Social Media for Financial Advisors

Advertising on social media sites has not brought financial advisors many new clients. However, social media can be useful to advisors in another way. Financial advisors have gained clients by scanning the social networks to see what wealthy people are doing and then altering their services to meet needs that they see. 

If advisors are looking for a place to advertise, LinkedIn is the best source because it builds a professional profile. The Trust Advisor also warns that financial advisors should be aware of regulatory issues that are cropping up surrounding social media. The area is still not defined clearly, so the SEC can be unpredictable in this arena. It is better to err on the side of caution when liking statuses or posts and posting on walls. 

See Scott Martin, Like, Link, Share or Tweet: Most Advisors Think Social Media is a Big Distraction, The Trust Advisor, Jan 2, 2012.