According to the study, 58% of financial advisors surveyed were found to be utilizing social networking in their advisory business, utilizing various platforms to interact with clients, colleagues and firms and more than 80% of them believed in their proficiency in social networking to be above average.
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Further, the advisors not using social networking cited regulatory concerns as the most common issue preventing usage, while 30% of the non-users revealed of their plans to begin utilizing social networking in the next 6 months.
The study was conducted among financial advisors in the US in January 2013.
Some of the firms queried for the study include American Funds, Ameriprise, BlackRock, Charles Schwab, Columbia Management, Franklin Templeton, iShares, Jackson National, John Hancock, Lincoln Financial, MetLife, Nationwide, Oppenheimer, PIMCO, PowerShares, Prudential, Scottrade, State Street, Transamerica and Vanguard.
The study was aimed at evaluating the impact social networking has made on how financial advisors enhance existing client relationships, acquire new clients, collaborate with other financial advisors, and work with asset management firms.
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