Advisors Are Less Euphoric About Social Media, But That Might Be Because They're Still Not Doing It Right Hot

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The Aite Group polled 437 advisors and concluded that "the bloom is off the rose."

 

Where one in five thought their social media presence was a differentiating factor back in 2009, only 9% think that way now.

 

That's not surprising. Many of the big fish in the industry are on Facebook and Twitter now, so it's not really a unique thing to be the twittering advisor.

 

But as advisors finally get their social efforts going, they're suddenly negative on the concrete impact of all those updates.

 

Across several categories -- reaching new prospects, earning revenue, becoming more productive -- only half as many advisors say their social media presence is working out.

 

One category that did improve, and it's a revealing one. Back in 2009, only 1% said their social presence was helping them communicate with clients.

 

In other words, only 1% had a social media presence. This was before the regulators established rules for these communication platforms, so it makes sense that adoption back then was minimal at best.

 

But if so, then a lot of those bullish 2009 statements probably reflect more hope than actual results.

 

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