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Building your SMSF social media strategy (Part 1 – Laying the foundations)

building a SMSF social media strategy

Putting together an online strategy to attract the growing number of self-managed super funds is a critical part of any SMSF business plan.  Industry research shows a continued trend with self-directed individuals moving towards SMSFs – these individuals have fairly clear direction themselves about investing and saving for retirement.  Much of their initial research is undertaken online, through media, forums and progressively with trusted individuals providing regular sources of information (e.g. blogs).  Whilst self-directed, these individuals do actively seek out specialist advice, in particular to validate that they are heading in the right direction.

Presenting at the Chartered Accountants SMSF conference, I’m undertaking a specialist workshop going through many of these critical issues for SMSF professionals in building an online strategy.

Key questions in planning your SMSF social media strategy

So what does your online strategy need to consider to attract this new wave of SMSF trustees?  I believe there are three key areas in building your online SMSF strategy – these include:

  1. Laying the foundations
  2. Development & implementation of the strategy, and
  3. Performance measurement

In this first of three posts, I will cover some of the important questions to ask yourself in laying the foundations for your SMSF strategy.

Laying the foundations

  • Are you actually being ‘social’ before doing social?  How well do you understand the power shift to the consumer and your need to listen and engage, not broadcast?
  • Have you evaluated your social media landscape?  Do you have a sense of the impact of social media on the industry? Do you know how your clients may be using social media? Do you understand where conversations may be taking place about you, your business, your industry? and how should you respond?
  • Have you conducted an internal audit of your social media involvement and assessed your ‘readiness to engage’ – what channels are you already using? what are the current levels of engagement? what are the main areas for improvement? and how are you going to benchmark your existing and future progress?  A SWOT analysis is recommended to help determine where you may truly be ready!
  • How are you going to ‘listen’? being ready is one thing, but how to monitor and respond is equally as important.  Think about what conversation you need to monitor, where the conversations are taking place, tools to monitor and what you response policy might look like.

In the next blog post on this topic, I will delve into some of the key development issues, including key objectives and targets, segmentation of your SMSF clients (and prospects), plus action plans for getting there…

As always, I’d be interested to hear any questions or comments around the foundations to building a strategy to attract SMSFs to your business.



4 thoughts on “Building your SMSF social media strategy (Part 1 – Laying the foundations)

  1. Arron – great start. So many in the FP industry (Planners and Accountants) are still ignoring social media. Like a lot of what is available on the web, there is work to filter out where the best ROI is, to avoid countless hours in fruitless effort.

    As an example, if one was to be seeking clients would Facebook or LinkedIn (for example) be more useful? And which users of social media are prepared to pay for professional status etc – so many ways to filter the top potential clients.

    Sure it flatters one’s ego to have 2000 people ‘like’ you, or 400 1st line contacts, but are they the folks you are targeting as clients? ‘Likes’ don’t pay bills 🙂

    Where are the trust relationships in social media? FP has to be a trust relationship and so I would be seeking those specialized social media mediums where a trust relationship is a significant aspect.

    Just my ramblings!

    • Hi Colin,

      Thanks for your ramblings! Always appreciated.
      For many people working within the industry, it is an area that many people either struggle to understand or simply fear due to the unknown. Those that have embraced are already seeing significant benefits to their existing client relationships and fostering new business. I agree ‘likes’ and connections, don’t pay the bills, so some key metrics are critical to monitor and evaluate – this will be part of the next blog post.


  2. Aaron
    To me the key with social media is “get involved”. The only way to get comfortable in using it and seeing what works for you is using it, even if starting out just watch what is going on before engaging. It is a leap of faith and an exciting one as it is amazing how often people comment during a face to face discussion that they see the things that are posted on LinkedIn of Twitter. Develop the connections and enjoy the engagement.

    • Hi David,

      I agree, the first step is always the hardest. Once you are comfortable in the engagement of these tools and truly understand the opportunities, the need to start building a strategy around social media is imperative.


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