January 30, 2012
How are Financial Professionals, Like You, Using Social Media?
This is a question currently on the minds of nearly every management team in every financial institution, and one that I ask myself every day. With social media moving so fast and new solutions appearing, evolving, succeeding, and dying at such rapid rates I felt it imperative to reassess the direction of how advisors are using social media overall and how this has changed since the almost 2 years since linkedFA's launch. To help understand how our industry is changing we conducted a survey to poll advisors concerning their social media adoption, preferences, and opinions. Amongst a treasure trove of questions we could ask (and several we did), it is important for everyone to keep a pulse on the following topics:
-How many advisors are now using social media for business
-Are you using social media effectively? How?
-What are you biggest concerns?
Our study, titled “Social Media for Financial Professionals” (www.linkedfa.com/whitepaper), marks a historic look into our industry as the largest study performed on validated financial professionals and their social media habits. With 1,600 respondents (976 validated via CRD information), we have been able to take an in-depth view into how financial advisors are currently using social media, what methods are working the best to grow business, and what tools do advisors want to use socially. Some results were expected while other, quite frankly, caught me completely off guard.
With almost 80% of respondents on Linkedin and 40% on Facebook, it's no surprise to see that only 7.6% of advisors are NOT using social media for business. However, larger disconnects begin to appear as 43% of advisors see little to no return on social media with another 23% being unsure of their returns.
Furthermore, mobile adoption of social media is becoming prominent in the financial community with nearly 40% of advisors using mobile devices for social networking as much or more than their desktop.
I would like to give a big thanks to all of the advisors who participated in this study. Also, I would like to invite everyone who take a look into our results here: www.linkedfa.com/whitepaper. Our study is a phenomenal reference tool for advisors and management alike in determining how social media should be used to grow your business and how to build the right policies to allow social media to be effective.
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