Agency 102’s Fall Learning Initiative explored how top financial services brands navigate the fine line between innovative content marketing and stringent regulatory requirements. Our aim was to analyze their social media marketing strategies, offering essential insights for our clients.
Financial services is a highly regulated industry with strict compliance guidelines. With brokers/dealers and compliance officers always on the lookout, marketing can be a challenge – especially for small or mid-sized financial firms. Social media is a cost-effective way to reach a vast audience, so we’re constantly looking for new ways to engage audiences with creative, compliance-friendly content.
The Agency 102 team did a deep dive into social media marketing for financial brands. Watch our full conversation, or keep reading to find out what we learned about financial services marketing and the essential role of educational content.
Fidelity Investments – Educational Content Tackles Essential and Often Overlooked Financial Topics
Insights from Hannah Mizelle, Founder and CEO
What makes Fidelity Investments unique…
Fidelity Investments approaches retirement planning and investment management with a focus on financial wellness. They aim to equip clients with the tools and knowledge they need to live the lives they want. Many of our existing financial services clients serve retired adults, a similar customer base as Fidelity Investments, so we wanted to analyze how they approach this audience on social media.
Distinct social media channel strategy
Fidelity Investments leverages the strengths of each social media platform by appealing to its key audiences. On LinkedIn, they appeal to mature professionals and recent college graduates.
Meanwhile, on Instagram and TikTok, they focus much more closely on the younger generation. Short-form video series like Smart Money Minute tackle topics that appeal directly to teens and young adults – like the rise of trade professions in response to student loan debt.
Education features across all platforms
Education is a core tenet of Fidelity’s brand, so helpful financial content is a major player across all of their social media profiles. They dive much deeper than offering simple investment tips. Instead, they offer in-depth analysis and insightful information on important topics that people don’t often think about – like what to do with your HSA when you leave a job.
What about compliance?
By focusing primarily on educational content, Fidelity creates content that resonates with their target audience, drives engagement, and meets compliance guidelines. Because they stray away from concrete investing advice and foster open conversations, they are able to push the envelope with compliance-friendly content.
Robinhood – LinkedIn is Essential for Connecting with Likeminded Professionals
Insights from Amber Reumont, Content Marketing Lead
What makes Robinhood unique…
They empower users to take control of their financial future with commission-free stock trading. Plus, they provide users with financial resources to help them grow their wealth. Since Robinhood positions itself as a disruptor in the industry, we wanted to explore how that aspect of its brand personality factors into its social media marketing strategy.
Young professionals are the target audience
Robinhood lets its disruptor persona shine on LinkedIn. While Facebook and Instagram are reserved mostly for self-promotion of the brand, LinkedIn is used for community-building with young professionals. Their feed is full of job opportunities and events featuring fellow disruptors like Lesbians Who Tech. Plus, the company’s young CEO is featured prominently, sharing insights on the future of investing.
Educational content drives engagement
Although educational content doesn’t appear to be a top focus for Robinhood on social media, this kind of content performs more strongly than its brand-focused content. Older posts like Is crypto taxed? Received more likes and comments (747 and 676 respectively) than recent posts promoting their Robinhood Retirement product – the strongest performing post of this type has just 320 likes and 209 comments.
What about compliance?
Robinhood’s approach to marketing on LinkedIn seems to most closely represent its brand personality. LinkedIn is the perfect platform for Robinhood to reach diverse professionals and young innovators. By appealing to a young professional audience with networking events, educational content, and thought leadership from their young CEO, they demonstrate their unique brand and garner engagement.
The Financial Gym – Short-Form Video is the Gateway to Young Audiences
Insights from Lexi Jones, Content Marketing Specialist
What makes The Financial Gym unique…
Young professionals are the clear audience for The Financial Gym. They bill themselves as financial trainers, equipped to help clients build and exercise smart money habits.
Video content is king
Their Instagram features an ongoing podcast series offering tips on common topics like holiday budgeting and home purchases. Although they focus heavily on video content to appeal to their target audience of young professionals, they miss an opportunity by not cross-posting these videos to other platforms.
LinkedIn drives community-building
Much like Robinhood, The Financial Gym leverages LinkedIn to connect with budding professionals. They host meetups in cities that are also major hubs for young professionals like New York, Washington, DC, Boston, and Los Angeles. There, they meet face-to-face with potential employees and clients.
What about compliance?
Compliance doesn’t play an obvious role in their content, and this is likely due to their unique business model. Rather than selling any financial products, The Financial Gym focuses on investment education, and its social media marketing strategy follows a similar approach.
The Finance Bar – Social Media Is an Opportunity to Instill Smart Money Habits
Insights from Meagan Smith, Content Marketing Associate
What makes The Finance Bar unique…
As a community-focused financial platform, they focus on educating women and couples about how to achieve financial wellness. They emphasize the importance of financial therapy and education.
Content inspires smart money habits
Rather than offering direct guidance or education on financial topics, they aim to instill confidence in the audience. Their feed features quick finance tips and reminders that reflect their financial therapy method, which prioritizes smart habits and lifestyle changes for financial wellness.
What about compliance?
Since their content is simple and education-focused, compliance doesn’t factor heavily in their feed. However, their consistent approach across channels hinders their growth and engagement. Their LinkedIn for example has just 50 followers. By combining their action-oriented approach with other content types and formats, they could reach more followers and increase engagement.
Ellevest – Pop References are Perfect for Compliance-Friendly Content
Insights from Alex Kinzer, Marketing Operations Manager
What makes Ellevest unique…
Ellevest offers financial planning tailored to women. Like Robinhood, they take an alternative approach to the financial services industry. The aim is to offer personalized investment education and resources that empower women to gain financial freedom.
Instagram and LinkedIn reign supreme
Although Ellevest once posted frequently to Facebook and TikTok, they’re no longer particularly active on either of these platforms. Instead, they appear to dedicate their social media marketing efforts to Instagram and LinkedIn.
Leverage the power of the platform
Ellevest takes a distinct approach on each platform. Their Instagram appeals to the younger generation, sharing meme-worthy content and pop culture references alongside insightful information about women and finances. When celebrity gossip like the Sophie Turner and Joe Jonas divorce makes the headlines, they leverage the opportunity to share insightful information about divorce and financial freedom.
What about compliance?
Ellevest strategically uses pop culture content as a method to engage with their community in the heavily regulated financial services industry. Although exchanging comments with clients on social media can be a compliance issue when discussing financial topics, companies can engage with their community on non-finance topics. They’re likely still running these comments by a compliance officer, but since they’re not related to finance the content is an easy approval.
Agency 102 Blends Creativity with Compliance
Successful marketing in financial services hinges on a nuanced understanding of regulations while maintaining engaging and informative content. To learn more and delve deeper into social media marketing for financial services, download our 2024 Financial Services Marketing Must-Haves Workbook.
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