In Practice August 16, 2012

Nearly 1 in 5 Has Found a New Client via Social Media

Nearly 80% of advisers have some business presence on social media, but 56% are “tiptoeing into it,” SEI found in a survey.
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The biggest stumbling block to using social media is not compliance concerns, but “coming up with frequent and relevant content,” cited by 37%. Thirty percent said they hesitate to use social media because of broker/dealer concerns, while 15% pointed to uncertainty over the “future regulatory environment.”

Nonetheless, 94% of the 185 advisers surveyed said they plan to increase their use of social media in the coming year. Only 24% said they were “mildly active” in their use of social media, and 19% have no social media presence.

“Savvy advisers are beginning to realize social media is as much a business development tool as it is a communications vehicle,” said John Anderson, head of practice management for the SEI Advisor Network. “What this survey shows is that advisers have the opportunity to see real business returns if they can begin to put social media plans, processes and policies in place, rather than just using it sporadically.”

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Tim Shanahan, chief executive of Compass Capital in Braintree, Massachusetts, said, “Most advisers have moved past their initial concerns about social media. We, like many advisers, now realize that social media is a powerful tool that can help us target specific groups and individuals to uncover business opportunities—especially younger clients.”

Data & Research August 16, 2012

Employers Want to Improve Benefits Communications

More than half of employers surveyed (55.6%) report that the effectiveness of their benefits communication efforts has improved during the last three years.
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However, nearly half (45.4%) are not satisfied with their current communications strategy, and an additional 28% are ambivalent, according to the 2012 Inside Benefits Communication survey from Benz Communications. Seventy-eight percent of employers cite getting employees engaged year-round among their biggest challenges, yet fewer than one-third (28.9%) are communicating with employees year-round.  

Employers’ top goals include executing a successful annual enrollment (60%), increasing workers’ use of preventive care (48%) and increasing employees’ 401(k) savings. Fewer than one-quarter (24%) report meeting these goals last year; 18.8% are not sure.    

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Only 24.2% are connecting their benefits strategy to their company’s bigger business strategy; fewer than half (46.9%) try. More than half (54.6%) do not document their benefits communication strategy, and 41% state they are not sure if their benefits communication efforts are helping them meet their goals.  

More than two-thirds (68.3%) report budgets of less than $25,000 for benefits communication; 10.1% report budgets between $25,000 and $75,000. The majority of these budgets are not being spent strategically. For example, two-thirds (66%) report print and postage costs (one-time non-renewable expenses) as consuming most of their budget.  

The full survey report can be downloaded from here.

 

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