Financial Advisor Social Media Infographic


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Putnam Investments partnered with FTI Consulting to learn about the social media behavior of Financial Advisors

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Financial Advisor Social Media Infographic

  1. 1. 50%of advisors say their company imposes no restrictions on location or device to access social media for business purposes Advisors say social media’s marketing role will increase because it’s a faster, more cost-effective way to reach clients. 58% at home 44% on mobile devices 85% at work THE SOCIAL ADVISOR Financial Advisors and Social Media: Making the Connection. Putnam Investments partnered with FTI Consulting to learn about the social media behavior of financial advisors. ACCESS GRANTED 49%of advisors acquired new clients Of those, 29%gained $1 million+ in new assets The typical financial advisor who uses social media on a daily basis Typical assets from new social media client: <$500K 10+ years of experience “If you want to work with 30-year-olds, you need to use social media. ” Top 5 reasons why advisors are increasing their use of LinkedIn ROOM FOR IMPROVEMENT COMPANY POLICIES MAKE LINKEDIN SOCIALLY ACCEPTABLE 66%of those who expect their use of LinkedIn to increase say their target audience is active on LinkedIn 22% want more education, training, and tools 81%of advisors using social media prefer LinkedIn for business 1% 8% 10% 75% of financial advisors use at least one social network for business 95% 31% 29% 21% USED IN THE PAST YEAR FOR BUSINESS PURPOSES CULTIVATING NEW CLIENTS 61% 42% 60% 58% USE HAS INCREASED YEAR-OVER-YEAR TOP USES DIFFER BY NETWORK Improve the effectiveness of referral network Putnam Investments Survey of Financial Advisors’ Use of Social Media (2013). Conducted in partnership with FTI Consulting: Survey conducted by FTI Consulting Strategic Communications in July 2013 among 408 U.S.-based financial advisors. Data sources: FTI Consulting Strategic Communications financial advisor panel and Harris Interactive. Putnam Retail Management 283425 Cultivate specific prospective clients once they are identified Enhance current client relationships 67%of advisors use LinkedIn to cultivate clients by requesting introductions to new leads 93% of advisors can accept connections 87% may list their firm name on their profile 85% are permitted to access it at work 63%communicate with new leads 59% of advisors have increased usage because they now have a better understanding of how to leverage LinkedIn for business 66% 43% 28% 18% 35% 44% 20% 20% 44% 69% 28% 28% 39% want reduced compliance requirements Top LinkedIn activities for advisors 90%accept connections 76% request connections76%list firm name on profile 65% join groups 57%post content updates HOW ADVISORS USE SOCIAL MEDIA LINKEDIN IS OPEN FOR BUSINESS SOCIAL MEDIA IS HERE TO STAY The people I am trying to reach are active on this network.1 5 2 4 Book of business: <$150M Typical client portfolio: <$1M Fee-based independent broker/dealer ADDING CONNECTIONS AND ASSETS I now have a better understanding of how to best leverage this network for business. It has helped me achieve my desired results. 3 It is more suitable for my needs than a different social network. I have more of a business need to use it than before. Improve referral network Build brand identity Expand professional network 47% 9% 4% 4% 43% 13% 8% 5% 38% 7% 5% 6% 44-year-old male Response = 305 advisors. Among financial advisors using specified social networks. Among financial advisors using LinkedIn as their primary social networks. Uses social media to build referral network, brand, and relationships 66%of LinkedIn users use it to prospect for new relationships 69%of Facebook users use it to sustain relationships