According to a 2015 study from the US Financial Planning Association, 67% of high growth advisors directly added clients as a result of social media activity. According to financial expert, Tom Loneragan, this figure which should be even higher for mortgage brokers.
Loneragan, founder & director of Latch Consulting Group, hopes to bring a number of social media benefits such as increased referral volumes to brokers around the country through his newly launched service Latch Social.
“We’re at a point now where if mortgage brokers aren’t using social media to advocate their business, I see that as a big risk because their competitors probably are.”
At its core, Latch Social does the heavy lifting in terms of social media for brokers, delivering an online presence within a compliance framework, he told Australian Broker
This means the firm delivers “no advice content” which is engaging and insightful for clients.
“My background is fairly compliance heavy. I started to think if there was a way to deliver content and engage with clients really effectively without actually giving advice,” he said. “No mortgage broker wants to be giving advice over social media because it can be construed as something else.”
Brokers joining Latch Social are profiled through an in-depth ten minute online test. This information is then used to determine what exactly the broker wants to be saying through his or her social media feeds, Loneragan said.
“All brokers are different. They all want to have a different tone. They all want to have a different focus. My solution isn’t a cookie cutter solution. It’s customised to every single broker.”
Another point of difference which sets Latch Social apart from other social media services includes strengthening the broker’s brand.
“If you’re going to approach social media, you need to do it properly. If you’re posting once a week, you’re unlikely to yield much in terms of results but if you commit to it fully, you’re in the box seat to improve customer loyalty”
The service also helps brokers bring in more customer referrals, Loneragan said.
“Referrals definitely are a massive bonus with social media.”
The main reason why brokers don’t typically get referrals through social media is because they never ask for them, he added.
“This is where it works really well because it’s such a casual forum. It’s a really incredible way to actually ask client for referrals and it makes it easier than ever.”
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