Social Media Tips for Financial Service Firms

Written by: Caroline Hromy

When you think of brands and organizations that have an online presence, financial services is probably not the first industry that pops into your head. It is typically assumed that the industry is “old-fashioned” when it comes to marketing and having an online presence. However, the industry is changing. The switch to remote work at the beginning of COVID-19 has caused many firms to realize the importance of virtual networking. Also, according to A Great Place to Work and Sprout Social, 11.6% of the workforce as of November 2021 are part of Gen Z with 65% of Gen Z consumers increasing their use of social media in the last year and 45% expected to continue to increase their use over the next 3 years. With this number continuing to grow, there is an even bigger need for digital marking. With this in mind, how can your firm effectively utilize social media?

Compliance Matters

As a financial firm, it can feel like there are thousands of rules that you must follow before sharing anything with the public. Before you start posting online, you will need to develop a plan with compliance, deciding how you will work together. This could be having your compliance team draft a guidebook on the dos and don’ts or having regular meetings with your team to confirm you are still following the correct compliance guidelines. You will also want to set up a process on how compliance will regularly approve your content before it is published. Whether it’s through sharing posting plans regularly or using scheduling programs that allow compliance to review before posting, it is important to make sure you have a plan set and are regularly communicating with your compliance team.

I Have a Plan Set with Compliance, Now What?

Now that you have a plan in place with your compliance team, the next two questions to consider are which social media platforms you want to utilize and what type of content should you start developing? To answer both of these questions, it really depends on your goals. Are you trying to generate brand awareness or leads? Present your team as thought leaders in the industry? Or even use your online presence as a recruitment tool? Once you make that decision, then you can determine which platform is the best choice for you and begin to develop content. Below are some suggestions of content that we have seen perform well for our finance clients, such as Haverford Trust.

Trending Industry News and Insights

One easy piece of content to begin with is third-party articles highlighting industry trends and updates. Third-party content is a great way to show your online audience that you are in the know on all trending topics in the industry. Once you get comfortable, sharing company publications, research, and your own insights along with third-party content is a great way to branch out and present your firm as a thought leader. It’s also a great way to show potential clients your knowledge, in turn generating leads. However, it is important to note that while third-party content can increase your engagement, it can be challenging to navigate regulations. When sharing this content, make sure you have a specific plan set up with your compliance team!

Engaging Content

You don’t just want your followers to swipe past what you are sharing! Creating content that your audience will engage with is a great way to gain brand awareness while also helping you connect and network with a wider audience. Whether you are sharing third-party content or your own piece, a simple way to gain more engagement is by including a call to action at the end of your post, encouraging your audience to engage with your post by reacting or commenting. Platform features are another great way to generate engagement. We have seen success using these features for clients in the finance industry, specifically LinkedIn polls. You can learn more about this tool specifically in my blog post all about how you can connect with your audience using LinkedIn polls.

Promote In-Person Events

Social media is a great way for firms to promote in-person networking events to a larger audience. If you are hosting a webinar or going to be attending a summit, sharing these events is not only a great way to show your audience that you are active in the industry, but an effective way to engage with your audience in a new way, either by having them attend a webinar you are hosting or speaking with you in-person at networking events.

Company Culture

While most of the content that you share will probably be more centered around the work your firm does on a daily basis or networking opportunities, you can still have some fun by highlighting your company culture! Sharing content surrounding company culture can not only help with your recruitment but also shows potential clients that the firm they are considering working with is not one-dimensional. Is your firm hosting a golf tournament? Share highlights! Did you recently gain a large number of new hires? Post employee spotlights of the new team members and their interests! Mixing in this type of content with other industry-related pieces is a great way to show who you are as an organization and why potential clients should work with you.