Only the frontrunners among the wealth managers surveyed utilize social media networks in a comprehensive and coordinated manner, the survey report titled ‘Social Media for Wealth Management 2012’ said.

Additionally, compared to the 2010 edition of the same report, the average score awarded to the leading wealth managers social media presences was found to have doubled from 13 to 27 points.

Only 20% of the banks and wealth managers were found to have effective overall strategies for targeting social media at wealthy clients in place, while more than 50% of the banks seemed to have no social media strategy for this segment at all.

For the survey, MyPrivateBanking Research had analyzed the social media activities of the 30 leading providers of private banking and wealth management services worldwide and almost 250 social media presences were evaluated.

A staggering 14 out of 30 banks do not offer a dedicated wealth management presence on Facebook and 12 wealth managers have no special LinkedIn presence. On a positive note the wealth managers with presences on these media platforms have improved their offerings in the last two years significantly, the report said.

Also, the proportion of banks using social media such as blogs or podcasts on their websites grew from 30% to 75%; however, only half of the banks are found to be keeping these resources up-to-date.