Troubled by Twitter? Flummoxed by Facebook? LIMRA and LOMA are offering help to financial services professionals by hosting a seminar on the various business opportunities and challenges that social media presents. It will take place on Aug. 26-27, 2010, in Windsor, Connecticut.

According to Socialware Research, more than 60% of financial advisors use social media for business purposes and, of those, nearly 50% have been able to identify new referrals that resulted from their social networking presence. The use of social media by financial professionals will continue to increase and is expected to grow to over 70% by the end of this year.

“Social media is possibly the most significant development in marketing and communication in our lifetime, but adoption does not come without risk and regulatory concern,” said Jim Kerley, president of LIMRA Services Inc., said in a statement “Financial services companies are struggling to determine how to best leverage the social media platforms with sales and distribution, as well as home office operations, while minimizing risk to their brand and adhering to industry regulatory requirements.”

Social Media for Financial Services Seminar will provide sales, distribution, compliance, IT and operations leaders in the financial services industry the latest research and strategies on implementing social media and its impact on day-to-day, as well as long-term business success. During the two-day seminar, industry speakers and technology experts will share their share their experience and knowledge on the best practices and common pitfalls on developing a company-wide social media plan. According to LIMRA, The seminar offers its attendees the chance to learn from industry experts, as well as from their colleagues in an open, collaborative forum.

Experts from companies like Celent, Socialware and LinkedIn will join LIMRA and LOMA to provide examples of how companies identified and overcame the obstacles to implement a successful social media strategy. In addition, participants will learn about the tools and training needed to help foster strong communication practices using social media platforms and have with a better understanding on the ways to better engage their internal and external customers.

Read a story about social media and compliance issues from the archives of InvestmentAdvisor.com.