LinkedIn for Financial Advisers – Part 2: Building up a valuable network

 

In this second of three in-depth articles about LinkedIn, we take a look at best practices in building a strong connection base and set out some tips for financial advisers to develop a valuable network. This is a really important step in actually using LinkedIn to deliver value, the subject of the final instalment coming up in a few weeks time!

 

LinkedIn will help you!

To start building up your network, take all the help that is available. The bigger and better our LinkedIn networks become, the more we will use it as a platform and the more valuable LinkedIn as a company will become. So LinkedIn help you broaden your network in a number of ways.

First of all, you can download your email contacts into LinkedIn. This is very straightforward if you use Gmail, it can be a bit trickier to download directly from Outlook. An alternative is to download your contacts from Outlook into a .csv (excel) file and then upload this into LinkedIn which will then identify which of your email contacts have LinkedIn profiles. This saves you going searching for each of them individually. You then have the option of inviting each of these email contacts to join your LinkedIn network.

LinkedIn will also identify from your profile your school, college and previous employers. Using this, it will suggest alumni and ex-colleagues that you can consider connecting with.

On an ongoing basis, LinkedIn will examine your connections and your 2nd & 3rd level connections and will suggest people for you to connect with. This is extremely useful, in fact many people express to me how impressed they are by the intuition of this feature! This is on your homepage and well worth checking out regularly.

 

Think what you’re trying to achieve!

At this stage, start thinking about why you are going to all of this trouble. At the end of the day, you want to build up a valuable network of connections that ultimately may be helpful to one or both of you in a business context. You are looking to connect with clients, potential clients, business partners, introducers etc. And this works both ways – sometimes you are the client! Through your network, you are looking to provide value to your connections and/or indeed receive value from them.

So does it make sense if the lion’s share of your connections are other financial brokers? There is definite benefit in connecting with other advisers who you collaborate with or bounce ideas off for your mutual benefit. However I think that competitors should make up the minority of your connections, particularly where neither of you in reality will be looking to add value to each other. LinkedIn is not a glorified address book, it is far more valuable than that! But more about that in my final post on the subject of LinkedIn….

A question I’m often asked is, “Should I accept every connection request?”

There are many different views on this one. My own approach is to accept connections where I believe that there is some chance, even remote of one or other of us providing value to the other. I also consider how the approach was made, whether I think the person wanted to connect with me or was just spamming out invitations – see the section on manners below.

Groups are another rich source of potential connections as they offer opportunities to interact with people with common interests, challenges etc. Add value here and you will quickly build up a broader network.

If you have accepted connections in the past that you now want to remove, LinkedIn have made this very easy. You can now break the link with a connection, and the good news is, they are not even aware that you’ve done so. However, if you want to re-awaken this connection in the future, you will need to re-invite them to connect again.

 

Have a process to grow your network

It is really important to have a clear process for growing your network that you then carry out consistently. I think it’s all about striking while the iron is hot! After you have met someone who you would like to have in your network, you should straightaway check if they are on LinkedIn and if so, look to connect while you are still fresh in their minds. Once connected, you have opened the door to a value adding relationship in the future, even if you don’t see them again for some time. I encourage advisers to set aside even 10 minutes a day to reflect on who they met in the previous 24 hours, and then connect with them.

 

Don’t forget your manners!

My biggest bugbear with LinkedIn? This is when I receive a connection request where I don’t know the person, just receive the bog standard invitation request and I get a sense that the person was just spamming / firing out connection requests in all directions. So I’ve a few rules…

  1. Never send out the standard LinkedIn connection request. Personalise every invitation, even if it is just a reminder of where you met, a suggestion to meet for a coffee or some general business observation. The point is to show the person that you want to connect with him / her and are not just trying to drive up your connection numbers. Yes, this is slower as you have to send out each connection request individually, but definitely worth it.
  2. It is ok to look to connect with people in your connections’ networks, after all this is a key benefit of LinkedIn and what makes it tick! However there is a way to do it. As an example, let’s assume I’m connected to Joe who in turn is connected to Sam, who I don’t know. I want to connect with Sam to build a business relationship. Yes I can go directly to Sam and say why he should connect with me etc. However there’s a strong chance that he may just ignore me, as he doesn’t know me. Instead, do what you do offline. LinkedIn has a facility by which I can go to Joe and ask for an introduction to Sam. This is very powerful. Now Joe is doing me a favour (which I hopefully can reciprocate) and now Sam is much more likely to connect, both as a favour to Joe and also because of the professional approach used.

These are just a few thoughts on growing your network. In my final post on LinkedIn coming up in 2/3 weeks time, we get to the real meat of this series – using LinkedIn to add value.

If you’ve any thoughts on growing your LinkedIn network, please feel free to leave comments below.