Chad Angle, Head of ReputationDefender at Gen Digital | Expert in Growth Strategy, Online Reputation Management, & Executive Privacy.
U.S. corporations invest between 1.3% and 3.3% of their total wage bill on regulatory compliance. This equates to nearly $240 billion per year in labor expenses and potentially much more in other costs. But while no one is going to argue about the importance of compliance, it is a critical error to think that due diligence ends there. The unfortunate reality is that it doesn’t matter how squeaky clean a financial advisor’s past behavior is—all it takes is a single negative online post that pops up on page one of the Google search results, and their reputation is at risk of being irreparably damaged.
What is particularly frightening about this situation is that it doesn’t make a difference whether the information in the negative post is true or not. Once that information is out there, it is often the first thing that people will see when searching for or researching a financial advisor. Not only is it virtually impossible to remove damaging information from the internet, but many financial professionals may not even be aware that it’s out there, prominently displayed on the search results.
While this risk exists for virtually everyone, financial advisors are particularly vulnerable due to the fact that they work in a trust-based industry. Negative reviews from disgruntled former clients, evidence of regulatory infractions, results of lawsuits or other damaging developments and even negative content maliciously posted by competitors can all have a detrimental effect on an advisor’s credibility and mean the difference between attracting and retaining valuable clients and losing them.
The Value Of Online Reputation Management
Fortunately, there is a solution to stay ahead of negative Google search results: online reputation management. Through a variety of data-informed strategies, including reputation monitoring, suppression of negative search results and customized reputation strategies, financial advisors can stay ahead of the Google algorithm and ensure that those critical first few pages of their search results don’t contain critically damaging content.
Even the most upstanding, compliant advisor can suffer catastrophic damage if a malicious or uninformed post makes it to the top of the search results. Advisors are at risk of suffering reputational damage and losing clients. In this modern digital age, when virtually everyone has immediate access to the internet, even the perception of unethical or illegal behavior can be just as damaging as an instance of regulatory noncompliance.
Potential Clients Could Be Looking At Your Online Reviews
Many people make the mistake of thinking that potential clients simply aren’t searching for them on Google and other search engines or looking at reviews. In reality, only 4% of consumers reportedly never check business reviews. The vast majority of people are actively using reviews to help them decide whom to hire and work with—and in the financial industry, where trustworthiness is paramount, the weight of that statistic cannot be overstated.
There’s another aspect of reviews and search engine results that most people miss, and that is the fact that search engines actually use reviews to help them rank search results. In other words, it’s not enough to simply ensure that there aren’t any negative reviews out there that can damage a financial advisor’s reputation—it is also important to have positive reviews and a positive narrative that can help to elevate the advisor to the top of the search results, as this increases the odds that they will attract new clients.
Online reputation management and search engine optimization are strategies that can help to improve an advisor’s online presence in two ways—suppressing negative content (typically by moving it down off the first few pages of the results, the point where most people limit their searching) while at the same time elevating positive content so that it shows up on those ever-important first few pages.
Financial Services Companies Must Manage Their Online Reputation
The internet has become ubiquitous in society, and to build a strong brand that attracts new clients and retains existing ones, financial services companies must manage their online reputation. While most of that work must be done organically through the development of a strong team, offering top-notch services and maintaining responsive customer service, achieving excellence is no longer enough to sustain a brand. It’s equally important to protect their reputation for excellence—and that’s where online reputation management comes in.
Leaders of financial services companies can implement proactive measures to maintain a positive online reputation. Firstly, regularly publish high-quality, informative content on reputable platforms such as industry blogs, LinkedIn and respected financial news sites to boost your firm’s positive visibility online. This approach ensures that valuable, credible content consistently appears at the top of search results, naturally suppressing any negative content that might arise. Engage positively with online communities and promptly address client feedback, publicly and professionally, to also demonstrate transparency and trustworthiness—critical attributes within the financial industry.
Additionally, encourage satisfied clients to leave authentic reviews on credible platforms like Google Business, Yelp or industry-specific review sites. This can powerfully influence search rankings in the company’s favor. Implementing a structured process to solicit and share client testimonials can also help ensure a steady flow of positive online content, further elevating a company’s reputation.
Lastly, continuous monitoring of the firm’s digital footprint, including social media mentions, online reviews and search engine results, is essential. Early identification and rapid response to any emerging issues or inaccuracies can prevent negative content from gaining prominence, safeguarding the firm’s reputation proactively.
Another option is to invest in outside help from reputation management consultants. Leaders planning to do so should consider a team that will leverage search engine optimization (SEO), conduct regular online audits for compromising information, clean up and suppress any negative press or posts and attract organic traffic and positive reviews through a multifaceted, strategic plan specifically tailored to the needs of their clients.
Conclusion
For financial firms with dozens of advisors who could potentially experience damaging online activity, or independent financial advisors who can’t afford the loss of business that comes with even one negative review, online reputation management should not be overlooked. Otherwise, no amount of investment in compliance can guarantee a strong reputation or long-term customer loyalty.
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