Social media has become an important way for financial advisers to engage with clients and grow their business, according to survey from Accenture: 48% of financial advisers say they interact daily with clients via social media and 74% say social media helps them increase the financial assets under their management.
In addition, 50% of surveyed financial advisers say they have successfully used social media to convert prospects into clients.
Not surprisingly, nearly one-half (49%) of the financial advisers surveyed said firms that fail to use social media will lose clients to firms that do so.
For the report, Accenture polled 400 US financial advisers, most (60%) of whom manage assets of more than $20 million, as well as 1,000 high-income, digitally savvy US investors.
"The use of social media to interact with clients is a differentiator for advisers today, but it will be mere table stakes in the not too distant future," said Alex Pigliucci, global managing director of Accenture Wealth and Asset Management Services.
"Wealth management firms that fail to adopt social media will miss an opportunity to build relationships with clients on their terms. This is becoming increasingly critical as investors are demanding online resources to help them better understand investment strategy and advice."
Below, additional findings from Accenture's report titled "Closing the Gap: How Tech-Savvy Advisors Can Regain Investor Trust."