Almost 50% of investors say social media impacts who they hire as a financial advisor. Moreover, 20% are using it as their sole deciding factor. This data should represent something of a sea change for many financial advisors—from viewing social media as optional activity to seeing it as a necessity.
The question now becomes which social media platform(s) to use?
Instagram (which is owned by Facebook) has emerged as an opportunity for financial advisors looking for a social media platform where they can stand out. With over a billion users, Instagram ranks as the fourth most popular social network. Meanwhile, Facebook dominates with over 2.8 billion users. But audience size isn’t everything.
When ranked by user engagement rates for financial services, a different story emerges:
Financial Services posts enjoy a much healthier engagement rate on Instagram (0.85%) compared to the more anemic rate on Facebook (0.07%). Additionally, 63% of adult users check their account daily and the average user in the US spends about 7 hours per week on the platform. That’s a large, attentive audience to engage with.
Now that you see the opportunity, how do you get begin? Here are 10 tips for getting started marketing on Instagram.
Unfortunately, there is no way to default to a business profile during the initial setup process. However, making the switch couldn’t be easier. Simply follow these steps.
Nicole Perterkin, CFP®, CLU®, ChFC® of Peterkin Financial is a great example of what advisors should work toward on Instagram. To see more, follow @peterkinfinancial.
These 10 tips will put you on solid footing as you begin your journey on Instagram. But remember social media is ever evolving and what works today may not work tomorrow. Continue to educate yourself as the space continues to evolve. Best of luck!
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