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Practice Management > Marketing and Communications > Social Media

Social Media On The Radar For Advisors

By staff Writer

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Many advisors see business potential in use of social media, but some are uncertain about the value of this media to their own businesses, according to a new study.

American Century Investments, Kansas City, Mo., recently commissioned an online survey of 303 financial planners, brokers and registered investment advisors to determine their views of social media such as Twitter, LinkedIn, Facebook, YouTube and MySpace.

Study participants averaged 14 years in the financial industry. Of those responding, 73% were male, and the average age was 46, the firm says.

According to the findings, 44% of advisors who use social media for business or business and personal use agreed that social media is an emerging trend with significant potential for businesses like theirs. But only 26% ranked social media as having value to their business.

In general, 73% had a profile or account with one or more of the social media types mentioned, the researchers say.

Among those who use social media for business purposes:

–49% use social media less than once a week, but 19% use it either once a day or multiple times a day.

–The 3 three business uses are: researching people (e.g., prospects, contacts and current clients), monitoring industry and market news, and reading expert commentary and insights.

–The top concerns that advisors have related to business use are: regulatory or compliance issues (47%), potential privacy breach (21%), and company or home office restrictions on use (14%).

–42% disagree that “social media is a fad with little value for business,” but only 14% agree that social media is “already producing tangible results” for their business.

“We know that financial professionals are still in the early stages of adopting social media as a viable tool to build their business, but many recognize its long-term potential,” comments Jennifer Sussman, director-online marketing and experience for American Century Investments.

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