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Webinar Recap: Highlights from Putnam Investments’ Annual Social Advisor Survey

In a recent webinar, Mark McKenna, Putnam Investments’ Head of Global Marketing, joined Hearsay’s VP of Marketing, Leslie Leach, to highlight key findings from Putnam Investments’ 8th Annual Social Advisor Study, along with year-end data from Hearsay’s platform. Not surprisingly, this year’s results were a little different, as agents and advisors alike pivoted their strategies to adapt to a socially distanced world.

Here are four key findings from the program: 

Social media not only sustains, but drives new client relationships
With a huge shift away from in-person communications and events, digital noise on traditional channels increased significantly, with an accompanying decrease in engagement. Although advisors may have already been connected with clients on social media pre-pandemic, the crisis drove an increase in sheer volume of interactions. Not only were advisors expected to communicate with current clients, they also leveraged their online presence to garner new business, exploiting features like LinkedIn’s view of 2nd and 3rd degree connections, InMail and Sales Navigator to effectively prospect to an expanded network. The study also found that lesser-used networks like Instagram had higher engagement rates, highlighting an area of opportunity for advisors.

Retaining authenticity remains critical for breakthrough
Being able to stand out among the noise is now a crucial day-to-day consideration for advisors. Not only do they need to provide thought leadership via social media, they also need to be more personal, striking a balance between providing corporate content and connecting on a more authentic level with clients. Advisors who shared more personalized content were rewarded with higher engagement rates across their social media accounts. 

Pro tip: Leslie recommended leveraging Hearsay’s modified content templates as a scalable solution. “By their nature, modified content templates are easier and faster to review from a supervision perspective, combining corporate scale with the ability to easily personalize content at an individual level.”

Direct messaging satisfies the need for speedier response time
Because advisors could no longer hold in-person meetings, the use of digital tools like social DMs, text messages, mobile calls, and emails, grew significantly, along with a more pervasive client expectation for quicker response times. 

An advisor’s response time can make or break a client relationship, and advisors rose to the challenge. Texting conversations on Relate, Hearsay’s compliant texting solution were up 3x compared with 2019, while the average response rate was 13 minutes, versus the industry standard of 14 hours for an email. With more widespread acceptance, and the ability to enforce compliance, in-app messaging is proving to be an indispensable tool for field teams. 

Support from the home office matters
With a shift to remote work, advisors still require the same amount of support—if not more—from their home offices. Advisors all learn differently, so remembering that different training modalities work for different people, and providing various learning tracks, templates and models, helps to speed adoption. It’s important for advisors to connect where their clients want to connect, and with proper support for the home office, advisors can be more efficient in their client engagements.

A huge thanks to both Mark and Leslie for sharing the key findings and observations from Putnam’s Social Advisor Study and Hearsay’s 2020 platform usage and results! Sign up to access the on-demand webinar here.