Addressing the SMSF Professionals’ Association of Australia (SPAA) conference in Melbourne today, Carden Calder of BlueChip Communication and Aaron Dunn, prolific blogger and managing director of The SMSF Academy, said social media technology presents benefit opportunities to wealth management professionals.
“Social media has turned communications on its head,” Calder said. “The message is no longer only outbound.”
Recently released research shows that the majority of consumers hesitant to set up an SMSF cite “lack of knowledge” as the core reason for this, Dunn said.
Social media is a cost-effective solution to filling that education gap and providing consumers with more information about SMSFs, which ultimately could lead to business opportunities, he added.
Beyond education and dialogue development, social media also has potential marketing benefits, conference delegates heard.
“For advisers, who have traditionally operated with clients on a face-to-face, one-one-one basis, the benefit of social media is reaching a wider audience and developing your brand,” Calder said.
It can also be a useful tool in generating referrals, she said, as well as broadening an advice company’s appeal to a younger, more tech-savvy audience.
However, advisers were also warned that they be aware of the regulatory requirements when using social media, ensuring they provide general and educational advice, rather than using social media as a vehicle for personal advice services.