Until last year I was one of the last hold outs when it came to Social Media. Facebook? Not me. LinkedIn…who needs it? Blog? What for? I am sad to say I was living in the past, similar to my attitude on texting when everyone else was doing it, I always said why text when you can actually call someone?
I was motivated to action early in 2012 when I went to a conference on Social Media. The statistics on usage and the relevance of the medium were staggering. As I sat there I remembered how years ago (in the late 90’s) I had to argue with my partners at ISN to create a website. One of my partners kept saying to me: “If you can show me how a website can make us money I will be all for it.” I tried many ways to convince him until one day it dawned on me. Here is how the conversation went:
Jeff: “We need to have a website”
Jim: “I am not investing the money unless you can show me how it makes us money!”
Jeff: “Can you tell me how our business cards make us money?”
Jim: “Business cards? You have to have a business card! It is part of doing business!”
Jeff: “Jim, that is my point, a website is the business card of the 21st century. We have to have one to do business.”
As I sat in the conference on Social Media I realized that in my own way I had become like Jim. I suddenly realized that Social Media, all forms of Social Media, were just as important as a business card. When we got back to the office we began to create all of the pieces we needed to be relevant in today’s business environment.
Still not convinced? Here are some interesting facts that may change your mind:
1. Over 90 percent of high-net-worth investors participate on social media in some form.
2. More than five million investors use social media to help with final decisions
3. Only 4 percent of investors currently interact with their advisor on social media, but 52 percent said they would connect with their advisor on social media.
4. Of the five million investors who use social media, 73 percent use LinkedIn — more than Facebook, Google+ and Twitter combined.
5. Two-thirds of high-net-worth investors visit LinkedIn and Facebook on a monthly basis.
6. The ultra-affluent ($5 million+ in investable assets) are passionate about investment research, with LinkedIn proving to be an invaluable resource.
7. In fact, high-net-worth investors value financial content on LinkedIn and Facebook more than any other platform.
8. 46 percent of investors using social media do not have a financial advisor.
9. 28 percent of investors would perceive a financial company as “innovative” a “leader in the industry” or “on the cutting edge” if they offered social media tools.