Around 91% of financial advisors use LinkedIn while 41% choose Facebook in order to grow their business.
Advisors use social media, preferably LinkedIn and Facebook to promote their business, shows a Financial Planning Tech study conducted in US which surveyed 600 advisors.
The survey shows that 91% of advisors preferred LinkedIn over other social networking platforms. This was followed by Facebook (40.2%) and Twitter (24.7%) and other networking sites such as Google Plus (13.4%) and YouTube (13.1%).
“These advisors may view social media as the least costly method of gaining name recognition and PR. They may be targeting a younger demographic which is more active on social media. Whatever the case, it seems likely that social media will become an even more popular form of communication for advisors as the older generation retires and younger folks join the profession,” the study predicts.
Social media and the next generation
The survey shows that young advisors use social media more extensively as compared to elder advisors. It says that among the elder advisors (55 to 64 years of age), 47.6% never use social media as compared to younger advisors who prefer using social media.
“Our small sample of advisors aged 24 and below gives us a glimpse into the future of the profession; 100% of these youngsters use social media, and over 50% of them use it multiple times a day,” finds the survey.
