Social Media

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The Social Media Challenge for Wealth Managers

The success of social media in many guises is obvious all around, and the number of users grows by the minute, yet UK wealth managers in general are slow to engage in any meaningful way.

There is overall a rudimentary and passive presence in the social media - widely limited to a use of the channels to link to information distributed in other ways. The stock response is “our clients are not great users of social media” - but is this a dangerous view to take?

The risk in this approach lies in ignoring that the next generation of wealth clients is already being tempted away by online and digital offerings, where social media engagement is “built in”.  An imaginative and forward-looking use of social media - blogs and chat rooms -  as well as access to “traditional” information through digital channels is needed now to grow the client base for the future.  The risk of appearing staid and unappealing to the next generation of clients is one of the single most potent risks faced by today’s wealth manager.

Now is not a time to be cautious - it is a time to engage with the future.

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By George Kirby

George is a management consultant within the Wealth Management Practice at Knadel. His consulting roles include working with large and smaller wealth managers, private banks and service and software providers.

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