Social Media Use Driving Business for Financial Advisors

A recent article in Business Wire, indicates that social media is a driving factor behind personal success for financial advisors. In fact the small percent of advisors that still do not utilize social media resources have a lower success rate when it comes to total assets as well as client acquisition. This information is backed by a study involving over 1000 advisors. Here are a few interesting statistics to keep in mind:

• Two-thirds (67%) of advisors find that it is easier to share information with clients
• Nearly six in ten (59%) report having more frequent communication with clients overall, although 38% say they connect less frequently by phone or in person
• More than half (54%) of advisors say they have a better professional relationship with their clients, while 47% report a better personal relationship with their clients
• Half (50%) report decision making is faster and easier

As we can see from the data above, in most instances half or more of advisors see the benefits of social media for prospecting and overall communication with potential and current clients. These trends also point to a further upward growth, allowing a prediction that in the near future a clear cut majority will be relying on social media platforms to develop and grow relationships with prospective clients. All of this would of course depend on the knowledge and experience of the advisors in this field of marketing. This brings us to one more finding from the research worth mentioning:

• Nearly half (46%) of advisors claim to be social media “experts”
• 41% say they “just get by”
• 5% are just getting started
• 2% would like to get started but need help

The following stats show us just how comfortable financial advisors are when it comes to working with social platforms. And while we see that most feel that they are in full control of these digital tools, it is the second number of the “just get by” category that is worth another look.

From this we can conclude that while many advisors are on the right track, there is still a large percent of those who need to surpass “just getting by” and enter into the expert field, which will then propel them to a new level of success and even the playing field with those who are already reaping the benefits of social media.