October 22, 2012
--- A growing number of financial advisers are embracing social
media to acquire and service clients, but perceive the return on investment as
mediocre, a survey found. ---
Phoenix Marketing International surveyed financial advisers
in October to examine the use and impact of social networking to enhance client
relationships, acquire clients, collaborate with other financial advisers, and
work with asset management firms.
Recent findings show that over half (58%) of surveyed
advisers use social networking in their advisory business, and about
one-quarter of these adopters do so primarily to either acquire new clients or
to enhance client relationships.
Other primary goals for using social networking include
promoting themselves or their firm (15%), professional networking (13%) and
interacting with asset managers on fund offerings and performance (9%).
Advisers cited asset managers in particular as needing improvement to disseminate
information about products using social media.
Among the topics Phoenix covered were:
- The extent to which advisers have adopted social networking
for their advisory business. Adoption variation was considered by adviser’s
role, assets under management, annual production, tenure, age and gender.
- The devices and social networking platforms used by advisers
in their advisory business.
- The obstacles and concerns for integrating social networking
as a business practice, and to what extent advisers are governed by a social
networking policy or guidelines.
- The most important purposes for which advisers use social
- Whether there are unmet business needs advisers hope to
improve through social networking, and which social networking platforms are
most likely to have increased usage in the near term.
- The most important business goals advisers anticipate for
social networking, and the return on investment (ROI) realized from social
networking for achieving each goal.
- Reasons social networking did or did not contribute to
achieving each goal.
- Perceived success specific asset management firms have with
utilizing social networking for the benefit of their relationship with advisers
and the purposes for which social networking would enhance interaction with
leading asset managers.
- Content advisers would like to receive for asset managers
via social networking.
The report on how 200 advisers utilize social networking,
their perceived ROI, and how well specific asset managers are providing
information to advisers via social networks is available for purchase. This
same report is included free of charge to subscribers of the semi-annual
financial adviser study.
More information is available at Phoenix Marketing International.