Marketing and advertising are evolving quickly in the information age. As more people use the internet to easily access information at the touch of a button, exchange traded fund financial advisors should also think about ways to leverage social media to their benefits.
For instance, Josh Brown, or the so-called Reformed Broker, has quickly expanded his Ritholtz Wealth Management business through the power of social media, Aparna Narayanan reported for Investor’s Business Daily.
“I spent decades cold-calling individuals,” Brown said. “This is a much more fun way to grow your business.”
As financial advisors utilize social media to expand their presence, there are a number of tricks and pitfalls advisors should be aware of. For instance, Brown suggested that advisors should not delegate their social media accounts to interns or someone else as it won’t pay off in the long run.
There are no shortcuts, so users should refrain from paying people to follow their accounts. Only organic growth has proven to be a trustworthy sign. It is important to foster and develop one’s own community.
While it may be fun to watch feuds in the online arena, Brown advises advisors to refrain from sparring with a stranger.