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Practice Management > Marketing and Communications > Social Media

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Came across an interesting study recently from Kansas City-based American Century Investments that figures about 1 in 5 financial services professionals now use social media daily for business purposes.

Nineteen percent, actually, of the 303 (73% male, average age 46) financial planners, brokers and RIAs surveyed responded that they use social media such as Twitter, LinkedIn, Facebook, YouTube and MySpace at least once a day. By contrast, 49% said they use social media less than once a week.

Of those that are using it, what are they using it for? The three primary business uses mentioned in the survey are: researching prospects, contacts and current clients; monitoring industry and market news; and reading expert commentary and insights. Interestingly, marketing was not mentioned as one of those businesses uses.

The survey also says 44% of advisors who do use social media agree that it is an emerging trend with significant potential for businesses like theirs, but at this point only 26% say social media has value to their business. (Read related article on the study: Social Media On The Radar For Advisors)

Are you connected? I would like to hear and share your feedback on ways you have discovered to effectively utilize social media to help your business. Conversely, if you think social media is nothing but a time drain, feel free to share your reasoning as well. Please take a minute to submit a comment below.

More blog entries from Brian Anderson.


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