Social media is the elephant in the room even if broker-dealer firms refuse to acknowledge its presence. Worse, continuing to do so could cost these firms their top talent as advisors migrate to platforms that help them be more productive.
According to Aite Group research, a little under two-thirds of advisors use some form of social media—mostly Facebook and, to a lesser extent LinkedIn and Twitter—outside of work to keep in touch with friends and acquaintances. Far fewer advisors, 35%, use these tools to reach out to prospects or keep in touch with prospects and that could be a mistake, says Ron Shevlin, a senior analyst at Aite in Boston.
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