A growing number of consumers are relying on social media personalities, dubbed “finfluencers”, for financial advice.
According to Barclays, 23% of Brits are now turning to social media, community messaging apps, or online forums for investment guidance. The trend is particularly prevalent among younger generations who are seeking access to financial information and guidance.
While finfluencers might present themselves as knowledgeable, the information they provide may be misleading or harmful. Indeed, TransUnion found that 15% of young adults say influencer advice harmed their credit, caused losses, or led to scams.
So, why are millions of people engaging with finfluencer content, and how can financial planners improve their output?
3 content lessons financial planners can learn from finfluencers
For many finfluencers, their popularity isn’t based on the qualifications they have or the expert information they’re imparting. Instead, it’s their engaging communication style.
Here are three lessons you could learn from finfluencers and apply to your own content.
- Focus on simplicity
Finfluencer content is often easy to digest. It uses simple language and does away with jargon that consumers might find confusing. Indeed, the Barclays research found that a quarter of people consume this content because it’s “quick and easy to use”.
When you’re creating your own content, focus on simplicity and assume your audience isn’t financially savvy. Take the time to explain complicated terms, rules, or concepts in accessible language.
- Publish content consistently
Posting content regularly allows finfluencers to build an audience that actively waits for their latest post. As a financial planner, it’s something you can embrace as well.
Set a schedule for how frequently you’ll publish new content, and stick to it. It doesn’t have to be every day. You might update your blog and send a newsletter once a month and post an insight on LinkedIn weekly. Consistency means readers will come to expect and look out for your next update.
- Show your personality in your content
Many consumers view financial content as dull or difficult to engage with. Where finfluencers often overcome this is by making their personality part of the content, helping it feel more entertaining or interesting.
As a financial planner, injecting some of your personality into your content could make it more engaging. That doesn’t mean resorting to clickbait headlines or hyperbole like some finfluencers.
Think about how you conduct face-to-face meetings, and how you could reflect that tone in your content. If your current content is formal, it might mean adjusting your tone so it feels friendlier while remaining professional.
3 areas financial planners can use to demonstrate the value of professional financial advice
Embracing the communication style of finfluencers could be useful. But you also want to demonstrate the advantages of working with a professional financial planner rather than watching online clips.
One of the ways you might do this is to tactfully address some of the drawbacks of following finfluencer advice, including these three.
- Uncertainty around trustworthiness
The TransUnion research found that a third of people following finfluencer advice failed to check any credentials. Even among those who do check, it can be easy for online personalities to fake or overstate their experience.
What’s more, some finfluencers have commercial incentives that may affect the advice they give. As a result, it’s challenging for consumers to know who they can trust.
Highlighting your professional qualifications and status as a regulated financial planner could put prospects’ minds at ease. You could use it to show that regulated financial planners are required to act in clients’ best interests and provide advice that’s suitable for their circumstances.
- A lack of personalisation
Finfluencer advice is often oversimplified and takes a one-size-fits-all approach.
Using your content to explain how you work with clients to deliver tailored financial plans and the benefits of this approach could establish the value of financial advice. For example, your content could show that a financial plan is built around the goals, concerns, and personal circumstances of each client.
- Absence of ongoing advice
Finally, unlike a finfluencer, you’ll be there to offer advice and adjust financial plans when necessary, whether it’s because a client’s personal circumstances have changed or allowances have been updated.
Highlight how working with a financial planner on an ongoing basis allows you to really understand them and offer support as they work towards long-term aspirations.
Get in touch
Consumers want clarity and to feel confident about their financial future, and your content can help improve their understanding and encourage them to seek professional financial advice.
If you want support crafting content that’s both engaging and useful for your audience, our team can help.
Email hi@theyardstickagency.co.uk or call 0115 8965 300 to learn more.
