Some financial advisers that use social media professionally are seeing higher revenue growth and larger client bases compared to advisers that do not use the network channels.
According to a report from Aite Group, which collected responses from 402 financial advisers, 36% said social media has helped them reach new prospects. More than one in five credit social media for increased awareness of their practice, wider increases in their books of business and differentiation from their competition.
Still, more advisers use social media on a personal level, Aite found. Sixty-three percent said they use at least one social media tool on a personal basis while 35% use social media professionally. One of the hurdles may be firms' attitudes and policies, according to Aite. More than half of advisers said they work for a firm that has a written policy governing the professional use of social media tools.
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"Despite firms' philosophies, advisers that use social media professionally are believers in its benefits," said Ron Shevlin, senior analyst with Aite and author of the report. "Beyond the benefits that they have already realized, advisers 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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