The number of financial advisors who are gaining new clients through social media is growing, according to a survey released by Putnam Investments today.
In the 2013 Putnam survey, 49% of advisors using social media for business indicated that social media had helped them gain new clients. This year that number is up, with 66% of advisors reporting that social has helped them gain new clients.
The size of the new clients advisors are gaining through social media is growing too. This year, 39% of respondents who reported gaining new clients through social media gained new assets of more than $1 million, with an average gain of $5.5 million. The median booking was almost $2 million in new assets, close to triple the level reported by the 2013 respondents.
It’s also interesting to note that while the business value of social media is becoming more evident for advisors, the percentage of advisors using social has not grown year-over-year, remaining steady at 75% of respondents. LinkedIn remains the top network for advisors, with 64% of advisors reporting that they use the professional social network.
The survey also shares some interesting demographics: women and advisors under 30 are the most likely to use social networks for business. Wirehouse advisors are using social media more than independent advisors or RIAs and are the most likely segment of advisors to gain new clients.
To learn more, check out the Putnam Investments 2014 Social Advisor Study.
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Tag: social media for business
Unveiling the next generation of social sales
Businesses have said time and again that social media only matters to them if it can drive sales. Recognizing this, and coinciding with LinkedIn’s ten-year anniversary this week, we at Hearsay Social are excited today to unveil the next generation of our innovative social sales platform.
With new capabilities launching today, our customers can move beyond yesterday’s sales tactics and successfully adapt to the era of social selling. More than ever before, Hearsay Social is dedicating itself to social selling success across regulated enterprises.
Developed specifically with sales representatives in mind, new features launching today include alerts for important events, activity feeds, improved calendaring, and a robust mobile experience. Using Hearsay Social, sales reps won’t miss a thing on the social networks. Further, these new capabilities will empower each sales rep to attract prospects, retain customers, and grow their business.
In addition to upgrading our sales solution, today we also launched the Hearsay Social Brand Solution, extending the valuable Hearsay Social capabilities that marketers are familiar with, to now support complex marketing team workflows and high-volume social media interaction. Brand marketing teams can even more effectively plan, publish, and measure messages across all social channels using the same enterprise platform already deployed across their field and compliance teams.
Everything you love about Hearsay Social is staying the same: we’re focused on sales, we’re enterprise ready, and we’re committed to our customers’ success on social media.
To learn more about today’s exciting news, see the press release or our coverage on Bloomberg.
Also, be sure to register for today’s webinar with Forrester on social selling.
How do social sellers make it to the top? Insights from LinkedIn Sales Connect.
The huge productivity advantage of social media
Ed. note: This post is the third in a series drawing from Mainstay Salire’s study on Social Media ROI: Quantifying the Benefits of Social Media Marketing Platforms for the Enterprise. Download the entire report for free here.
Increased Employee Business Use of Social Media and Productivity
While most of the businesses previously had local social media presences, Hearsay Social offered a level of convenience and scalability that attracted agents, advisors, and local-branch marketers. Access to corporate content libraries, auto-scheduling, compliance tools, analytics, and the flexibility to customize each post were all features that appealed to users. Uptake of the solution was rapid across the companies studied and training needs were reported to be minimal.
Findings
Findings
- Average of 4X increase in employee activity on social media across companies studied
- 90% of advisors at financial firm joined a pilot rollout of Hearsay Social and 87% continued to use the platform after the pilot, demonstrating strong buy-in, adoption, and ease of use
- 75% of advisors said the platform improved how they used Facebook as a business tool
Faster, More Efficient Delivery of Corporate Content to Local Networks
At the corporate level, marketers noted the productivity advantage of an enterprise-wide platform for managing social media programs. Reusable content libraries, automated compliance checks, and other management tools were key to streamlining production and delivery of content to field networks. Ease of integration with back-end systems (e.g., ERP systems, compliance supervision and archiving systems, and monitoring tools such as Lithium) contributed to minimizing maintenance and support costs.
Findings
Findings
- More than 70% reduction in steps to convert, package, and deliver corporate content to local networks
- Creating and leveraging content library reduced compliance administration, content reviews, and rework
Easier Creation of Content at Local Level
Local teams leveraged the social media platformto access corporate content and marketing ideas, customized to local needs. By providing a common, easy-to-use platform across all channels, Hearsay Social enabled more frequent use of social media. On average, companies reported a 50% reduction in effort needed to create and manage social media content at the local level.
Thanks for reading! If you want to learn more, download Mainstay Salire’s study on Social Media ROI: Quantifying the Benefits of Social Media Marketing Platforms for the Enterprise.