Social media has become a common communication vehicle in the financial services industry.
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A recent report by LIMRA shows that 83 percent of all financial professionals are using social media compared to just two years ago when only 72 percent of young advisors were using social. Additionally, about two-thirds are currently receiving social media support.
Financial professionals find social media helps them to market themselves, research prospects and build relationships. Eighty-eight percent of those aggressively looking for new clients are using social media, compared to 62 percent of those less actively seeking new clients. The most popular platform for both groups of financial professionals is LinkedIn.
While social media has opened new opportunities for financial professionals to connect with their clients and prospective clients, there have been some challenges integrating it. Compliance requirements present challenges for those who want to use it effectively because there are often limits as to what financial professionals can say on social media, or delays waiting for compliance to approve posts.