According to ACI, the problem and the solution lie with the firms that employee the advisors. Only 36% of advisors said their firm trained them in how to write a LinkedIn profile; 52% said their firm had shown them social media best practices for posting content; 37% said they felt they knew how to find their target audience on social media; and only 33% said their firm showed them how to use social media to increase AUM.
Firms whose advisors received advanced training in social media skills reported an increase in their business, compared with those firm whose advisors who just received basic training.
Despite positive results from using social media, many advisors said they still do not believe it is a valuable tool, even those benefiting from it.
According to 38% of participants, social media use will never affect their business success.
Based on the survey’s findings, ACI recommends that firms invest in a social media program to train their advisors in how to use social media, and to encourage advisors to use it frequently -- even if social media use doesn’t always produce immediate results.
“Companies that embrace social media, create a program and train their teams effectively have a huge opportunity waiting for them,” ACI concluded.
American Century Investments is a privately controlled and independent investment management firm headquartered in Kansas City, Mo.