By John Drachman

“I don’t understand  about contact capture — I just need client acquisition.” (Overheard from a discussion between two financial advisors.)

An important part of any growth strategy is having the capability to reach out and attract new interest.

To promote products and services through traditional marketing venues, marketers face a task that can be time-consuming, expensive and perhaps annoying for recipients of a message. Think of paper-based direct mail.

Client acquisition's new best friend: Social media

On the other hand, social networking, participation in blogs and discussions groups are easy for prospects to engage in without having to make a commitment — until they are ready. Meanwhile, the link between a prospect and a product has a chance to strengthen over time. The decision to receive a message is elective; the prospect has a choice to engage in the communications — or opt out.

Simply put, low cost social media efforts act like a 24/7 business development machine for financial advisors and money managers on a budget.

If you are thinking about setting the stage for undertaking your own social media initiative, Advisolocity’s latest webinar, “Where Social Media Meets Client Acquisition,” can help. It aims to answer questions like these:

• What’s the minimum effort required to undertake a social media effort?
• What is the single best social media thing  you can do to improve client acquisition?
• What are the steps that lead from capturing contacts to actually acquiring clients?

To see  how easy-to-use, low-cost social media programs are helping asset managers and advisors stand out in a crowded market, view “Where Social Media Meets Client Acquisition.”