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  • Business Development What not to do on social media

    What not to do on social media

    Three things IFAs must avoid while using social media.
    Daya R Mar 16, 2017

    As the popularity of social media increases among investors, many IFAs are using social media both as a means of client acquisition and as a medium of communication with clients. However, IFAs often in their enthusiasm to embrace social media end up making a few simple mistakes.

    Here is what advisors who are active on social media, have to tell what you must stop doing on social media and why.

    Sell ideas, not products

    Most IFAs tend to promote specific schemes on their social media page, by either sharing ads by fund houses or writing about the scheme. This is what you are not supposed to do, says Ankoor Kapoor of Plutus Capital.

    “Advisors must use social media for promoting financial planning among investors. Either by writing blogs or through Facebook posts, which talk about the advantages of financial planning. Advisors can also share posts on financial literacy to educate their clients,” says Ankoor.

     Explaining the logic behind promoting ideas instead of products, Ankoor says, “When you promote specific products, investors will be wary of your intentions. They will regard you as a sales person. However, when you market ideas, you will be seen as a storehouse of financial knowledge and the client himself will approach you for advice.”

    Avoid Political or Religious posts

    Often when an advisor comes across an interesting post on Facebook or a tweet on twitter, he may repost it or like it without thinking twice. This can prove dangerous in case of political or religious posts, says Deepak Khemani, a Mumbai based IFA.

    “Often advisors don’t realise that, when they like or share a post, they are also openly acknowledging their political or religious leanings. This is both dangerous and insensitive, as your clients might not share your viewpoint and might take offence to what you have posted. In fact, it is best to keep all your social media communication strictly professional,” he says

    Do not plagiarise

    Another common mistake advisors do is to blindly copy paste someone else’s views on their profile. , D. Muthukrishnan, IFA, Chennai says this is not just wrong morally but could also damage your reputation.

    “What advisors must realise is that it is very easy to trace the source of an information. When you copy someone else’s views always quote the source. Else, when your clients find the source of the information, you will lose respect in their eyes,” he says

    He points out that by quoting the source, an advisor not just increases his credibility, but in case of an error in the message itself, he can protect himself from liability.

    “I feel all advisors must try to put as much original content as possible. Even when they share an interesting article or news report, they must add their views. This way your clients will understand your thought process. This will also help bring in more clients,” says Muthukrishnan.

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