June 18, 2012
When it comes to social media, it is no longer enough simply to show up….. “Perhaps six months ago, [an adviser] could have established a competitive advantage by simply being on social media,” said Clara Shih, founder and chief executive of Hearsay Social Inc.
Professor Michael Finke of the Department of Personal Financial Planning at Texas Tech University, along with his co-author, graduate assistant Tao Guo, have been analyzing a one-million-tweet data set provided to them by the popular social-media-archiving provider Arkovi.
“They tend to be loss-averse, and one thing an adviser can do is talk the investor down,” he said. “Establishing a trust relationship with clients through social media without having to make phone calls could end up being one of the simple but powerful ways an adviser can leverage the channel.”