Advisors and brokers, does your social media strategy measure up?

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Video-sharing platforms like TikTok are well-known as the domain of teenage dance routines, preposterous pranks and beauty tutorials, but increasingly these channels are proving valuable as a forum for more serious content, including product reviews and educational material.

The potential of video and other social media channels as a marketing and educational tool is not lost on the financial services ecosystem. When asked how their marketing strategies have changed in the past year during COVID-19, nearly half of respondents to a recent Vestwell survey of advisors said social media has become more valuable. That matches up well with a growing demand for such content from the financial services industry. A recent survey by Nudge Global found that many people, especially members of Generation Z, are turning to YouTube and TikTok videos to learn how to improve their financial situation.