Fifty-two percent of financial advisors would like to communicate with clients and potential clients via the three primary social media sites: Facebook, Twitter and LinkedIn, according to the global consultant Accenture. But many advisors don't know how to navigate through the brave new world of social media.

And this presents a huge opportunity for students coming out of college today, says Jennifer Openshaw, president of Finect and founder of the Women’s Financial Network. Finect, a New York City-based company that earlier this year rolled out a social media platform for advisors, today held a press conference with Texas Tech University to announce their partnership to teach and prepare students on the use of social media. Texas Tech has the largest financial planning degree program in higher education.

“Students know social media from a social standpoint, but they need to make the transition to a business standpoint,” says Barry Mulholland, assistant professor in Texas Tech's financial planning department.

In many cases, it is up to younger employees in a firm to set up social media technology. “The industry understands that these young people are asked to come in and lead these efforts for the firm, so it’s up to us to get students tech-ready to enter a very dynamic industry,” Mulholland says.

Regulatory environments are not easy to deal with when three social media platforms are involved and a firm may have several employees using them, Openshaw says. Finect allows advisors to direct communication to all three platforms at once or to individual ones. In addition, Finect enables advisors to create a site that is open to the public and another that is restricted to clients, and all of this can be monitored for compliance purposes, Openshaw says.

Social media can be almost free compared to the huge price tag that a good public relations firm can command, says Dustin Parks, a Texas Tech student who is changing careers to become a financial advisor and who participated in the conference call.

“The shift in communication today is huge as far as the personal financial planning industry is concerned,” says Jeremy Ransom, a Texas Tech student. “In the eyes of many, if it is not on social media, it is non-existent.”

The new communication techniques will have a positive impact on the profession, Ransom believes. “People will be able to see something I posted and they will feel easier about contacting me” as an advisor, he says.