Since social media’s inception it is safe to say that the Finance industry has been at the back of the pack, as many firms simply fail to ‘get’ social media. Corporate cringe is, and will always be, in rude health on social media channels. But it’s not inevitable and it doesn’t have to be like this.

If we’re honest, cryptofinance (cue much wailing and gnashing of teeth about Crypto being unregulated) and a host of consumer brands are miles ahead of Finance when it comes to social media. Ambitious firms take note!

It’s certainly true that effective social media is unevenly distributed around the Finance sector, with traditional players particularly susceptible to outdated approaches. Unfortunately, many firms still treat social channels, especially LinkedIn, as a modern-day billboard, focusing their whole approach on corporate messaging and product promotions. While it’s an important part of a social media strategy, it is not an effective strategy in and of itself.

At The Agency Partnership, we work with a range of firms across the financial services sector. Naturally, businesses are anxious about breaching compliance or worse, regulations, which have rightly set a high bar to protect consumers. But this anxiety has leached into all comms, meaning that many businesses are missing the mark when trying to communicate with their audiences. With this in mind, here are 5 rules we always recommend to our finance clients looking to up their game on LinkedIn.

Escape the corporate jargon doom-loop

One of the biggest mistakes finance companies make, particularly on LinkedIn, is their reliance on corporate jargon. Posts are often stuffed with complex financial terms and overly polished language that feels distant and instantly turns-off audiences. Simply put, many firms create content that reads like an earnings report and not an easily digestible nor engaging post.

Start conversations, don’t push product

Many companies fall into the trap of treating social media like an advertising channel rather than a two-way communication platform. Social media is fundamentally built on engagement, but many firms ignore the comment sections on their posts or fail to respond to questions and opinions in an authentic way. This lack of interaction leaves their presence feeling robotic rather than personal and invites followers to ignore rather than engage.

Companies that succeed on LinkedIn actively respond to comments, encourage discussions, and create posts that invite participation. Crucially, they bring their expertise to the fore, challenging audiences to view a problem differently, fostering debate and thinking that feels like a conversation between peers.

Focus on providing meaningful value

The cult of self-promotion is alive and well on social media… especially LinkedIn. Many finance firms use LinkedIn to celebrate milestones, promote products, or showcase the leadership team. While a level of self-promotion is a natural function of being on social media, an overload of ‘Look at us!’ content quickly turns audiences away.

Successful pages focus on value. They share educational content, industry insights, and practical tips that address the needs of their audience. For example, rather than just announcing the launch of a new product, create a post explaining how different investment strategies perform in uncertain markets. If the ensuing discussion lands on the need for functionality that your product provides, and it should if you’ve written your post right, that discussion is now a potential sales pipeline.

Don’t ignore the power of storytelling

Finance is often stereotyped as dry and technical, but storytelling can make financial content engaging. Many, if not most, Finance firms shy away from storytelling in favour of rigid, data-heavy posts. While data is important, the most compelling LinkedIn content ties numbers to narratives, resonating on a human level.

Instead of putting out a post listing achievements in corporate social responsibility (which often looks too quotidian to attract engagement), focus on the underlying story. For example, write about how your services helped a small business recover from a downturn, how your timely advice made the difference for a widow organising their partner’s estate, or why your new product perfectly suited a young family buying their first house. It’s important not to overegg it (no one likes a show-off), but adding a personal angle makes your content more relatable and shareable, increasing its reach and engagement.

Let your talent speak for themselves

People buy people. Yet, many businesses don’t bring executives and employees to the fore anything like enough. Instead of having a page that pushes corporate content, encourage and make it easy for your people to share their insights and perspectives.

You can have the most forward-facing brand on LinkedIn – it still won’t be as interesting as a person. Your people have the expertise, so help them deploy it through opinion pieces, market analyses, and reflections on industry trends via the firm’s page and their own accounts.

Businesses that invest in building the personal brands of their leaders, providing guidance as to professional and appropriate methods to do so online, see far greater engagement and credibility than those that rely solely on their corporate page.

The Shift from Promotion to Engagement

It is not easy to get social media right: even the biggest consumer brands, frankly, don’t. Combine this with a strong focus from regulators, compliance and clients, and the challenge facing businesses in the Finance sector is substantial.

It is imperative, however, that firms wake up to the significant opportunity lurking amidst the challenges for the intermediary wealth space when it comes to social media. This starts with making the shift from mere ‘broadcast’ push-marketing to meaningfully engaging audiences in a conversation.

Casting-off the shackles of orthodoxy may seem a daunting prospect under an every-present regulatory gaze. However, those who apply nous and logic to navigating the waters on social media, just as they would in delivering person-to-person conversations offline, are better prepared to reap the considerable rewards presented by social media.