The “perfect” prospect
You know the best time to meet a potential client is when they feel like they NEED the help of a financial advisor.
When they feel the pain of not having one. When they have a question about retirement, saving, investing, etc. that they can’t seem to answer on their own. That’s when they’re most interested in having a conversation (and potentially working with you).
Reddit is a goldmine of these people.
Reddit is an “attention aggregator” of sorts. People from anywhere can log in and either (a) share a piece of content [a link, image, resource] or (b) start a discussion. And a lot of people do it. Currently, there are 2.5 million Reddit accounts, and the site gets 110 million visitors each month.
Luckily for advisors… financial planning, investing, and saving are all topics of interest on this huge Reddit platform. They’re out there talking about it, now it’s up to you to engage with them.
Haven’t heard of Reddit?
Reddit is a website to support topic-specific communities.
There are many ‘subreddits’ catering to almost any interest of users. These can range from topics in education, entertainment, humor, and general discussion. People use these subreddits to tell stories, ask questions, share interesting links, or share pictures and video.
Commentary is extremely active on the site and user-generated posts can receive up to thousands of comments in a single day. Registered users also have the opportunity to vote for (or against) submitted posts and comments, also known as “upvoting” and “downvoting”. Based on these votes, the most popular posts are sent to the front page of their subreddit. Because Reddit features submissions by the interest they receive, Reddit is a site that is easily skimmed for the hottest trending topics.
It’s an Untapped Opportunity to Engage with the Public
Reddit is a free way to connect with people who have questions and concerns about their finances. Again, these people make for “the best” prospects, so it’s an amazing opportunity to engage with them.
Plus, it’s a relatively untapped opportunity. Most user questions never reach the desk of a financial advisor, so you’ll automatically stand out as helpful and informative if you chime in.
There was one advisor who used Reddit to provide “free advice” to users last year. Here’s what happened.
Ready to check it out yourself? Here’s where to look.
First, please understand that Reddit site isn’t the most beautiful thing in the world. It’s like a more-cluttered version of Facebook. But it’s meant to be informative and organized, not a piece of art. Remember, despite it’s poor visual appeal, there are millions of users posting and discussing various topics (including finance) every month.
Advisors should start looking at these pages.
Look at the top few posts. Remember they are the “most popular” discussions…because of up votes and comment counts.
There are many subreddits that relate to financial advising, as well as money and economics in general. These subreddits can help you to learn the latest news, discuss hot topics with like-minded people, and, most importantly, learn what people are talking about.
Once you’ve created an account, subscribe to the subreddits that most interest you. The subreddits you add to your account will appear on your Reddit homepage whenever you log in. You can unsubscribe to these subreddits at any time, and subscribe to as many as you think might interest you.
Want to comment on a post?
Sign up! Registration is free and does not require any personal information, only that you create a username and a password. You may want to create an interesting username pertaining to finance.
Rack up your ‘karma’ by submitting links and commenting on posts while following the rules of the subreddit (located on the sidebar of each). The more karma your account has, the more credible you will look as a user.
Have you ever heard about Reddit? How do you use it? Need help with the platform? Post questions in the comments. (I’m a long-time user of Reddit, and would be happy to help if I can.)