Financial Advisors Slow To Adopt Social Media

While a recent study shows more than two-thirds of all online adults are using social networks, financial advisors are much slower to adopt social media for their businesses, says a poll by SEI. It shows that less than a third of advisors surveyed (28 per cent) use social media to promote their practices online and those that do, use it in a limited fashion. In fact, more than half of respondents said they are tiptoeing into social media with only a LinkedIn profile. And, nearly a third of those polled (29 per cent) have no presence at all. “Whether it’s a lack of time, resources, or expertise, it’s clear most advisors haven’t fully committed to social media yet,” says John Anderson, head of practice management for the SEI Advisor Network.