Instead of using Facebook to create a fan page for your firm, create a personal account and "friend" your existing clients. The point here is not to broadcast anything via Facebook; in fact, you don't have to write anything at all (or deal with the compliance issues associated with writing things on Facebook). Instead, the purpose is to see what your clients are posting on Facebook. When you have an upcoming meeting, you don't just look through the client's details in your CRM software to remember important conversation points; you look at their Facebook timeline, and see what's been happening in their lives lately, from the new photos of their vacation (now you know where they went and what they did) to the new additions to their family (did you see the baby pictures?). And not all of this is purely social; those pictures of the new grandchild not only means that congratulations is in order, but also that it may be time to open a 529 plan or to update the estate plan.
Instead of using LinkedIn to find prospective clients, or ask your existing relationships to introduce you to prospects, just get connected to your current clients and monitor their updates on LinkedIn. You'll see everything from a job promotion to a change of employment—possibly before the client calls you to tell you about it—giving you the opportunity to then proactively reach out with an email or telephone call to wish them congratulations and perhaps to start a conversation on a planning related issue (Old 401(k) to roll over? New deferred compensation decisions to make? New employee benefits to coordinate?).
Instead of using Twitter to broadcast news, articles and other content to your followers, "follow" your clients on Twitter. Look at what they are communicating. See what content your clients are sharing and "retweeting" that is important to them. Watch for your clients to announce important things that are relevant to their lives, but may be relevant to your planning work as well; for instance, as I highlighted in a prior blog post, an announcement about a child starting day care can prompt a financial planning conversation by email or telephone about more time to do consulting work, adopting an individual 401(k) plan or sending information about how the Child Tax Credit works.

This isn't to suggest that social media isn't also a valuable tool for more proactive engagement with prospective clients as well. The point is simply that while business development is a means of deriving value from social media by talking and broadcasting and engaging, using social media to just listen can still be an effective means to get better insight and connection into what's going on in the lives of your existing clients.

Instant Insights /

How advisors are using social media (with no compliance headaches)

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