Most Advisers Utilize Social Media

Three out of four advisers employ at least one social media platform to engage clients and pursue new business, according to a recent Putnam Investments survey.

The survey, officially dubbed The Putnam Investments Survey of Financial Advisors’ Use of Social Media, reached more than 400 U.S.-based financial professionals and sought to measure the impact of social media on the financial planning marketplace. 

As in many other industries, the impact of social media is already significant and continues to grow, the study shows, with 46% of all advisers expecting social media to play an even more significant role moving forward. More than a third of respondents attributed the growth to increased marketing and networking opportunities.

Of the 75% of advisers already using at least one social network to contact clients or generate referrals, 81% reported using LinkedIn as their primary network.

Other findings in the study show 66% of LinkedIn users leveraging the site to start new relationships, compared to 69% of advisers using Facebook to enhance current relationships.

Corporate policy at 93% of the surveyed companies allows advisers to accept LinkedIn connections, and 49% of advisers who use social media have successfully acquired new clients through social networks. Among those gaining clients this way, 29% won over $1 million in new managed assets.

FTI Consulting Strategic Communications conducted the survey.