Feb. 09, 2016
The change from traditional advertising to cross-platform content marketing is still a significant challenge to many wealth managers around the globe. This is a main finding of the report “Social Media for Wealth Management 2016 - Learning from the Best”, for which the MyPrivateBanking Research analyzed the social media performance of more than 200 wealth managers worldwide, but found only few wealth management companies that manage to exploit social media’s viral marketing opportunities.
U.S. wealth managers with largest social media followership
On average our survey found that U.S. wealth managers have built the most popular social presences compared to wealth managers in other parts of the world. Wealth management giants such as Merrill Lynch and Goldman Sachs are particularly successful. However, the report also highlights excellent features offered by other wealth managers who do not achieve the big numbers. Among the European wealth managers, the analysts see a number of strong UK presences such as Barclays Wealth and Investment Management. Smaller wealth management companies such as Belgium-based BNP Paribas Fortis Belgique surprise through outstanding profiles that trigger relatively high engagement rates. (Ranking of Top 10 wealth managers in the U.S., Europe and the rest of world on Facebook, Twitter, LinkedIn, YouTube, Pinterest and Instagram in the full report)
Generally, the research found that wealth managers are slow to effectively make use of the possibilities offered by Facebook, Twitter and other extremely popular social media platforms. As with all other digital developments, retail banks are adopting trends faster and MyPrivateBanking urges wealth managers to speed-up. However, high-net-worth clients are more than ready to engage with their wealth manager on social media. Back in 2014 we found that one third of clients are already getting in touch with their wealth manager using social media. It is hard to understand why some wealth managers and private banks still rely only on their corporate social media, considering the huge benefits a dedicated presence would offer in terms of online reputation management, customer support, personalization and trend scouting. (more on what do HNW clients expect from their wealth managers’ social media presences in full report)
Wealth managers’ social media presences need more visuals and interactions
Focusing on the four core platforms, Facebook, Twitter, LinkedIn and YouTube plus the rapidly growing Pinterest and Instagram, the report identifies a range of success factors for each of the networks. (20 Best Practices of wealth management social media in the full report). Taking up the cross-platform success factors mentioned above, the most important recommendations for wealth managers are:
- Content is still king: The crucial element for wealth managers is diversification. A common characteristic of successful presences on social media networks is that the posts contain different topics that are highly relevant for high-net-worth individuals.
- Don’t tell it, show it: There are still a lot of social media profiles containing text-based posts such as articles or simple statements with some links. However, wealth managers should embrace the shift to visual social media because multimedia content including images, infographics, and videos trigger the highest engagement rates.
- Encourage and channel conversations: Most wealth managers overlook the greatest benefit of social networks, namely to get in touch with their clients. Client comments, questions, and feedback must be responded to by a dedicated and trained team that constantly monitors all social networks
In the report we show why knowing how to design a great Facebook or Twitter profile is not enough for wealth managers to ensure sustainable success. All social media activities should reflect the wealth manager’s brand and business strategy. The social media team’s work does not end with the publishing of posts – monitoring engagement rates, comments, and incoming messages as well as trends, hashtag rankings, and the wealth manager’s competitors is also a major part of a winning social media strategy. The report offers wealth managers a detailed nine-step guide to success derived from the leading social media presences for a winning social media strategy.
About the report: For the report “Social Media for Wealth Management 2016 - Learning from the Best”, MyPrivateBanking analyzed the social media performance of more than 200 wealth managers worldwide and derived the key ingredients for success on the main public social networks. The report identifies the top 10 wealth managers on Facebook, Twitter, LinkedIn and YouTube plus the rapidly growing Pinterest and Instagram in terms of platform-specific indicators such as likes, followers, and subscribers. The results are illustrated by industry best practices for each platform. Based on these best practices, the report provides a detailed guide for a winning approach to social media targeted at wealth managers and their clients. For further information on the report please click here.