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Putnam Survey Shows Nearly 80% of Advisors Gained New Clients Using Social Media

For the third year in a row, Putnam Investments released the results of its latest Social Advisor survey, which looks at the social media usage habits of over 800 financial advisors, comprising all business models, geographies, ages and gender. The survey, performed by BrightWork Partners on Putnam’s behalf, revealed some interesting data around four key areas: social media usage, demographics, social networks, and business goals.
According to the 2015 Putnam Investments Social Advisor survey, 79% of advisors who use social media gained new clients through social networks and of those, 29% gained over $1 million in new assets. That’s up from 66% in 2014 and just 49% in 2013. These numbers clearly show that social media use among advisors and ROI  are on the rise.
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And just who is the “social advisor”? According to the study, the typical financial advisor who uses social media and has acquired clients as a result of it possesses the following characteristics: 

  • 44-year-old male wirehouse advisor with 10 years of experience
  • Active on five social networks
  • Runs a book of business worth $80 million (median)
  • Gained an average of $1.8 million of client assets using social media

In the survey, advisors were asked how they are leveraging their primary social networks for business. The survey revealed that LinkedIn has by far the highest advisor adoption rate (70%), followed by Facebook (47%) and Twitter (42%).
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To learn more insights about the survey, read the press release or check out the full 2015 infographic, now available for download
Related Resources:

Dreamforce recap: Financial firms can go social with the compliance officer's blessing

[Ed. note: Hearsay Social will be sharing extra details and compliance expertise in a special Dreamforce session today, September 19. This session, “Compliance and Governance for the Social Enterprise,” will take place in the Ralston Ballroom at the Palace Hotel from 3 — 4 PM.]

Hearsay Social representatives Kwesi Graves and Sanjiv Baxi at Dreamforce ’12 Financial Services Day.

By 2016, digital interactions with financial institutions will outnumber face-to-face interactions 250-to-1.
Brett King, bestselling author and American Banker’s Innovator of the Year (2012), shared this astounding statistic at the Dreamforce ‘12 Financial Services Day opening keynote, hammering home the point that banks, insurance companies, and other financial firms have no choice but to adapt to new social and mobile technologies.
It’s not just that children and young adults are growing up with smartphones and tablets. As a matter of fact, the most quickly growing demographic on Facebook right now is the 55+ age group. Across the board, your customers and prospects will increasingly expect you and your representatives to serve their needs in real-time over their platforms of choice, like LinkedIn and Facebook.
But what will the compliance officers think?
If you get compliance and legal involved from the outset, it’s true that they will have many questions and concerns, but no hurdle will be too high, according to Dreamforce speakers Adrian Mariadas (VP of Global CRM at Barclays Corporate) and Andrew Bartels (Director of IT at PSA Insurance & Financial Services). Be as open as possible with attorneys and compliance officers about your goals and methods, and they will more often than not be on your side.
Bartels even told the audience about how he put a white paper together for his compliance team, addressing all their concerns and laying out all the procedures in one concise document. In the end, his compliance team gave their approval to Bartels’ social media project.
Compliance, legal, and social media can all indeed get along.
After all, there are solutions (like Hearsay Social) that offer robust social compliance capabilities for FINRA, IIROC, and SEC-regulated financial firms. (And if you’re a Salesforce.com customer, you’ll be pleased to hear that yesterday we announced Hearsay Social Cloud Compliance for Salesforce, letting organizations in regulated industries fully embrace the socially connected enterprise in the cloud.)
All told, things are looking very positive for the financial services industry on social media, as more and more of the most respected brands, like Allstate, Thrivent Financial, and Ziegler, lead the way in social media adoption for insurance agents, financial advisors, and wealth managers.
Have any questions about social media for financial services? Feel free to leave a comment!

[Ed. note: Hearsay Social will be sharing extra details and compliance expertise in a special Dreamforce session today, September 19. This session, “Compliance and Governance for the Social Enterprise,” will take place in the Ralston Ballroom at the Palace Hotel from 3 — 4 PM.]