Based on input from more than 585 financial advisors and their use of social media networks including LinkedIn, Facebook, and Twitter, Practical Perspectives released a survey today that found advisors have only minimally used these sites and they need more assistance learning how social media could be effectively used in their practices.

“Many appear to be just dabbling with this medium and are not fully grasping the opportunity,” said Howard Schneider, president of Practical Perspectives and author of the report.

The survey found that advisors use social media as a way to gather information, connect with industry leaders, and develop new sources of referrals and prospects, with LinkedIn being the most widely used network.

Nearly half of advisors have just begun to use social media during the past two years. And more than half of advisors have attended a social media training program or received some form of support during the past 12 months.

Satisfaction with social media support provided by broker-dealers, asset managers, insurance companies and other sources is modest, suggesting significant room for improvement, according to the survey.

Non-users of social media said compliance concerns are a major barrier, and only one in three survey respondents said they anticipate using social media in the future.

“Many advisors admit that social media has yet to achieve the results they expected,” said Schneider.