5 Mins with Bobby Lumsden

Bobby Lumsden, Director of RML Financial Management in Dumfries is an active member of The ER Network. You can often find Bobby interacting both at The ER Network events and on social media, such as Twitter. We speak to Bobby about his experience of the network and being proactive on social media in the financial services world.

You’ve been with The ER Network for 6 years 6 months. What are the benefits for you of being part of The ER Network?

Being in Dumfries I’m fairly remote and it can seem quite lonely at times. The guys at ER are a great support if you need help with a case or if you just need someone to talk to and bounce ideas. They also pay what you are due and when due. I’ve been with a few networks in the past where you had to fight for every penny, I’ve never had to do this with the ER Network

You’re well known for communicating on Twitter. How valuable is Twitter for marketing your services?

It’s very difficult to quantify but I believe it put’s my name out there. If RML Financial Management comes up often enough then hopefully we will be the first port of call when the mortgage statement comes in or a new conservatory is being considered.

How much time do you spend weekly on Twitter? Does it take up a lot of your time?

I spend no more than a few minutes every day. With the modern smart phone or tablet you can quickly check other people out and make a contribution. I do believe that you need to consistently though and at least a couple of times a week.

Advisors are being asked to stay in touch with their clients more frequently, do you think it’s possible to do this via Facebook and Twitter?

Yes definitely, but with a health warning. Everyone must remember that these are public forums and you should not send public messages or offer specific advice using social media. Also don’t get involved in public gossip, you need to remain professional and remember what might seem funny to one person could be offensive to someone else.

Some advisors worry about the compliance element of social media, such as Twitter and Facebook, how do you remain compliant on Twitter?

I believe that if you do not offer advice you will remain compliant however you do need to get your page details approved by your compliance department. I follow the big financial publications, BBC, Your Money, Money Marketing etc and the big companies, Intrinsic, Bright Grey, Friends Life etc then if they post something I think is of interest I re post or retweet which shows the source of the comment. I never mention specifics unless it shows the source of the figures and certainly do not offer advice on social media. The other benefit here of course, going back to question 4, you are only pushing a button to retweet and not spending for ever typing.