A new report from Aite Group looks at financial advisors’ use of social media to support their practices. Based on a 3Q09 Aite Group survey of 402 advisors, the report explores social media use among various types of financial advisors, and uncovers advisors’ objectives behind and barriers to using social media, and the impact that social media has had on advisors’ business results.
Although 63% of advisors surveyed use at least one social media tool on a personal basis, just 35% use social media professionally. Of advisors who use social media professionally, 36% say it has helped them reach new prospects, and more than one in five credit social media for increased awareness of their practice and differentiation from their competition. Still, social media use by advisors faces hurdles. Firms’ attitudes and policies toward social media may be depressing its use among advisors; more than half of advisors work for a firm that has a written policy governing the professional use of social media tools.
“Despite firms’ philosophies, advisors that use social media professionally are believers in its benefits,” said Ron Shevlin, senior analyst with Aite Group and author of this report. “Beyond the benefits that they have already realised, advisors using social media feel that the tools can help support a range of business objectives, from building customer relationships to supporting customer acquisition and employee recruitment efforts.”
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