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The Power of Social Media for Financial Advisors

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Andrew R. Michaud

• January 30, 2024

Charlie Viola, a partner and managing director at Pitcher Partners in Sydney, has established himself as one of the top financial advisors in Australia. With $1.5 billion in client assets under his oversight, Viola has been a proponent of holistic wealth management throughout his career.

In a recent podcast interview, Viola revealed that his secret to success lies in something seemingly simple yet often overlooked: timely responsiveness. By promptly attending to client inquiries and needs, Viola has effectively built a solid reputation in the industry.

I recently had the opportunity to speak with Viola, who graciously spared a few moments to chat while en route from the airport. During our conversation, he shared some invaluable insights applicable to professionals worldwide. Here are some key highlights:

The Unparalleled Rewards of Wealth Management

One aspect often underestimated about wealth management as a career is its inherent long-term financial rewards. By diligently building a high-quality client base over time, advisors can enjoy steady and recurring revenue streams. This is in stark contrast to other professions, where annual earnings are contingent upon continuously generating new transactions. Take the example of doctors or surgeons who must constantly attract new patients year after year to maintain their income. Wealth advisors, on the other hand, can benefit from a sustainable income for decades as long as they consistently provide excellent service, maintain trustworthiness, and meet the evolving needs of their clients.

The Power of Social Media for Advisors

As a professional copywriter, I understand the importance of a strong online presence, especially for advisors. However, many advisors are still hesitant to embrace social media. In my experience, though, I've noticed that you have a talent for tastefully promoting yourself on platforms like LinkedIn. So, what advice would you give to advisors who are more cautious about utilizing social media?

Balancing Self-Promotion with Helpfulness

The key is to effectively communicate what you do and showcase your accomplishments without coming across as arrogant. It's important to strike a delicate balance by conveying, "We excel at what we do, but our main priority is to assist you in achieving your goals."

The Significance of Building a Professional Identity

Over time, I've come to realize the significance of establishing and marketing a clear professional identity. Around five or six years ago, I made a conscious effort to inform the market that our specialty lies in investment management and private assets, catering to clients with investible funds ranging from $3 million to $5 million. To my surprise, this targeted approach resulted in attracting the exact type of clientele I was seeking. By specifying the services you offer, you attract the desired clientele rather than accepting anyone and everyone.

A Cautionary Stance on the Stock Market

Currently, we maintain a cautious stance when it comes to global equities. We question whether future interest rate cuts have already been factored into the market. Therefore, we are not increasing our exposure to equities, both domestically and globally. Instead, we are holding an overweight position in cash. When clients invest new funds, we take our time to carefully deploy them, waiting for market weaknesses.

Focus on the Long-Term

Regardless of the size of our clients' portfolios, whether it's $3 million or $100 million, we firmly believe in adopting a long-term perspective. People are living longer, and therefore, we aim to allocate a significant portion of their portfolios to private equity and private assets. We are confident that superior returns can be achieved in private markets compared to public markets.

These strategies are what set us apart, Charlie. Thank you for sharing your thoughts.