Halloween treats come early for financial services professionals looking to lay the ghost of compliance to rest.
Professionals in the financial services industry can now overcome their compliance fears about social media by enrolling in the Mastering Compliance online course by Sheri Fitts, CEO of ShoeFitts Marketing. A module within the Social Selling for Financial Advisors eCourse, Mastering Compliance is currently being offered free of charge to help advisors and other financial services professionals understand the compliance dos and don’ts in the social selling space.
“Many people in financial services are still afraid to use social media because of compliance fears and concerns,” explains Fitts. “Yes, you do have to address the ghost of compliance, but it’s not hard or frightening when you understand and implement some simple, thoughtful guidelines.”
“Advisors and other financial services professionals need to address compliance and move forward so they can take advantage of the tremendous selling power of today’s digital marketplace,” Fitts says and points out there are now some 1.5 billion global social media users spanning all generations and demographics. This collective group, known as Generation D (digital), includes some 75 million investors with over $27 trillion in assets.
“Business professionals must recognize the buying power and the buying methods of the Generation D audience,” Fitts says. “Cold calling flat out fails more than 90 percent of the time. What works today is social selling, which uses the resources available online and on social platforms to ferret out information about prospects so you can form meaningful connections that lead to business.”
Business professionals are almost five times more likely to get their foot in the door and schedule a meeting if they first have a personal LinkedIn connection, Fitts says, and notes that 78.6 percent of sales people who use social media outsell their peers.
Fitts, with some 25 years of marketing experience in financial services, understands the compliance worries, but she also understands the need to move past this concern. She recently launched a comprehensive 10-module eCourse, Social Selling for Financial Advisors, to address nearly every facet of social selling in today’s competitive marketplace.
“I know financial services is a highly regulated industry,” relates Fitts. “Even today, many financial professionals are only able to have a static LinkedIn profile. But that’s okay and it’s a place to start. Even if all you do is maximize your profile and use LinkedIn to help grow your connections, you can start to rock your sales with social selling.“