Compliance Department Says No
January 12, 2010
Strategy 2: Join Groups
You may have been told by your compliance department that you can’t post a discussion question, answer a discussion question, post a news article or comment on a news article. That doesn’t mean that joining groups is a waste of time. Even if you never actively participate in a group, joining allows you to expand your network. By joining a group, you are able to view the profiles of everyone in the group. This helps when you are researching prospects since their profiles might not be available to you otherwise.
In addition, you are able to send an email directly to fellow group members without being linked in to them through the “send a message” function. Joining groups provides you with direct access to hundreds if not thousands of individuals who would otherwise be outside of your LinkedIn reach. Just be cautious when emailing through LinkedIn, since some compliance departments require a screenshot of the message you are sending including the name of the person to whom who you are sending it.
Strategy 3: Research prospects
LinkedIn provides a wealth of information about a prospective client. By reviewing a prospect’s profile prior to your first meeting, you can discover past employment history, educational background, professional associations and personal interests. This will give you a better understanding of the prospect and may assist in directing the conversation during a first appointment. The only limitation with this strategy is that you are only able to view profiles of people within your network. Having a larger network, as described in strategies one and two, will increase the likelihood of being able to see a prospect’s profile.
Strategy 4: Research your network for introductions and referrals
Do you know which of your clients have relationships with the types of people you would like to meet? If they have a LinkedIn profile you can easily find out. When you connect with your clients, centers-of-influence or networking contacts on LinkedIn, you can look through their connections to see who they know. By researching your LinkedIn contacts’ network, you can make informed decisions about who has the ability to make quality referrals and introductions and create a marketing strategy around that information. For example, you can ask for referrals and introductions to specific people within your contact’s network when you have a referral conversation. Or, you can plan a private client event and make extra effort to ensure that clients with strong networks attend. Researching your network will allow you to focus your referral efforts.
Conclusion
In my personal experience, the strategies listed above are acceptable by most compliance departments who allow advisors to use LinkedIn. However, you will want to consult with your compliance department before implementing any of these ideas to make sure you are in observance of your firm’s policies.
Kristen Luke is the Principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for financial advisors. Kristen works with independent advisors to develop effective marketing plans and provides the back office support required to implement the strategies. For more information, visit www.wealthmanagementmarketing.net.
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