Putnam Investments has followed advisors’ social media activities since 2013, and their 2016 survey shows 85% of advisors use online platforms, Financial Advisor writes.
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The survey found that more than 8 out of 10 advisors with $100 million or more in assets under management have acquired new clients using social media, with a reported median asset gain of $4.7 million, the publication writes.
LinkedIn—the primary choice for advisors—is used to network with peers, while Facebook, ranking second, is used for client acquisition and brand-building, according to the study cited by Financial Advisor. With video being hailed as a key marketing tool for the future, YouTube ranked fifth in the survey, the publication writes.
Putnam also found that 64% of advisors who don’t expect much traction from social media for marketing purposes cited securities regulations and company compliance policies as the reason, according to the report.