Are you still hesitant to use social media for client acquisition?

Putnam Investments, a global asset manager, has concluded that you shouldn’t be hesitant at all. Putnam has been surveying advisors’ social media usage since 2013 and has followed the increase in the number of advisors turning to online social tools.

Its 2016 survey found that 85 percent of advisors (out of 1,018 surveyed nationwide) were using social media, and 82 percent of advisors with $100 million or more in assets under management gained new clients through social media. The respondents reported a $4.7 million median asset gain.

Out of all the social platforms advisors use, Putnam found LinkedIn has maintained first place since 2014, with Facebook clawing behind it. The report noted that most advisors use LinkedIn to connect with peers and Facebook to build their brand and to prospect for new clients.

Interestingly, YouTube took fifth in the report, though search engine optimization guru Brian Dean of Backlinko said in a recent webinar that video will be a top marketing tool in the future.

Of the advisors who do not use social media, 64 percent pointed to their company compliance policies or securities regulations as the reason, according to Putnam.

To view the full report, click here.