Facebook ads for advisors, part 2

3. Create your ad and set your budget. Here are some terms to know:

• Ad pricing types: With cost per click you pay each time someone clicks on your ad, and with cost per thousand impressions, you pay based on the number of people who view your ad.
• Daily budget: The maximum amount of money you're willing to spend on an individual campaign per day.
• Lifetime budget: The maximum amount of money you're willing to spend over a campaign's lifetime, a specific period of time.
• Max bid: The maximum amount of money you're willing to pay per click or per thousand views of your ad, depending on whether you have a CPC or CPM campaign.
• Action system: The market sets the price of your ad.

4. Understand Facebook's advertising policies and ad approval process.

Editor's note: Read our article on this topic to better understand your role as an advisor in this new media.

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Amy McIlwain is a professional speaker on social media and president of Financial Social Media, an online marketing firm specializing in the financial industry. She can be reached through her website at www.financialsocialmedia.com and on Facebook, LinkedIn, and Twitter.