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The Markets July 21, 2010
Advisers Use Social Media to Drive Growth, Connect with Clients
A new study from BNY Mellon's Pershing Advisor Solutions finds nearly half of RIAs work for a firm that has a written policy governing the use of social media tools, and among those firms 81% prohibit or limit the use of social media.
Reported by PLANADVISER staff
Still, among RIAs already using social media, 42% said it has helped them reach new prospects, 31% credit it with helping them to generate awareness of their business, and 27% with helping them differentiate themselves from their competition, according to Creating Growth: The Increased Use of Social Media by Independent Advisors.
Although RIAs who use social media on average manage fewer assets and advise fewer clients than those who do not, the survey found that they have experienced higher growth in terms of revenue, assets, and clients advised. One in five advisers attributed increased revenue or fees from existing clients to their social media-related efforts.
Users are not limited to younger RIAs, either. While more than half of advisers under 30 do use social media for professional purposes, so do 48% of those in their 30s and 42% of those in the 40s. The most common social media tool advisers reported favoring is LinkedIn (53%), followed by Facebook (39%), and Twitter (27%). Twenty percent even reported having a professionally-oriented blog.
To receive a copy of the study, please contact Pershing Advisor Solutions at (800) 445-4467 or via e-mail at pasinformation@pershing.com.
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