Social media use among advisors at 84 percent: survey By Lauren McNitt ProWEB Wire (Industry News)

Social media use among financial advisors is rising significantly, according to a new Socialware survey.

The survey of nearly 150 financial advisors found 84 percent are using social media for business purposes, increasing from 60 percent in last year’s survey. Furthermore, more than half of respondents said their social media use has made at least a positive impact on their business.

In addition, the survey indicated more firms are recognizing the need for social media policies. In 2010, just 57 percent of respondents said they knew whether their company had a social media policy. This year, 80 percent said their company does have a policy in place.

While advisors are recognizing the impact social media can have on their business, 38 percent said there are still major obstacles to adopting social media for business purposes. The main hurdles cited were inability to archive data, understanding compliance issues and time constraints.

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