Today, consumers spend a lot more time researching — and forming purchase decisions — online than ever before. This is why I'm such a big believer in social media for financial advisors.

It's also why I'm breaking down the top social media sites for you based on your business opportunities versus your time invested. I've already broken down the top four:

Now let's look at my overall No. 1 social media site for financial advisors: LinkedIn.

LinkedIn – My #1 social media site for financial advisors

If you're a financial advisor, you should really consider being on LinkedIn–and using it weekly, if not daily. It offers the most upside for the least amount of work. (As a reminder, always know and follow your company's policies and compliance guidelines regarding the use of social media.)

LinkedIn opportunities

Create a positive first impression. Today, it's relatively safe to say your LinkedIn profile is often someone's first impression of you, so make the most of it.

Market yourself–and your brand–to your connections: Many of you are allowed to post and/or publish approved content, which is a FREE and easy way to showcase your expertise. It also serves as a subtle reminder of your value and how you can help clients and prospects.

Prospect: LinkedIn's most powerful functionality is its Advanced People Search. Unfortunately, most people don't know where to access it or how to use it to their advantage. Here's a short demo to show you exactly how to use it.

Stay on top of best practices, trends, regulation, and more: LinkedIn's Discussion Groups offer an efficient means to keep informed on industry trends, regulation and best practices. Joining personal groups also builds your network, which may lead to new opportunities.

Capture multi-generational assets: Yes, LinkedIn can help you connect with the second or third generation of your clients and begin to create relationships with them. This four-step process may help.

LinkedIn tasks and time required

Consider working the tasks below into your schedule. I assure you it will be time well-spent.

Weekly tasks:

Marketing/thought leadership: Similar to some other platforms, it's important to share content regularly on LinkedIn. This content should showcase your expertise or value. Think about the core products/services you want to build your business around, and find or create articles that align with this strategy. Then share it on LinkedIn – about one article per day (four to six per week). If you're not sharing this frequently, you won't be at the top of your Connections' news feeds when they're using it. To save time, consider using a scheduling tool such as Hootsuite. (Time: 15-20+ minutes to find and post/schedule articles. Additional time is needed if you are creating content and/or need to have it reviewed and approved.)
Leverage and build connections: Identify five people your connections know but you don't. Then ask for information (or, better yet, for an introduction). Send a connection request to anyone and everyone you get business cards from or meet. (Time: 10-20 minutes)
Social selling: Just like all the other social platforms, you'll want to plug your products or services weekly. I'd suggest posting content about your products/services about once a week. Your overall goal is to provide 'value-add” content, so think about what your audiences want, not what you want to send them. (Time: 5 minutes to create/post content)
Engage with your audiences: Read your news feed and comment on life events (i.e., anniversaries, job changes and birthdays) and/or on others' posts. (Time: 15+ minutes to review/respond to comments, post on others articles you've read, etc.)
Be responsive: Check your page at least once a week to stay on top of Connection requests, questions or comments. Acknowledge both positive and negative feedback, apologize if necessary (yes, publicly), thank your customers and, above all, be human. (Time: 10+ minutes)

Opportunity-based tasks:

Prospecting: Run or view two to three search queries based on your target audience and location, then leverage your “Shared Connections” to gather intelligence, ask for an introduction or set up a meet-and-greet. (Time: 30 minutes)
Discussion groups: Visit one to two groups, and review the discussion threads to pick up relevant news, trends, best practices and more. (Time: 15 minutes)

I hope this information helps you understand the opportunities versus time associated with LinkedIn and why it ranks as my No. 1 social media site for financial advisors. It's an extremely powerful and efficient marketing tool, so use it!

You can read more from Jon on blog.principal.com

The subject matter in this communication is provided with the understanding that The Principal® is not rendering legal, accounting, or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.

Insurance products and plan administrative services are provided by Principal Life Insurance Company. Securities are offered through Princor Financial Services Corporation, 1-800-547-7754, member SIPC and/or independent broker dealers. Securities sold by a Princor® Registered Representative are offered through Princor. Princor and Principal Life are members of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.

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The social financial advisor: Putting LinkedIn to work for you

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