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Building Your Practice

Advancing Your Business with Social Media


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It’s no wonder that half of advisors say they’ve begun using social media for client outreach. Effective use of social media can be like hiring a new business development assistant.1 There are, of course, risks as well as opportunities in the social media revolution.

  • Creating “presence in your absence.” Busy advisors can’t be everywhere all the time. Social media is one more tool – along with brochures, your website and the like – to fill the gap. Building an informative presence on LinkedIn can contribute meaningfully to what people say when you’re not there.
  • Keeping Up with the Conversation. Don’t have time to send tweets on Twitter? Not to worry. Many advisors find they can benefit from social media just by reading and listening, as they do with other media. If an article on retirement is zipping around Facebook, chances are the ideas resonate.

Here are a few of the commonly seen social media risks:

  • Compliance and legal risk. Advisors can run afoul of the rules just as they do offline. Consult policies across a range of sources. Industry-wide regulations and firm-specific compliance policies are two helpful starting points.
  • Reputational risk. Think before you Tweet. Social media’s speed and ease of use make it a powerful tool. What would you think if a message were to become your practice’s top Google search result? If you don’t want it representing your firm, reconsider your approach.
  • Client confidentiality. If you “connect” with a client on a social media site, are you giving away information which should be closely held? Advisors should consider the implications. Use traditional communications methods when addressing personal client issues.

Getting Started

Not all social media is the same. One way to think about social media is to conceive of passive versus active uses. As these terms suggest, some social media activities require more time and resources than others.

Passive social media can be a way for advisors to start building their presence. An up-to-date and informative LinkedIn profile can be considered “passive.”

Active social media offers advisors an opportunity to become more engaged. This can be as simple as identifying potential contacts via social media and reaching out. If you choose to be active, you need to carve out time – daily – to post information or respond to questions or comments.

Strategic Advisory Solutions’ Business Practices team seeks to help financial advisors maximize their business growth. To learn more about the interactive workshop, contact your GSAM Regional Director or Relationship Manager.

In an increasingly digital age, social media can be a differentiator for financial advisors. Strategic Advisory Solutions’ Business Practices team offers “The ‘So What?’ in Social Media” to explain website, blog and social media strategies.  Social media can help build an advisor’s brand, including best practices for using LinkedIn and other social media sites, with the goal of helping advisors acquire, expand and retain clients. This one-hour presentation walks advisors through the spectrum of social-media tools at their disposal, helping participants identify which tools fit the needs of their practice.


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