This article is 5 years old. As we are in a rapidly-changing industry, the information contained in this article may no longer be relevant. Please keep this in mind while reading.

We understand that social media is confusing and you have questions. WealthVest Marketing is giving you the opportunity to have your questions answered by the social media guru for financial advisors, Matt Halloran.

Matt S.: Alright, then let’s do that.  Thank you, Heather, and thanks all of you for taking time out of your day to join us on our webinar today.  It looks like we’ve got a great group, so, once again, thanks so much for that.  The other thing I’d like to say is thank you so much for the business for everybody on the call today.

As I’m looking at the 10-year note, whoever would’ve thought that it would be up to 1.65 percent?  We all know what a difficult environment that’s been for product features, and yet the business has remained really strong here at WealthVest.  So I want to make sure I say a special thank you to everybody for that.

I do know we’ve got some folks on to do some Great American business.  I just wanted to make one quick announcement.  Great American has just emailed some major changes to their income rider and also to their payout percentages in their income riders.  We will be sending out an email to everybody today to let you know what that is; but if you’re a Great American producer, keep an eye out for that.  You’ve got about 10 days before those changes occur.

So today Matt Halloran is back by popular demand.  Those who have been working with WealthVest know that we launched AdvisorDeck, which we feel is the ultimate social media marketing platform in the industry.  We’ve been doing a lot of webinars and a lot of conference calls to help train our advisors, talk to you about social media marketing and how AdvisorDeck can really help out your business.

We’ve had tons and tons of great questions that have been a result of these webinars, many of them very similar in nature, so what we decided to do for this particular webinar is do a Q&A format.  We’d polled you all, our clients, and asked you what your questions were in regard to social media marketing, and we built what I guess you can call the top-10 most asked questions about social media marketing.

We ran a little contest.  So if you see your name next to the question, you’re going to receive an advance copy of Matt’s book, entitled The Social Media Handbook for Financial Advisors.  The other point is if you have a question that comes up during the presentation, you’ve got a little box in the bottom right-hand corner of your screen; type in your question, and we will either get it answered during the Q&A or get it answered for you personally at some point in the future.

So with that, let’s talk about Matt Halloran.  He’s coached and consulted hundreds and spoken to thousands of financial advisors.  He knows how an FA practice runs and needs to market using new and effective low-cost strategies, which he feels social media marketing fits into extremely well.  He was a director of the National Development for GIVE Strategy.

He’s president and founder of Top Advisor Coaching, a coaching program for top producers in business, finance, legal, and philanthropy using a proven approach that has transformed people’s business and their lives.  As we established earlier, he’s the co-author of an upcoming book, The Social Media Handbook for Financial Advisors. 

So with that, Matt Halloran, as always, welcome and thank you so much for your time and expertise.

Matt H.: Well, thank you very much, Matt.  You know, the amount of questions that have been coming in are fantastic.  When we were reviewing all of these questions to prepare for the webinar today, I’ve heard these questions from so many advisors.  So what’s happening and what I’m seeing is people are starting to get a genuine interest in utilizing this aspect of marketing, this aspect of communication, that at first they were resistant to.

Just a couple of quick statistics that I think are really interesting:  Only 16 percent of all financial services professionals as of right now are actively using social media to build their business.  Fifty-two percent of people surveyed said that they will never use social media as a marketing tool.

Now, if we go back historically – I don’t know, 20, 30, 40 years ago – they said the same thing about the telephone and they said the same thing about email; they said the same thing about direct mail.  Everybody is going to put up resistance to this, but, as all of you know on this call, the early adopters are the ones who get ahead of the game.

Let me tell you, if you get ahead of this game when it comes to social media, you’re going to start making money from this.  You’re going to have a deeper relationship with your clients because this is how people want to communicate.  Social media is the favored means of communication for the majority of the population, and that includes the aging population.

It’s really, really good to be able to meet your clients and your prospects in an environment that they want to be in and communicate it to them in a way that is comfortable for them.  One out of every eight minutes people spend on the computer is spent on Facebook.  There are articles and articles and articles.  I’ve been publishing a bunch in Financial Planning magazine, so have a whole bunch of other people like me.  There’s a big push for LinkedIn.  I think LinkedIn is fantastic.  LinkedIn is a magnificent place for business, but if you’re going for pure prospecting, I’m a huge fan of Facebook.

That’s going to really lead us into one of the first questions, but I’ve got a couple of other pieces here that I want to say before we start getting into the questions.  Number one, as Matt said, I want to personally thank WealthVest.  Social Media is something I’m incredibly passionate about; so passionate about that I took four months of my life away from pretty much everything to write and co-author the book The Social Media Handbook for Financial Advisors because I really want producers and advisors to get comfortable in this area because the business opportunities are absolutely amazing.

But this is the sort of stuff that separates WealthVest from other companies.  I’ve had other companies who’ve asked me to do webinars, to talk, to go do speeches, but it’s the progressive thought and these industry leaders that we have in Lincoln and Wade.  They always want to be on the cutting edge of what’s going on, but they don’t do it recklessly; they do it incredibly systematically.  Because of that I’m really happy to be able to do these for you.

There is no possible way we’re going to be able to get through all of the questions that were emailed in here, but that just means that you guys on the call just know we’re going to have more and more of these webinars.  Hopefully, we’re going to be doing these about once a month.  There will always be a Q&A time.  Some of them will be topic-specific.  Some of them will be the format like we have today.

So I want to thank WealthVest.  For those of you who are already doing business with them, they’re an amazing company.  For those of you who are kind of just enjoying the fact that they put on these free webinars, drop us a couple of tickets with them.  It’s worth it.  They’ve got great products and they’re a wonderful company.

So with that, we’re going to go ahead with the first question.

Dana: I would love to.  So, Matt, our first question today is:  What is the most efficient way to use Facebook?  That question was brought to you by Bernie D., so Bernie will be receiving one of your books in August.

Matt H.: Yay, alright, Bernie.  Well, I’m glad that you asked the question.  We had a lot of questions surrounding the most appropriate way to use Facebook specifically.  I’m going to take a few minutes to do a higher level, and then I’m going to come down to a little bit more action-oriented things.

One of the pieces of feedback we got from the first webinar that I did was, “Matt, you were still too technical,” which was wonderful feedback.  That’s another cool thing about working with WealthVest is you guys are very actively involved in communication, so I’m very, very thankful.  I’m going to try to keep this as simple as I can so that, hopefully, it’s going to push all of you over the edge to utilize social media specifically.

The most efficient way to get started with Facebook is to build your own regular page.  This is going to be just you, no business applications at all, but just go find your old high school buddies or your college friends or people you’ve moved away from; connect with your family, connect with your friends.  Start getting familiar with what Facebook means, how it’s set up, what people post, what people post that you don’t want to post.

I get posts on my regular Facebook page on a regular basis, and I’m like what are you doing?  Why are you posting this?  I don’t want to know this.  By using regular Facebook, you get to learn on what are the social mores and folkways that are out there in this medium and which ones you want to follow.

So first get comfortable, create it yourself.  There aren’t any compliance issues involved with that because it is your personal page.  As long as you’re not talking about business, you’re okay.  But the most efficient way to use Facebook for business, which is really what I think Bernie’s question was, is a Facebook fan page.  This is basically setting up your own website for free.  It’s a very standardized templated website.

It’s a magnificent way for you to get your brand out there.  It’s a magnificent way for you to get your blogs out there, your communication pieces advertising events.  It’s very, very simple to utilize, and it’s something that within really a half hour to 45 minutes of you just hammering on a keyboard, you can get this page set up.

Now, I’m going to make sure that I handle all of the compliance concerns up front.  When you build your Facebook fan page, you need to submit it to compliance before the page goes live, which means there’s a setting on the page which says, “Do not publish my page.”  You have to “Do not publish your page” until compliance comes back and says it’s okay.

But this is where people are.  What’s really neat is since you’ve already set up your regular page, you can advertise your new Facebook fan page that you’ve built to all of the people that you are friends with on your regular Facebook page, which, in turn, means that your likes, which as you can see in the middle of the screen there where I have 164 likes on the Greater Investment Via Endowment fan page, you get more and more likes.  We want to have more likes because that means more people are looking at our page and more people are interacting with the material we put on our page.

I’m hoping that’s not too detailed here.  The analytics that Facebook has in place for you to measure the effectiveness of your Facebook page, it’s unbelievable.  It is incredibly easy to understand; since most of you are pie chart and bar graph people anyway, that’s how it displays all of those things.

The most efficient way to use Facebook, to recap the question, is, number one, set up your own personal Facebook page.  Don’t talk about business.  Just reconnect with friends, reconnect with family.  See what people are posting so you can get comfortable with how things are posted and what things are posted on Facebook.

Then take a half hour or 45 minutes, create your own Facebook fan page, as per your broker-dealer, general agency, company’s guidelines that are all out there.  Submit it to them.  Make sure it gets approved.  Then you can start posting.  We’re going to talk a little bit more about posting and how that works in just a minute, but the fan page is the most efficient way to use Facebook to build your business.

Dana: Matt, is there a way to maintain a social media presence for business marketing purposes as a financial advisor and not have to go through compliance?  To clarify, not break the rules, just communicate and establish a presence without using certain verbiage that requires compliance review.  That was brought to us by Kyle J.

Matt H.: It probably wouldn’t surprise anybody on the call today that I get asked this question very, very often.  Really, I’m going to emphatically say no, don’t even try it.  You’re going to open yourself up for a lot of problems.  But if you do what we recommend not only in the book but kind of what I was just talking about there with Facebook, you can do the same thing on Twitter.  You can do the same thing on Pinterest.  You can do the same thing on Google+, some of the other pieces that are out there.

You can’t do it on LinkedIn; because LinkedIn is all about business you’ve got to put down your affiliations and your disclaimers and your disclosures and all of those things which you were going to have to put on your Facebook fan page.  The big picture is, especially if you’re an RIA right now – in fact, we’ll talk about this in a few minutes too – but the SEC is actually starting to talk about partnering with FINRA to actually have heavier scrutiny on those people who aren’t basically under FINRA’s regulations as of right now.  They’re about to go under.  So unless you put in a fake name, which I’m not advocating in any way, shape or form that you do, there’s really no good way to establish a business presence without really breaking any rules.

Now, you can present a personal presence.  I’ve done this.  I’ve got five Twitter accounts.  I’ve got four Facebook fan pages.  Each of them does different things.  You can do that.  If you’re not going to talk about finance or retirement or pieces like that, you’re going to talk about things that you’re passionate about.

Let’s say you’re passionate about your local Humane Society.  You want to set up a page to be able to start creating just a presence on there without talking about anything to do with the financial services, then you’re more than welcome to do that.  In fact, I have a number of advisors that I’ve coached who have set up pages for their side businesses, their OBAs, their Outside Business Activities, their other things that they’re passionate about.

One guy does this really super cool thing with donating money for how many steps you take with your pedometer.  I’ve got other guys who do things with spirituality and ministry.  So there are ways to have a presence, but, again, just don’t bring in finance because your name is attached to that page when the SEC actually starts doing more of what, unfortunately, it’s probably going to be doing here in the near future.  I just don’t want you to get caught.  I don’t want you to get in trouble.

I want you to get comfortable with the medium.  If you want to get comfortable with the medium working on one of your passions instead of working on business, then I say go for it.

Dana: Is Facebook the most effective way to reach seniors via social media?  That’s brought by Richard K.

Matt H.: Emphatic yes, absolutely.  The fastest growing group of people on Facebook right now are people ages 65 and above.  In fact, even more specific, it’s women ages 65 and above, which we all know how many people on this call would rather be working with actually the women in the relationship than the guys because the guys are usually – well, as a guy I can say this – a lot of times I’m kind of stupid when it comes to finances and I’m really stubborn.

A lot of research has shown that most married couples, when the husband passes away, the wife in the relationship ends up leaving and finds her own advisor.  This is a great way to start having a better connection with the spouse in this situation.  You can use that through Facebook specifically.

My mom is a perfect example.  My mom is not tech savvy at all.  She’s 70.  I love her to death, of course, but getting her to even use a non-rotary phone was difficult at the beginning.  Now she’s on Facebook.  My mom lives 13 hours away from me.  I talk to my mom every day on Facebook.  Whether it’s just a quick, “Hey, I love you,” or whatever, my mom is now very comfortable with Facebook as a medium.

If you would like to target retirees, which most of you on the call like to target retirees, this is a magnificent place to be able to bring your message to them, once again, in a medium that they’re comfortable with, in a medium that they like to interact with, in a medium that one out of eight minutes is spent using Facebook as a medium.  This is where you want to get your message.

We’re going to talk a little bit about advertising here in a few minutes and how you do that.  In fact, we’re going to probably dedicate an entire hour, a 45-minute, 50-minute webinar on marketing on Facebook because it’s incredibly underutilized and very, very powerful.

Now, one other thing here is if you look at the statistics on the screen right now, 20 percent of seniors ages 55 and above and 13 percent of seniors ages 65 and above, that’s an enormous amount of people.  You’re looking at in the United States alone there are 200 million people on Facebook.  That’s actually 256 million if you really want to get specific.  So you take 33 percent of those people; that’s a lot of people who are on Facebook.

Only 16 percent in the entire financial services industry are even thinking about marketing to those people in this manner.  I’m hoping you all can see that this is just like a bounty of fish that nobody is fishing.  If you do it correctly, which is something we’re going to continue teaching on these webinars, you cover your butt with compliance.  It’s very, very convenient.  It’s easy to use.  It doesn’t take up a lot of time, and it’s incredibly effective.

Dana: Matt, what regulations do state-registered RIAs face?  That was from Kevin D.

Matt H.: Now, this is tough.  When Heather, one of the people who is helping, and Dana, the lovely lady who’s asking the questions, we were going through these; I wasn’t going to answer this one, but I knew that it was important.  So I’m going to touch on it from kind of a high level because I don’t really want to get into too many details.

In fact, I wrote an article for the Dow Jones Adviser about four months ago because Massachusetts was the first state that really came out with really good descriptive guidelines for state-registered RIAs to use.  In fact, what the article talked about was well, you know what?  This is probably going to be the template all other states use.

I highly recommend that you get online and you type in state-registered RIAs Massachusetts regulations and see what comes up.  Because within the first Google search or Yahoo or whatever you use, you should see the actual regulations that came out because it was all over the news not long ago.

What regulations do they face?  Basically, anything that you have ever seen about advertising and compliance is obviously going to come into play here, but the Massachusetts guidelines were a lot more specific.  They talked about things like the “Like” button on Facebook.  They talked about what LinkedIn recommendations actually are.

Are you responsible if somebody posts something on your wall?  The answer to that is, of course, yes.  Does it matter who your business is following on Twitter?  Can that be used against you with what they’re posting?  The answer to that was no.  This is incredibly deep.  This is incredibly crazy when you look into this.

But in my experience, and, in fact, when I was doing the interview, I talked to Jen Cummings, who’s the person who was interviewing me, and I said, “It’s about time.  It really is.  It’s about time to hear and to see some state step up to the plate and even hire people who know what they’re talking about.”  The first regulation that came out on social media, I was working with my co-author, Crystal Thies, and I said, “Oh my God.  Do you see this?  They’re not saying anything.”  Now they’re starting to get more specific.

Your regulations, I’m going to say, base everything that you’re doing off what Massachusetts has said to kind of be ahead of the game.  If you are in line with what Massachusetts says, as a state-registered RIA, you are not only safe but you’re protected and you’re going to be using social media very wisely.  In fact, I will make an even larger and broader statement that even if you’re in a broker-dealer or a general agency or you’re totally independent, whatever you are, look at Massachusetts’ regulations.

In fact, Matt Sawyer, I’m going to talk to you a little bit after the call today.  I will try to uncover that regulation.  Maybe that’s something that we can email out to the attendees.  I’m not trying to add a layer of complexity here.  It’s just Massachusetts’ regulations were so good.  Yeah, that might be good.  Dana, do you know if we can do that?

Dana: I believe that we probably can, Matt, but let me look into that.  I’ve made a note of that.

Matt H.: One of the other things, too, that we might be able to do is I know that these are all recorded.  Maybe that’s just something that we can attach to the recording later down the road.

Dana: Yeah, that’s what I’m thinking.

Matt H.: Yeah, if anybody on the call, if they just Google the same regulations in Massachusetts for social media on IRAs, that will come up.

Dana: Matt, what is the best way to optimize a Facebook ad?  Brought to you by Stan S.

Matt H.: Facebook in the way they advertise is what every marketing person always wanted their advertisements to look like.  The level of specificity and optimization that you can use with Facebook is something that has never been done before.  Direct mail used to say that they could be this specific.  List makers used to say that they could be this specific.  I never saw anybody able to pull off this level of specificity.  So I’m going to tell you a quick kind of story, anecdote, here on how this works.  You can see on the screen just some of the level of specificity.

I was working with an advisor who had Verizon, their national headquarters, in, literally, his backyard.  He had probably 15 Verizon retirees, and he just kept saying to me, “Matt, gosh, this is the perfect target market.  For some reason, man, I really click with these people.  I really understand their plan and what they need and how it works.  Man, I’d really like to have more Verizon clients.”

At the time, well, he’s an RIA.  This was before a lot of the regulations had started coming down.  So we talked about compliance review and I had walked him through all of that.  What we ended up doing is we ended up creating a Facebook and LinkedIn ad for Verizon.  So if you see in the middle here, you’ll see precise interests, broad connections, or broad categories.

A little bit farther down, which I didn’t get in the screenshot here, you can also see that you have company specific things that you can put in there.  You can type in Verizon.  What this does is that number on the side, the 156 million, that number starts getting smaller and smaller and smaller and smaller.

If you’re in Cleveland, Ohio, and you only want to work with, as you can see here, you can do men or women or both with these age ranges.  You’re going to shrink that age range, whatever your demographic is.  Let’s say you’re going to be working with people who are 45-90, then that number goes down.

I work with a lot of advisors who specifically work with – I shouldn’t say a lot of advisors; I work with some very intelligent advisors who specifically only work with women and divorcees.  They only want to specifically focus on targeting women.  You can do all of this with the precise interests.

If you are an absolute avid golfer, put that in as a precise interest because here’s how you optimize Facebook.  That number where you’ll see right here, 156 million, you want to get that number down to 10,000.  Now that might sound like a lot, but I would really recommend for you to get it under 10,000.  The reason why is because the way Facebook ads work is you’re going to either pay per 1,000 page views or pay-per-click.

I’m going to ask you right off the bat to trust me on this one.  The best way to optimize Facebook is pay-per-click, which means when I’m Facebook, on the right-hand side, which you can actually see here where the ad preview is with my friend David Ortiz, who’s actually a good friend of mine who’s a financial advisor down in Florida.  He created this really great video.  I was rebroadcasting it for him.  This is what the ad will look like.

So if you’re on Facebook, on that right-hand side there’s a column where there are all of these ads.  Your ad is going to show up on people’s pages.  You’re not going to pay for the ad to show up.  You’re only going to pay for people who click on that ad to get more information.  So you want to do pay-per-click.  Pay-per-click, everybody, is so ridiculously inexpensive.  You’re looking at $0.80 to $3.00 per click, which if you compare that to direct mail, I mean you’re right in the wheelhouse.

In fact, AdvisorDeck, one of the people who is actually bringing me here today, they have a magnificent pay-per-click opportunity program that’s priced incredibly well that’s really powerful.  Working with those two things together with Facebook ads, LinkedIn ads, and what AdvisorDeck can do for you, I think that your optimization for advertising is incredibly inexpensive and incredibly effective.

I said this on the last call, but I’m going to say it again because I think it bears repeating.  I advertised on LinkedIn for GIVE, which is the page that I showed you a couple of slides ago, which is an organization that’s working to redirect a billion dollars to charity, which I happen to be the director of national development for.  I advertised to get advisors like all of you to look at our system that we have.  I paid about $270.  I ran the ad for two weeks, but my logo and my message showed up on 300,000 advisors LinkedIn pages.  I had 70-some odd people click through, and I made $15,000 off of the deal.

Now, $270 for a $15,000 return on your investment, I’ll do that all day long.  Since I was going B to B because I coach and I represent GIVE and I do stuff like this for business owners; but if I was you and I was B to C, I wouldn’t use LinkedIn for that.  I would absolutely use Facebook for that.  You will have the same level of effectiveness with Facebook as I did with LinkedIn because, once again, you’re putting your message in front of people in a way that they like to see it and in a medium that they’re comfortable with.

Dana: What is the best low-cost social media monitoring tool that allows you to analyze the effectiveness of your posts?  Jennifer D.

Matt H.: There are far and away too many of these out there.  I personally think that Klout is the most effective, easy to use, and easy to set up.  It shows your influence.  It explains what the influence means.  I mean most of these do this, but I happen to be a big fan of Klout specifically.

You can do it through TweetDeck and HootSuite.  You can do it, really, right on Facebook, and you can do it on LinkedIn.  Each of those has analysis on the effectiveness of your posts, but I like to see all of it in one area.  What Klout does is Klout looks at different metrics than your standard Facebook does or your standard LinkedIn does.  A lot of you are on LinkedIn, so I’ll use that as the example.

On LinkedIn if you look at your homepage, that’s where you can post stuff at the top and all of that stuff; if you look to the right-hand side about a scroll or two down the page, you’re going to see how many people viewed your profile.  You’re going to see how many times you’ve shown up in LinkedIn searches, what are the key words that people are typing in that your name comes up with.

Built into Facebook and LinkedIn specifically there are some really good analysis metrics, sort of “Hey, how are you doing?” things.  But Klout brings a lot of that stuff together.  Klout is free, everybody, and I don’t work for Klout.  I just use it, and I really, really like it.  But I thought that it wouldn’t be fair for me to just totally pitch one thing, so I’ve got some other things up on the screen here.  These are all very, very good companies.  I don’t think any of them are free.  HootSuite is free.  TweetDeck is free.  You can buy premium versions of those.  But Klout, of course, you can buy a premium version.  I personally use the free version.

I brought up AdvisorDeck earlier.  That’s another really cool thing that the back office has.  It’s kind of your personalized section of AdvisorDeck.  Cameron and his team have built out these analytics that are really fantastic.  Once again, visually representative, so it’s very easy at a quick glance to see how effective not just your blog is but some of the click through stuff that you’re working on.  So there are some other pieces that you can use too.  But hey, every advisor I’ve ever worked with is looking at a way to save a little bit of money, and Klout is free.

I just had one more screenshot here.  This is actually what the Klout screen looks like.  So you can see I have a 49 percent effectiveness rating.  I’ve gone up a little bit over the time.  As you can see, those are the sorts of things that you can connect with.  I actually just really started focusing on Klout probably about three weeks ago, so I went up from a 24 to a 49.  I was going to check it today before, and I got caught up with life.  So yeah, you can see just right there you can find out what it means, who has influenced you.  So are you re-tweeting people; are you reposting things?

As you can see, the first gentleman there is actually a film producer.  The second one is the co-author of our book, and the third one is Jason Lahita from Cognito Media.  They do PR for financial advisors.  So those are the people who have influenced me the most.  I re-tweet; I repost their stuff because it’s just really high quality.  There you go, Dana.

Dana: Regarding the like button from Facebook, where is the best place to put it on a website?  I currently have it under the “About” section under description, but it seems so out of place.  Summer H.

Matt H.: Well, Summer, oh, goodness gracious, what happened there?  Hold on a second.

Dana: There we go.

Matt H.: Actually, somehow we got a little out of order, so I’m just going to stay on that and then we’ll come back.  I’m sorry.  I missed putting in a slide to you guys.  Do not put it in the “About” section.  What we need to do is we need to put this right at the bottom of your splash page.  You can do this from a compliance standpoint.

So a person types in, which is one of our websites.  Right down at the bottom you’re going to see like us on Facebook, Twitter, or LinkedIn, blah, blah, blah.  You need to have that right there out in front because, everybody, you have to understand that this is standard fare for everybody now.

If you don’t have a like button or little icons at the bottom of your screen, then you know what?  You’re not hip and with the times.  I mean I know a lot of advisors and producers don’t want to feel like they’re hip and with the times, but if they don’t see it on your homepage, something’s missing.  It’s just that simple, something’s missing.  I don’t want you to be having something missing in any way, shape, or form.

So don’t put it on the “About” section.  I need to put that and embed that.  Your web designer should be able to this with no problem.  I’m sure AdvisorDeck can actually do this when they build the site for you.  But it can be front and center and very, very, very handy.

Why don’t you just go ahead and read this one, Dana, and then I will just go ahead and tell everybody what all this stuff is.

Dana: Of course.  I’ve been in the business over 30 years.  I’ve tried direct mail, radio ads, cold calls, and dinner seminars.  I’m always looking for a better mousetrap for marketing.  How much better is social media to get me in front of a new prospect or referred by CPAs or attorneys?  Nelson S.

Matt H.: So, Nelson, this is fantastic.  I mean this is what I hear from advisors all over the place.  I brought this up before.  I’m sorry.  I overshot my price there.  I said that it was 270.  It looks like it was 235.  So you really look at this, everybody.  Actually, I must not have brought all of this in.  But 300,000 people saw this.  The CTR, click-through ratio, that’s worse than direct mail, but I got a lot bigger bang for my buck average cost per click and my total spent.

What I’m showing here is this is so inexpensive to use this.  I’m not even bringing up what AdvisorDeck can do for you, which is even better than what I’m talking about here by just going directly to Facebook and going directly to LinkedIn for advertising.  This is a LinkedIn ad.  I spent a little time on Facebook ads.  This is LinkedIn ads.  You can be as specific as you want to be.  You can set your cost per click, everybody.

So my average cost-per-click was rather high because I was really, really, really specific on who I was going after.  You’re going to want to have a broader brushstroke.  With a broader brushstroke, with more people who have the potential to see your ad, your cost is going to go down some.  But your return on investment and getting in front of a new prospect, so here’s how this works.  I’m going to kind of quote AdvisorDeck and what Cameron and his team have brought to the table because I think it’s the best way to explain this.

You come up with a seminar or an article or an educational piece that you know that people are going to want to read.  It’s got a very tantalizing title, which is what all good marketing has.  So that person is going to click on that and provide you with information.

The difference between social media and direct mail is you have much more control over this, so you can be immediately notified within, I think, like 20 minutes.  You can be notified that somebody has requested information from something you posted.  All of the sudden, especially when you’re using AdvisorDeck, I get their contact information that they voluntarily gave to me and said, “Matt, I want you to call me.”

Here’s the cool thing.  You call them.  They’re really happy, not upset, because you actually did what you said you were going to do.  I wanted this information.  “Hey, I just noticed that you had downloaded an article and you wanted somebody in our offices to call you.  I just wanted you to understand that timeliness is very important to us, and if you would like to go over that article I do have a little bit of time to talk to you about it right now, or if you’d like to set up a face to face appointment.”  All of this stuff is really, really powerful.

You can go into your LinkedIn demographics, to kind of change gears here a little bit, and you can, which is super cool, find out from a granular level who is actually clicking on your stuff, what their demographics are, and what their contact information is.  Yeah, how much better is social media?  I think it is exponentially better.  I think it’s the best thing that’s come out since the telephone, and I highly recommend that you start looking at advertising either using the AdvisorDeck platform or using that.

We had a couple of slides out of order.  Just real quick I’m going to go back.  So, as you can see, this is an old client of mine.  This is his website.  All of his buttons are down at the bottom.  That’s what I would recommend for you to do.  If you click on his Facebook thing specifically, that actually takes you to his Facebook fan page, which, in turn, will make it so that you can like the page.

Dana: Matt, please address your thoughts on using Google+ as part of an advisor’s website or for prospecting?  Doug O.

Matt H.: Okay, so they’re popping up all over the place.  I was talking about Google+.  I brought up Pinterest.  There’s StumbleUpon.  There’s YouTube for videos.  I mean, goodness gracious, there’s linkedFA.  There are WordPress blogs.  I mean, guys, there are so many things that are out there.

I just attended a webinar on how to use Pinterest to build your business; not to be mean, but I’m still not convinced.  Personally, I use Pinterest.  Just for definition, Pinterest is like a bulletin board that you can take cool pictures or things that you like and you pin them in categories on your board so you can recall them at a later date.  People can see what you’re pinning.

It’s actually growing very, very quickly.  I’m just not seeing from our standpoint from the financial services industry how you can use that to run your business.  I would really ask for you to step back from Google+, Pinterest, WordPress, StumbleUpon, Foursquare, all of those things.  There will be a time for those, but right now most of you on this call need to get comfortable with Twitter, LinkedIn, and Facebook because those are the most predominantly used ones as of right now.

I promise you this:  If you get comfortable using those, when the next latest and greatest things come down the road, which it will – Facebook is not always going to be a juggernaut; I think it’s going to be a juggernaut for a long time, but I don’t think it’ll always be because I mean MySpace was the place to be.  I started out on MySpace 10 or 12 years ago.  Actually, it’s coming back into fashion.  Is MySpace going to overtake Facebook?  Probably not.

But get comfortable with those three.  Get comfortable with LinkedIn.  Get comfortable with Twitter.  Get comfortable with Facebook.  Then when you want to start venturing into Google+ and start using their circles and how to connect and all those things, it will be a lot easier for you to do it.  But I don’t think it’s the best one to start with.

Dana: How can we economically set up a Twitter, LinkedIn, or Facebook fan page?  Actually, I know Facebook; it’s a business page as it’s referred to now, just for clarification.  That’s brought to us by Angela S.

Matt H.: Here’s what’s going on.  You guys can do this yourself.  That sounds like the antithesis of me actually asking for business, but you really can.  In fact, I would highly like it if everybody on the call, all 115 people who registered for this call, actually did this themselves because it’s really important for you to get comfortable with these aspects of social media.

But I also know in working with hundreds of advisors that you guys are incredibly busy and you’re not interested in adding anything to your plate.  So if you want to outsource those things, you can outsource them to the team that we’ve created, which actually is me and the co-author of the book, Crystal.  She’s the LinkedIn Ninja.  If you have any questions about LinkedIn, dear god, look her up.  She is unbelievable.  She taught me more things about LinkedIn than I ever thought I could know.

I actually really specialize in the Twitter and the Facebook.  I’ve got a team in place that will assist with that.  The contact information is up on the screen.  I’m just offering this.  I don’t expect anybody to make any phone calls or make any inquiries.  There are other people who do this out there.

I would love to be able to help you just due to the fact that I want everybody on this call to start existing in this space.  So go ahead.  There’s the contact information.  If you’d like to use it, go right ahead.  We’ll be happy to help you, but really, really would like you to do it yourself.

The other thing that’s really neat is the team at WealthVest has really gotten me to do this, so I’m going to be teaching you a lot of this stuff.  If you’re really impatient or you’re a real quick start, which a lot of you are, and you just can’t wait for the next webinar, then go ahead and contact either the Top Advisor Coaching or you can contact Crystal at LinkedIn Ninja, and we’ll be more than happy to give you a hand.

Dana: How can we economically set up a website?  How will we get inquiries directed to it?  What restrictions will we have in using it?  Constance M.

Matt H.: I can’t push this enough.  I’m not pushing this because I think it is anything except extraordinary.  There are other companies out there who offer what AdvisorDeck offers, but they’re way more expensive and I don’t believe that they’re as user-friendly.  I’ve researched them, everybody.  This is what I do.  I’m a total geek when it comes to social media.  When a new product or service comes out, I’m all over it.  I’m going to look.  I’m going to research.  I’m going to submit my contact information so that I can find out more information.

AdvisorDeck is the portal, everybody.  This is the way that you can start existing in this space at an incredibly low price point with a high level of security.  The people who handle AdvisorDeck’s compliance are the same company, PageFreezer, which does it for the SEC.  If that’s not good enough for you, then your expectations are too high and you’re never going to get on social media.

Take a call, make a call.  Call into WealthVest and ask them to have one of their people walk you through AdvisorDeck because everything I said today can start with AdvisorDeck.  Use the program.  You set up your page.  Even if you have an existing page, this is a companion thing.  This isn’t one of those things, “Well, I don’t want to use this because I have my own page.”  This is something different.

This gives you an opportunity for a much stronger geotagged site, which, again, means that every post that you put out there is going to have your location on there.  That’s not to spook you out for Big Brother.  That’s because that’s how Google looks at searches.  I’m in Omaha, Nebraska.  If I search in Omaha, Nebraska, for a financial advisor, well, if your posts are geotagged, you’re going to come up on those first two Google pages, which is what everybody wants.

They have everything in place to help you get higher on search engines.  There really isn’t anybody else in the marketplace who is doing it like they are.  Lincoln and Wade are thought leaders.  You all know that.  What they’re bringing to the table, what they’re offering through this program is something that you all just need to take a look at.

Sit on the phone with them for 45 minutes; have them walk you through it.  It’s absolutely fantastic.  After you get your AdvisorDeck portal set up, then you can start bringing in your social media pieces that you learn through these webinars or I can directly help you build.

I’m going to do a little bit of a kind of a closing thing.  I hope we have enough time.  We actually do have a little bit of time for questions, which is good.  This is a total shill.  I’m going to be up front about that.  I’d like everybody on this call to preorder the book.  For those of you who had the questions that we actually took live, you’re going to get a copy of this book.  It comes out August 7th.

If you really want to understand how to use social media to build your business, this is the only book that’s published by an actual publishing company.  It’s published by Bloomberg.  We worked really, really, really hard on this book.  I think you’re really going to enjoy it.  It’s very easy to read.  It takes you step by step through absolutely everything when it comes to LinkedIn, Facebook, and Twitter.  I’d be more than happy to be able to provide you with help with that.

With that, we’re going to take some questions, but before I get Matt back on and Dana to ask some more questions here, just another thing; I can’t thank WealthVest enough for allowing me to do this for all of you.  Take their call.  Have their wholesaler come in and meet with you.  Have them talk to you about what’s going on, not only with AdvisorDeck but with WealthVest because it’s really going to be worth your time.

Dana, it looks like we have time for some more questions, which I’m happy about.  Why don’t you go ahead and fire away.

Dana: Sure.  I’ve been answering some questions in the right-hand rail as well, so if you’ve asked one, feel free to take a look.  First question, in addition, Matt:  How do I market through social media outlets like LinkedIn and how can social media help me make more money?

Matt H.: Again, I’m going to go back to the whole idea of using their very, very low cost advertising.  It’s very easy to get these compliance approved, just so all of you know, because it’s standard advertising fare.  You’re not going to be making ridiculous promissory statements about insane rates of return.  You’re just going to try to pique people’s interest.  That’s how you’re going to make money with this.

I talked about the amount of money that I put into LinkedIn and what my return on my investment was.  People in the general public think that we’re all taking baths in money when it comes to the financial services industry, but the reality is that we’re not.  We’re all doing okay, but we would always like to be doing better.  I don’t want to throw money down the drain.

I wish I could get everybody to raise their hand because this is something that I do in presentations.  I want you to think; I mean how many of you have dropped $1,000 on something that you thought was a great idea;  then, one, you never implemented, or two, it just flat out didn’t work?  Everybody on this call should be raising their hand in their office right now.  Probably people in your office are trying to figure out why you’re randomly raising your hand on a phone call.

You can drop a couple hundred bucks.  It’s so much easier to be able to drop how much it would cost to take a client out to dinner on something like this and get a really good return on your investment.  Short answer to the question:  Just utilize their very effective way to use their internal advertising.

Dana: Alright, Matt, what will it cost to set up and maintain?  I think that question is in reference to social media, but it might also be in reference to a website.  How can I develop a group on LinkedIn for financial advisors?  How can I develop or send out a monthly mailing via LinkedIn?

Matt H.: Oh dear god, okay.  We’ll start from the top there.  How much does it cost to really maintain stuff?  Well, you can do it yourself and then it just costs whatever your hourly rate is.  But I really want you to figure that out.  Again, standard rule of thumb, you take what your gross dealer concession’s worth at the end of the year, you divide it by 2,000 hours; that’s what your hourly rate is.

Let’s say your hourly rate is 250 bucks, but it’s going to take you – we’ll talk a little bit more about this with later webinars – but it’s going to take you three hours to set everything up.  Well, that’s what, 750 bucks, if my math wasn’t totally horrific there.  Well, trust me; you can get somebody else to do it for 750 bucks.  The AdvisorDeck system alone is really worth an hour of your time because that’s about what this rolls out to be pricewise.

I’ve got people personally and then also friends that I’m networked with that you can find online.  It costs about anywhere from $300 to about $1,200 to be able to have somebody set everything up from scratch; not AdvisorDeck and what AdvisorDeck offers, that would be LinkedIn, Twitter, and Facebook, optimization, key words, and some pieces like that.

I’m sorry; Dana, can you ask me what the second level of that question was again?

Dana: The second level is:  How can I develop the group for financial advisors?

Matt H.: Okay, dear god, don’t do that.  There are so many groups out there on LinkedIn for financial advisors.  Just piggyback off of one of those groups.  I don’t quite know why you’d want to try to create another one from scratch.  Maybe that would be another thing that the person who asked that question could send in a file about the question.  I’m not really sure why you would want to do that.

Some advisors will set up a group just for themselves, like for their own little niche practice so that clients can communicate or they can prospect from it.  Personally, that’s a compliance nightmare because you have to close the group and that might be a level of difficulty and experience that a lot of people on the call wouldn’t have.

The last piece was…

Dana: The monthly mailing.

Matt H.: Yeah, the monthly mailing.  Now, this is a great idea.  I have advisors who do this a lot.  One, again, I apologize that I keep coming back to this, but not really because I really think it’s a great idea.  AdvisorDeck can do this.  So AdvisorDeck can be the portal that would be able to send out through what’s called API, which I’m not going to get into what all that is; it’s actually how computers and applications talk to each other.  The AdvisorDeck computer program will talk to the LinkedIn computer program, and LinkedIn will have permission to publish what comes out of AdvisorDeck.

So if you have a monthly newsletter, use something like AdvisorDeck as the portal, and it will actually publish it for you.  Now, the reason why I’m saying for you to do that and not to use something like HootSuite, Tweet Adder, or TweetDeck, is because HootSuite, Tweet Adder and TweetDeck do not have any compliance oversight and AdvisorDeck does.

If you don’t want to use it for business, you can use those other tools that I just explained.  But if you want to use it for business, everything that’s going out, and all of you know this, the monthly newsletters, the commentaries, the whatever else, the advertisements for events that you have going on, they all have to go through compliance, and AdvisorDeck actually helps you with that.

I think we have time for maybe one more.

Dana: I’ll give you one more, Matt.  Given the industry compliance regulations, how does an office write daily tweets or Facebook posts and expect them to get through compliance the same day?

Matt H.: Okay, so I’ve been really positive, obviously, on this call.  I’m obviously incredibly excited about all of you using social media, but I don’t have good news here.  As of right now in the world that we all live in, this is not possible.  I mean unless, well, you have to be your own RIA and you take it on the chin just in case this doesn’t go well because obviously you do all of your own oversight and you do all of your own archiving.

Daily tweets are really difficult, everybody.  Again, if you are under a general agency or a broker-dealer, you have to have everything go through compliance.  I mean even some of the highest producers I’ve worked with, they could get a 24-hour turnaround; but most of it’s like 72.  Until compliance figures out a way to speed up the process, which I’m sure everybody on this call would like compliance to be able to do, you’re not going to be able to get things out in such a timely manner.

Now, through a portal or through a spinning tool, which is what I actually refer to it as because it actually spins posts out to the web, you can preset those things up by using something like what AdvisorDeck offers so that you can have daily posts that go out that are pre-compliance approved.  They’re not necessarily going to be wildly timely because it’s generally blog-based material, which is basically like a longhand newsletter sort of narrative that either you can use their archives or they can write for you.

But you’re not going to get a quick turnaround time, and I’m sorry about that.  If there was anything I could do to speed that process up, I would.  Personally, when it comes to Twitter, which was what the question was about, I love the timeliness of Twitter.  I mean I can look at my Twitter screen and at a moment’s notice I know what’s going on in the world.

As a financial services professional and as a producer, it would be great if your smiling mug showed up on that page to say, “Hey, just so you know, I know the market just went down,” or, “Interest rates went up or down,” or, “Taxes just changed, and I’m on it.”  I mean I would like to see that from advisors, but they’re not going to be able to do that yet.  Maybe give it six months to another year and they might be able to turn it around a little faster; but I don’t have the best news for you on that.

With that, Matt, is there anything you want to say in closing?  Before you do, I just quickly want to say, again, thank you to WealthVest for doing this.  If you guys want to find out more information about AdvisorDeck, please call the number that’s on the screen.

Do some business with them.  They’re a great company.  They’ve got great products and services.  They’ve got great thought leaders to bring you the best possible stuff that you can use for your clients.  I will see all of you in July for the next webinar.  Dana and her team and I will talk about what we’re bringing up next.  If you guys have any ideas, please contact your WealthVest rep.


Matt S.: Matt, absolutely fantastic.  You always exceed expectations, so thank you so much.  There are a couple things I want to reiterate in regard to AdvisorDeck.  Matt talked about the pay-per-click program.  Pay-per-click programs are essential to your lead generation success with AdvisorDeck or virtually anything else.  Pay-per-click will generate leads for you with your deck, and we have advisors today who are generating leads using a pay-per-click program.

The beautiful thing is that we at WealthVest and AdvisorDeck can manage the entire process for you so that you don’t have to do anything.  We will do it all.  The beautiful thing is you get appointed with WealthVest, you drop some business, and you can use that business to offset the cost of your pay-per-click program and also your AdvisorDeck.

Blogging, if you don’t have time to blog, we’ve got great preapproved ghost blogs that, again, are made available to be posted to your AdvisorDeck.  Again, you can use your production to offset some of that cost.  We just did a huge upgrade for AdvisorDeck.  We call it 3.0.  We’ve now got 11 different themes to set up your homepage.  We have full integration with Facebook, Twitter, LinkedIn, etc.  The pages load much faster than they have previously.

We’ve upgraded to a very sophisticated platform that allows us to be very mobile device-friendly.  As you’re out working with your mobile device, sometimes it’s difficult to read websites.  Ours is beautiful in that respect, very easy to read, and will allow you to even be found more quickly through folks that are using their handheld devices.

One more thing on pay-per-click, it is so easy to do that.  We run the program for you.  We will deliver your leads directly to your email or we will text message them to you automatically so that you can make a very quick and timely follow-up with the prospects that you do identify through your pay-per-click program.

So with that we’re just over the top of the hour.  Thank you so much for your business.  Thank you for taking the time.  We would love to talk to you.  We have experts here onsite at WealthVest to talk to you about your AdvisorDeck program.  Give us a call, 877-595-9325, and we can walk you through any questions you may have, get you set up, and get you rolling.

So with that I will wish you a very happy Wednesday.  Thank you for your time.  We’ll talk to you in July.