When surveyed as to why they do not utilize social media platforms for their businesses, the reasons advisors give vary considerably. Approximately half of advisors across all three channels not on social media platforms claim it is due to uncertainty about how to navigate through compliance issues, while approximately one-quarter report not knowing how to measure its effectiveness. Another interesting observation is that the RIA channel responses may indicate a lack of resources required to manage social media, as they had slightly higher response rates indicating insufficient staff and technology to manage, monitor, and track. It seems that as tools become available to help advisors overcome the technology, compliance, and personnel hurdles associated with implementing social media outreach campaigns, we will likely see wider-spread adoption of such services throughout the advisor space.
Next Part 5 of 8: Social Media Use By Advisors
