Advisors are using social media
to build their brands and bolster their businesses, despite reservations and worries, according to a new study by SourceMedia.
More than half (51.4 percent) of independent, wirehouse and bank advisors surveyed said they use social media both professionally and for personal reasons, the study said.
RIAs are the most frequent social media users, with 52.7 percent saying they use it for business and personal reasons, compared with 46 percent of bank advisors and 37.8 percent of wirehouse and regional firm advisors, according to the study.
However, many advisors still have doubts
about their social media expertise, with only 11.7 percent claiming they have extensive social media experience. Meanwhile, 45.6 percent describe themselves as having moderate experience. Bank advisors make up the majority of this group, at 64.7 percent, followed by RIAs at 43.4 percent and wirehouse advisors at 34.9 percent, according to SourceMedia.
Nearly 7 in 10 advisors have a social media policy in place, a figure that rises to 90 percent among wirehouse advisors, the survey found.
Advisors are primarily using social media to research clients, prospects and contacts, and to build their brands and promote their businesses, according to the survey.
When asked about their top social media concerns
, 55 percent listed regulatory or compliance issues, SourceMedia said.