There is a lack of social media media use by financial planners to share their knowledge.
Des Walsh, a social media coach and pioneer in the field of blogging in Australia, has the reasons below as to why that is so.
First look at the GENERAL BLOCKS. Time, compliance, regulation and technophobia are typical blocks for most professionals. They are put into silos, are kept in there, and keep themselves there, all due to a combination of forces and processes. These include the university course selection criteria, university education course content, professional regulation, insurance contract obligations, and long standing professional cultural.
Meanwhile the world is changing faster than ever and requiring new knowledge and better, faster, cheaper and more ways for it to be communicated.
Second look at a SPECIFIC BLOCK for financial planners – they are typically accountants or former accountants. Accountants are not famous for being great in self-expression beyond use of numbers. Part of the evidence for that is that it is very rare indeed to find an accounting website, let alone a blog, that is engaging in its content. When you find a useful financial planning website or blog please let me know!
To change, financial planners need knowledge and skills development: (1) to see beyond the general blocks noted in the first paragraph and learn ways to manage each perceived or potential “professional practice” issue (eg over-simplification, confidentiality, secrecy, privacy etc); (2) to self-express engagingly on the web in words, images, audio or video, and (3) to find ways to make their subjects interesting.
Each requires a process of change management, essentially to build each financial planner’s journalistic knowledge, skills and imagination.
Without change financial planners will more and more be regarded as practitioners of a black art in tradition-bound silos.