The survey also brought to the surface some of the issues that might be holding advisors back from fully embracing social media.
The top concern cited by 37 per cent of respondents was “coming up with frequent and relevant content,” while nearly one-third (30 per cent) referred to “broker-dealer” concerns and 15 per cent admitted to being anxious about the “future regulatory environment.”
Despite these findings, “most advisors have moved past their initial concerns about social media,” said Tim Shanahan, CEO of Compass Capital in Braintree, MA. “We, like many advisors, now realize that social media is a powerful tool that can help us target specific groups and individuals to uncover business opportunities - especially, younger clients.”
The survey involved 185 participants and was conducted as part of SEI’s monthly practice management webinar series for financial advisors.