Now it almost seems quite rare for the individuals and firms I deal with not to at least have a presence and, for the most part, be actively using it.
So, it was quite surprising to see the latest survey results from the Association of Professional Advisers (APFA) which suggests that less than half (46%) use social media. Of those that do, they are principally using it to keep up to date with industry information or to keep in contact with or target new clients. However, while a third had no qualms about using it, a further third were concerned about the FCA rules on social media, while 37% appeared to have no idea about the regulations on social media. Which is perhaps somewhat worrying for these individuals and their employers.
To begin with, I see no reason not to engage with social media in at least some capacity but obviously it would make sense to ensure you, firstly, are aware of the financial regulations and, secondly, you are aware of your own firm’s social media policy. If it doesn’t have one, then it probably should.
If you are in any doubt about your use of social media, then my advice would be to always adopt a commonsense approach and, if necessary, then definitely make a proper distinction between what is personal and what is professional. This is why you’ll see many people writing, ‘These are not the views of XYZ employer’ on their profiles because it’s an important distinction to make and one that (if not made) could land you in hot water.
The big financial services Twitter story this week has been that of Rayhan Qadar, formerly of Hargreaves Lansdown, who tweeted an ill-judged ‘joke’ about knocking over a cyclist and driving off because he was late for work. The phrase ‘act in haste, repent at leisure’ seems perfect for this situation because while Rayhan apologised for his tweet and said he had never knocked anyone off a cycle, his employers did not see the funny side and fired him immediately.
So, there you have a prime example of how not to use Twitter but again, in my experience, if you keep all activity ‘commonsense proof’ then the benefits far outweigh the negatives. Certainly for those mortgage advisers seeking to target younger clients, a social media presence is a must. I regularly have conversations on Twitter direct with consumers – the important bit is to respond as quickly as possible even if it’s after work or on the weekend. This will certainly be appreciated and means you are much more likely to secure that client.
Similarly, with any conversations with introducers, make sure you respond promptly and effectively. If you do, you have a much better chance of securing any potential business and it can also be noted by other potential introducers who will see how you deal with their peers. Again, it can also be a very useful tool for sharing your experiences and to provide other introducers with tips on how they can get the most out of their clients and the avenues they can pursue to do this.
So, if you’ve yet to make that social media move, get prepared, know where the limits are and be prepared to commit wholeheartedly to it. If you do that then there’s no reason not to be making the most out of, what can be, a tremendous business generator.
Emma-Maria Coffey is business development manager at Blacks Connect
