Social network for IFAs reaches 6,000 members

IFA Life, the networking site for IFAs and financial planners has reached a new milestone of 6,000 members, as social networking sites become an increasingly important medium for financial advisers to share best practice, debate industry issues, share business resources and to provide help and support to one another on issues such as RDR, exams and wrap technology.

Social Media is increasingly becoming the tool of choice for IFAs to get answers to questions on a variety of topics of importance to them, with many members visiting the IFA Life website as often as ten times per day.

In many cases, where an IFA might once have gone to a Provider's broker consultant or technical help desk for information, they now turn to social networking tools to get instant answers from their peers.

In addition to IFA Life, approximately 80% of IFA Life members also use LinkedIn, 44% use Twitter and a growing number (37%) have a Facebook business (fan) page.

IFA Life founder Philip Calvert said today: "There's a misconception amongst many IFAs that Social Media is just another marketing tool and so avoid it because they have concerns about Compliance. However, marketing is only one reason why IFAs might use these sites - and of those using it most are discovering a variety of ways to use Social Media to help them in their business."

Consumer engagement

Quite apart from using Social Media to network with other IFAs, social networking sites increasingly take up more of people's time online, and are often used to search for IFAs and financial advice.

Philip Calvert continued: "An IFA's profile on a social networking site gives people a great deal of information about them.

You get a sense of who they are, what they're about, what's important to them, their values, photos, videos and an easy way to learn about them as a person."

"Exams and qualifications are not everything when it comes to choosing a financial adviser.

Reputation, trust, likeability and credibility all come into play and social networking sites provide a great way for people to find, assess and connect with IFAs".

Providers missing out

Increasing numbers of Providers now use IFA Life to learn what topics are of interest to IFAs, but few try to actively engage with IFAs' conversations.

Philip Calvert added: "Social Media fascinates providers; they all want to use it, but most are extremely nervous about being seen to engage with IFAs in online discussions. This can be for fear of damaging brand image, compliance concerns, lack of resource and expertise or just absence of a Social Media strategy."

"It is essential that providers now have a Social Media strategy, but very few even know where to start."

In February 2011, IFA Life is running workshops for both IFAs and providers in how to use Social Media in their respective businesses. See ifalife.com/events.