IFAs are turning to social media like Facebook and Twitter not just for expanding their client base but also to share information online with their peers and strengthen relationships with existing clients.
Abhenav Khettry, founder Vyana Investments told Cafemutual, “I created a page for Vyana, my advisory company, a year back. We have a very active Facebook page with over 825 likes now. We post all the latest happenings from the financial services industry. Vyana also uses the page to advertise and promote new products and services. Through Facebook, I have acquired a few first time investors and also reached out to several potential customers who keep posting their queries on the page.”
Abhenav has created a Facebook page for IFAs called IFA Fraternity Kolkata in April 2012. He says that he managed to rope in 500 members in 5 days. In fact, Abhenav says that Facebook has also helped Indian IFAs to exchange views with their global counterparts.
The page usually discusses various financial issues. Advisors also follow the best practices adopted by other IFAs through this Facebook page.
A number of IFAs have found social media platforms to be a very effective tool for growing their business.“ I am connected with over 1,000 people on social media and at least 10% are my clients. Around 15% of my social network contacts have attended my training programs,” says Kanak Jain, CFP and founder of Suskan Consultant.
AMCs are also getting into the act. According to a senior executive from a leading AMC, the IFAs empanelled with the fund house are being trained on various platforms and have been increasing their usage of social media.
The proliferation of smartphones and improvement in internet connectivity has fuelled the boom in social networking for business usage in India. But Indian advisors have more scope to expand their social networking presence. An American Century Investments study conducted last year revealed that 71% of American advisors have a business Facebook page and 55% are on LinkedIn.
(Do you use social media to expand your business and service your clients? Do write in and let us know).
