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client conversations Shout it from the rooftops Use social media to extend your reach, but be wary of your own power Have you ever been trolled online? Darryl Brown, investment planner, You&Yours Financial, Toronto I’m mostly on Twitter and haven’t been trolled. I don’t engage with those who refute ideas without evidence or reasonable arguments. I’m trained as an analyst, so I seek opinions that differ from my own, but evidence is a prerequisite for any debate. My posts aim to offer a different viewpoint of investments and the markets so that people better understand the decision-making pro- cess and potentially become better clients or investors. To generate discussion, I post about ideas I’m considering that might be conten- tious. A mix of people respond, including industry types and people with a genuine curiosity about investing. I also distil complex topics into bite-sized pieces. Fixed income is a professional focus of mine — and one that people are more interested in as the cycle winds down. MYKYTA DOLMATOV / ISTOCKPHOTO; ICONS: 123RF STOCK PHOTO Social media can help generate new business leads, foster professional relationships and enhance your reputation — but a single tweet can undo years of hard work. Consider the case of Justine Sacco, the PR professional who tweeted a horrible joke before a flight, only to arrive at her destination hours later to discover not only that she had been fired, but that she was international news and the subject of the viral hash- tag #HasJustineLandedYet. Here’s advice to help you leverage the power of social media while avoiding trouble. Compartmentalize. Most people mix their personal and professional social media accounts to some degree. The key is to observe your company’s social media policy, and avoid posting controversial content. A good rule of thumb is to only post things that would be appropriate at your board meeting or at your family Thanksgiving. Be mindful of the crumbs you leave behind. Everything you post — from com- ments about news articles to off-the-cuff remarks on other people’s posts — could be seen by family, clients and colleagues. Be respectful. Dis- agreement can be expressed without resorting to cheap shots and childish insults. Those may be satisfying in the moment, but they don’t age well. Are you enhan- cing the conversation or just settling a score? If you don’t have anything nice to say, say nothing. Think of your audience. Before you post, ask yourself if it is useful to your goals. Will the mes- sage help you get more business, educate your clients or raise your profile amongst your colleagues? Don’t court controversy. Think twice about addressing politics, reli- gion or other controversial topics. Is your position related to your investment strategy, and does it align with the values you want to convey to clients? Be careful what you amplify. Lik- ing, retweeting and other ways of acknowledg- ing others’ posts can be seen as endorsements. Be a good custodian. Have you eliminated any information from your post that could reveal personal information about anyone other than yourself? Anec- dotes about clients, even when not identifying them, aren’t a good idea without permission. Remember to have fun. Social media shouldn’t be solemn. Repost a cartoon, or an inspirational anecdote, or an interesting video. And #You’llBeFine. —Gil Martinez Banking on common ground Sticky advice may have a lot to do with demographic similarities W hat makes a client follow advice? There are likely several factors. For many advisors, discerning a client’s needs and providing appropriate advice may be the easy part; making sure they follow it is more compli- cated — and sometimes frustrating. New research suggests the quality of advice, and even the skills with which you communicate it, may be less important than something more basic: how much “Birds of a Feather: The Impact of Homophily on the Propensity to Follow Financial Advice” was published in the February 2019 issue of The Review of Financial Studies 8 OCTOBER 2019