We always hear about ways advisors use social media and why it makes sense, but rarely do we hear actual success stories. ThinkAdvisor profiled a Morgan Stanley advisor who netted a $70 million client — in three weeks!
The advisor, who works with owners of privately held mid-market companies, spotted someone he knew 12 years ago and emailed him. Immediately, that connection said he had a friend who was looking for an investment team like his in New York City, where the advisor is located. In three weeks, the advisor had a new $70 million client.
The advisor spends 30 minutes each night looking for people he knows to connect with, and upgraded his LinkedIn account for $300 a year to be able to view more detailed information. When he finds someone, he looks for common connections, then either asks for an introduction or contacts the prospect directly, mentioning the common connection.
While social media is not a silver bullet, when it’s used (LinkedIn especially) in combination with other sales and marketing methods, it can be one of the most efficient means of prospecting. Morgan Stanley estimates that about 4,300 of their advisors are using LinkedIn or Twitter.
