What’s more, Putnam says that advisors are becoming more sophisticated and strategic in their social media use. While LinkedIn remains the primary network for financial advisors when it comes to adoption, it is used less frequently than Facebook or Twitter by adoptees.
The three main social networks are being used for different purposes, says Putnam. In the survey, advisors were most likely to use LinkedIn to connect with their peers and to improve their referral network. Facebook, on the other hand, was most likely to be used to build a brand, improve a referral network, enhance client relationships and to cultivate prospects. The advisors were using Twitter not just to enhance relationships and find prospects, but also to expand their professional knowledge and to promote themselves as thought leaders.
Putnam’s 2016 survey was conducted online in July 2016 among 1,018 financial advisors.