership with you. If you’re curious about how to facilitate this, we have a great process we’d love to share. Just drop us a line!
Post About What Your Firm is Passionate About
Be open to sharing your values in your marketing especially if your ideal client shares those values!
Work it into your marketing if you and your ideal client are proponents of Socially Responsible Investing (SRI).
If you and your ideal client want to move toward ESG investing, it should show up in your marketing.
If you and your client value faith-based investing, don’t hesitate to make that a differentiator.
Values and money are deeply intertwined, and it’s a fundamental value proposition that attracts YOUR ideal client. A good value prop is like a magnet – it repels the people you don’t want to work with and attracts those who wouldn’t be a good fit.
Hearsay Thinks You Should Check Out Instagram
The moment Instagram comes up in strategy discussions with most veteran financial advisors, they immediately picture selfies, “hashtags”, and other awkward things. The topic gets shut down pretty quickly.
Let’s say they didn’t pick this career so they could dance in front of their phones like their middle school kid… and we aren’t suggesting you don’t…please don’t.
Don’t rule the strategy out too soon! Hearsay found that financial brands that post on Instagram generated far more engagement than those who only posted on Facebook or LinkedIn.
And you know what else matters here? Younger households are building wealth either on their own or eventually through inheritance, and they’re going to places like Instagram for advice. It’s still early in the game for financial advisors – it’s like buying real estate in an emerging vacation town. Getting your foot in the door is easier when things are cheap. Financial advisors who start planting seeds on IG and other emerging platforms will lead the charge in the next 15 years.
What Matters Most: What Will You Do Next?
So what did you think? Surprised? What do you want to change based on what you learned?
This report was a great exercise in reflection for those of us in the weeds of day-to-day marketing. We need to keep asking, “What’s actually working?”
Like many things, marketing can quickly become a to-do on a list. You get it done, but it’s not actually generating new business (or even engagement).
Or worse – it’s a task that never gets crossed off because it’s not on fire. We get it, that’s how it is for a shocking number of stagnant financial advisors.
But when your marketing actually works – it’s similar to putting money into a stock that keeps climbing. When you see your revenue grow, marketing suddenly becomes a joyful priority. But you have to put in the work to see that first dollar.
That’s where we help financial advisors every day. Our clients pay us to keep asking that question of what works, and to see it through.
