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For all of the advantages advocate say it carries in building outreach, social media may not be the best way for financial advisers to build new relationships.

According to a new report from Aite Group, “Financial Advisors Use of Social Media 2011: The Bloom is Off the Rose,” the percentage of advisers who have used social media to differentiate their practice from competitors’ practices declined from 21% in 2009 to 9% in 2011.

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