And yesterday came the news that LPL Financial, the largest independent broker-dealer in the United States, will allow its financial advisors to use LinkedIn, Facebook and Twitter.
As I wrote in October, LPL advisors have been part of the AdvisorTweets database since Day 1. Last fall, I wondered whether the inclusion of “Securities offered through LPL Financial Member FINRA/SIPC” in several accounts’ Twitter bios reflected the start of an LPL sanction.
It’s welcome news to hear that more LPL advisors are on their way. Expect more announcements from broker-dealers, wirehouses and investment companies.
Last week, The 140 Characters Conference: New York City featured a panel discussion called “How I Did It: Financial Services Social Media Champions Tell Their Stories.” The scope of the presentation by representatives from Citi, Deutsche Bank, the Financial Women’s Association and BGK Group was broader than financial advisors’ adoption of social media but well worth your time.
At the 12:45 mark, listen to Deutsche Bank Managing Director John Stepper as he describes his firm’s internal reaction to the May news that Morgan Stanley would be empowering its broker force of almost 18,000 with access to social media.
That scene, those questions streaming in from multiple sources, is being played out at many firms. LPL’s greenlight on the heels of Morgan Stanley on the heels of earlier decisions by Commonwealth, Cambridge and Raymond James is accelerating others’ consideration of social media and ultimate adoption. This revolution is underway.
P.S. There’s news coming about the future of AdvisorTweets.com. I should be able to update you in a few days.
Morgan Stanley made news yesterday when Reuters revealed the contents of an internal memo from Andy Saperstein, Morgan Stanley’s head of United States wealth management. Morgan Stanley will be “the first major wealth management firm” “to use key social networking sites to market themselves and share the firm’s intellectual content, while complying with regulatory requirements,” according to the memo to employees.
This news comes a year after Saperstein went on record as supporting social media at an Investment Company Institute conference last May.
What follows are the facts of the announcement, my reaction and links to other perspectives.
Who: The full brokerage force of 17,800 advisors
Timing: 600 advisers will start before late June, the rest to follow within six months
What: Accessing LinkedIn and “partial use” of Twitter
How: Socialware will provide social media archiving support, no details on added internal Compliance and other resources
Why: From Saperstein’s memo: “Over the last few years, the emergence of social media has changed the way in which people communicate with each other, and companies interact with clients. MSSB is embracing how social media is changing communication and is at the forefront of the industry in how we are incorporating it into our business strategy.”
Joining A Conversation That’s Underway
Morgan Stanley can score this as a short-term win—brokerage firms that follow won’t get as much media attention, for example, and the decision no doubt appeases those who have been agitating for “social media” from within the firm.
I empathize with the task that Morgan Stanley takes on here. As I repeatedly tell my Rock The Boat Marketing asset management consulting clients, social media isn’t a perfect fit for a big firm, let alone a big regulated firm. Efforts to extrapolate what has succeeded for individuals and small businesses often fall dull, flat and ineffective. A shocking amount of time and people resource investment often barely moves the needle where the needle needs to be moved—in authenticity and real engagement.
As much as I cheer the interest and commitment suggested by this announcement, I share others’ reservations about the limits that are being imposed and the potential value of the advisors’ participation to the social communities about to be joined. There is a “conversation” already underway and the highest level question to be asked is what value will Morgan Stanley advisors add to that conversation.
Should AdvisorTweets brace for redundant home-office-scripted tweets from thousands of advisors? We can be certain that the tweets will represent Morgan Stanley but what will these tweets really tell us about what advisors are thinking? I think of yesterday’s impromptu outpouring from advisors moved to tweet about the death of CNBC’s Mark Haines. How will Morgan Stanley support fresh individual expression, if at all?
But I’m determined not to obsess about that just now. No body—no individual and no firm—has ever taken to social media and followed the plan that was carefully laid out in the Ivory Tower. Participation always leads to a re-set, and that’s likely to happen at Morgan Stanley.
Re-read that line from the memo—the part about using the networking sites to market and share content. With a few months in, my guess is that the architects of the plan will realize that listening and learning should have been an expectation, too. In a conversation it can’t all be about you and what you want to accomplish.
As a result of its initial experience, reception and feedback from practitioners, the firm should be smarter and sharper as a result of having taken this on. I’d look for a Version 1.5 of the plan to begin to reflect the firm’s real vision for the value it can add using social media and, secondarily, the value it can receive.
From the New York Times’ DealBook blog: Tweet on the Street
Excerpt: “Financial advisers can also select from a library of preapproved status updates that cover market updates, economic and investment insights and wealth management topics.”
From Registered Rep: Morgan First On Wall Street to Crack Social Media Code
Excerpt: “Lauren Boyman, MSSB’s director of social media, notes that the firm plans to loosen the reigns eventually. Critical will be having the firm’s advisors catch up with those who are early adopters and much more comfortable understanding how to use the social media platform in a compliant manner.”
From Mashable: Morgan Stanley Brokers Will Use Twitter & LinkedIn To Market Themselves
Excerpt: “The advisers will use the social channels to communicate with existing clients and look for sales leads.”
From The Wall Street Journal’s Financial Adviser Blog, this post by Josh Brown, also known as The Reformed Broker on his blog and on Twitter: Morgan Stanley’s Twitter Initiative: Well-Meaning but Pointless
Excerpt: “With all due respect to Morgan Stanley, can they really think that anyone has an interest in being spammed with PR and pre-approved status updates from their broker? This firm is bringing social media companies public for billions of dollars and this is what they think it’s about?”
Finally, for today at least, you can see some other reactions by searching “Morgan Stanley” at search.twitter.com. There’s less to find on this topic but remember that you can also use the AdvisorTweets search engine to check out comments from advisors who are already using social media.
Your thoughts? They’re always welcome.
A question appeared in the AdvisorTweets stream yesterday that advisors have asked repeatedly since the April 2010 launch of the iPad.
Most likely @ResilientInvest (the Twitter account of fee-only financial planning firm Rockwood Wealth Management) meant to ask a broad question and wasn’t necessarily seeking recommendations from financial advisors.
But I’ll use this as an occasion to remind you that it is possible to narrow your information searches to what only financial advisors are saying and thinking. One value of AdvisorTweets is not just its aggregation but its archiving of tweets by financial advisors. AdvisorTweets is an implied community and advisors in the database (U.S.-based financial advisors using public Twitter accounts for business purposes) and the tweets they’ve sent are available as a resource for you to consult.
Those of us who watch advisor tweets have seen the iPad question and other technology-related (CRM, email provider, etc.) questions asked and addressed before. Clearly, advisory firms are adopting various technologies at various paces.
A search yesterday afternoon of the term “iPad” produced more than 280 tweets since last April, some from enthusiastic advisors, others from skeptics. Some tweets were tweets to iPad editorial coverage and yes, there are tweets commenting on iPad apps.
An Ad Hoc Focus Group At Your Disposal
Where do information-seekers turn to for relevant information? Google and other search engines, obviously. But social sites have the potential to add filtering, which heightens the relevance of the search results. People turn to Twitter for the freshest “news,” to Facebook for information curated by their friends and to LinkedIn for information vetted by their business network.
AdvisorTweets is an ecosystem that draws its life and breath from the Twitter API. Ask a question on Twitter and there’s no telling who will see your question and answer it—the broad net is part of its appeal. But when you’d like to narrow your search to what financial advisors are saying and have had to say about technology or other topics since April 2010, try AdvisorTweets’ Search.
Much has been made of what a big news week last week was. There was a lot to keep track of in the investment business, too, as many of us benefitted from tweets sent from two conferences underway:
- the Financial Planning Association’s FPA Retreat 2011 (see the #FPARetreat11 tweets)
- the Investment Company Institute 2011 General Membership Meeting (see the #iciconf tweets)
But it would be a shame if you missed a 72-minute discussion on how “Social Media Is Changing The World Of Investing, a Milken Institute Global Conference discussion held last Wednesday and posted online shortly afterward. Even I was putting off watching an hour-long online panel discussion, but trust me when I say that this is worth your time. You’ll get a lot out of the panelists’ insights on and examples of how professional investors are using Twitter, LinkedIn, blogs and other forms of social media to gain intelligence. Financial advisors, regulators SEC and FINRA, and asset managers were mentioned quite a bit.
The panel, moderated by Fox Business Network senior correspondent Dennis Kneale, included:
- Chris Albinson, Managing Director, Panorama Capital and @chrisalbinson
- Scott Burns, Director of ETF, Closed-End Fund and Alternatives Research, Morningstar
- Tom Lydon, Publisher, ETF Trends and @TomLydon
- Evan McDaniel, Chief Information Officer, MerlinOne Trading Partners (@SellPuts)
- Jon Najarian, Co-Founder, optionMonster.com and @OptionMonster
Note that the image above is just an image—code to embed the video has not been made available. Click on the image or this link to watch it.
A few notes follow, but try to watch the video for all the context and color. The numbers in parentheses are time markers.
Social Media Gives Investors An Advantage
Albinson repeatedly referred to social media as a “wrecking ball” whose impact is yet to be felt in banking and finance. One example: He knows a trader who wrote a script for LinkedIn to track the movement of sales reps moving from RIM to Apple. The trader was 12 months ahead of the RIM/Apple trade, Albinson said. (11:20)
Albinson: Asked to provide an example of social media breaking news, Albinson described how a blogger in Moscow pulled together sell-through information from Twitter and regulatory filings and found a discrepancy between those reports and mobile unit volume Microsoft was reporting. “It was a catastrophe for Microsoft. Blogged in Moscow, picked up on Twitter…Who’s the good guy/bad guy in that scenario? Is it Microsoft misleading the public?” (39:00)
Najarian: Twitter broadens and democratizes information access. “Many of you have very sophisticated systems, whether it’s Bloomberg or First Call, very expensive, sophisticated means of acquiring information. Whether it’s at $4,000/month or 50,000 shares a week that you have to do to get that information, that blocks a lot of others from getting that information. You might find that you can get that information on Twitter…With Twitter you can research, hit that stock symbol and see what people post. That’s manna from heaven if you’re an information junkie like me, wondering what’s going on and why would a stock be moving.” (28:00)
Financial Advisors’ Participation In Social Media
Kneale showed several slides, most featuring data from the recent American Century Investments survey.
Saying that the “SEC’s archaic disclosure requirements do not work in a 140-character world,” Burns reacted to the survey data showing that 70% of advisors have a Facebook page. “But what’s actually on there? It’s mostly personal.” (15:00)
Lydon: “The train has left and the SEC is not jumping in front and saying, ‘Stop,’” to advisors. “But what they’re doing is reserving the right to come into shops and asking, ‘Are you posting misleading information, are you pumping and dumping, are you not disclosing?’…For the average financial advisor out there…it’s common sense to do what you want to do.” (17:25)
Lydon: “The average advisor who hasn’t embraced social media and really committed to it is going to have trouble with his business. Right now buy-and-hold isn’t sexy and especially with what’s coming on the fixed-income side, they’re going to have to do a lot to ingratiate themselves with their clients.” (1:08)
Najarian: “The SEC and FINRA really do have to get on board with this. Because what are they promoting? They are promoting people who aren’t registered as spokesmen or knowledgeable about a particular stock. Because the people who are registered can’t say anything.” (18:20)
Najarian: “We’re going to drag the SEC and FINRA kicking and screaming into letting real folks that are the Series 7 or registered investment advisors use social media in a good way…one of the things that will change is that there will be more good guys in the game with good information…There are a significant amount of good guys with good information that can’t participate right now because their Compliance officer won’t let them. Do you see anything on Twitter from Fidelity, from Goldman Sachs, from Morgan Stanley?” (1:10) [In fact, Fidelity does have a Twitter account.]
Asset Managers And Social Media
Lydon: “Broker-dealers and mutual fund companies are handcuffed, they just can’t get information out there before it’s old or irrelevant.” He named Van Eck Global as one firm that has “found a legal way to get the information out” by maintaining a separate Website, HardAssetsInvestor.com. Other firms are using the media and bloggers to disseminate information along the lines of “We have a new product, we’re seeing a trend in bonds, we can talk to you about it, maybe, off the record.” (38:30)
Burns: Naming “successful” blogs like Oppenheimer’s and iShares’, Burns predicted continued asset manager interest “as they figure out that snail mail has died, email has died, how do I communicate with my customer when they have opted to make Facebook their primary place for information?” (1:09)
Lydon: Much of the panel was focused on using social media for trading information but it can also be used as education for the average investor…”A company like PIMCO, a trillion and a half, made their money bonds and now they know what’s coming, they see the light at the end of the table. How do they embrace their shareholders using social media to say, ‘Hey folks, you know this thing is going to change and we have some other opportunities for you and maybe now is the time to start thinking about them.’ That’s a classic situation.” (1:04)
When an event for financial advisors is underway, I make a practice of following the Twitter hashtag. It’s a terrific way of tracking what thought leaders and other community participants (e.g., conference exhibitors) are saying and how others are reacting in real-time.
I’d added the FPA Business Solutions 2011 conference hashtag (#BizSol11) as a column in my TweetDeck Thursday morning, and was checking in on the proceedings when, to my surprise, I started seeing tweets mentioning AdvisorTweets.
Whaaat? That the FPA’s keynote speaker futurist Gerd Leonhard was aware of AdvisorTweets and calling attention to it floored me. I’ve followed Leonhard for a few years after learning about him, no doubt, on the Internet. He’s cool—I mean, how many keynote speakers tweet about points from their presentations, anyway?
Beyond that tweet, what did Leonhard say in the keynote? I’ve been able to piece some of it together, based on subsequent tweets, Leonhard’s blog post about the presentation, his deck and media coverage.
From Centralized Egosystems to Decentralized Ecosystems
From Leonhard’s blog post: “In my 45-minute talk (the audio version will be available, soon, I hope) I talked about how business is changing from being ‘egosystems‘ i.e. centralized, empire-dominated, in-silos, in-broadcast-mode and top-down, to networked, mobile, social, decentralized and inter-connected ecosystems.”
He also shared the deck he presented, embedded below.
Leonhard’s message, according to InvestmentExecutive.com, was that “financial advisors can play a valuable role in this networked environment.” InvestmentExecutive quotes Leonhard as saying “The noisier this world gets, with people putting up advice and videos and blogs about financial matters, the problem is now a lack of filtering. Your job in this community is to be the trusted filter, the curator, as in a museum. Think of yourself as a guide. That’s what the power is.”
“Your job is to filter the ocean of information. Your clients don’t have time to go through it all” and “Add transparency. Declare what you are doing. Trust is crucial,” were two Leonhard quotes that appeared in a Financial Advisor report by Mike Byrnes of Byrnes Consulting.
Advisors Finding Their Voice
Given that as a context, AdvisorTweets was called out by Leonhard as a window through which to watch financial advisors find and use their own natural voice on Twitter. What we do is find advisors (or they find us) and filter advisors’ tweets from all other tweets to provide a sense of what advisors are thinking.
Some of my favorite advisor tweets are the tweets sent by an advisor commenting on something he or she is watching on CNBC. Twitter gives the advisor a means of weighing in to provide balance, another perspective or just a dry quip. CNBC doesn’t get to be the only one with a microphone. Even if it’s a single tweet and even if the advisor has a couple dozen followers, the power of the broadcast empire is diffused. Love that!
I’m not changing the subject when I tell you that I saw “Inside Job” Friday evening. As you can see in the trailer embedded above, Inside Job is the Oscar-winning documentary about the 2008 economic collapse. It’s an excellent, must-see film that attempts to reconstruct the forces leading up to the crisis of just a few years ago.
And yet throughout the interviews with leading financial commentators—Wall Street executives, economists, academics and the media—I missed any mention of what was being said on blogs, on Twitter, using YouTube. It may have been the last financial event to happen without a significant showing in social media.
If something were to happen in the financial markets today, God forbid, there would be no ignoring what was being said on the financial blogs. And quotes from individuals in the StockTwits community I’d expect to see included in the reporting.
Financial advisors? Morgan Stanley and Merrill Lynch were named in Inside Job, but what wasn’t documented was what was being said by the individuals who make up the decentralized, dispersed network of financial professionals who guide investors on—to use the generic phrase—”Main Street.”
Today, what financial advisors are thinking in Excelsior, MN, or The Woodlands, TX or San Francisco is easily accessible on AdvisorTweets via Twitter and via other forms of social media. In the future, individual advisors’ views will be known. Will they add to the noise or produce heightened accountability and even better understanding? That’s part of the story to be told.
A Motley Collection of Practices
In the aggregation that AdvisorTweets does, today you’ll see slightly more than 500 advisors in various developmental stages of their use of Twitter.
The site isn’t a showcase of only best practices, it’s a motley collection. Some of the tweets contain superb, succinct insights from advisors you may have never met, linking to sites you never know existed. And then there are the other Twitter accounts that I’m hoping will eventually get the knack of how to send a re-tweetable tweet.
As for AdvisorTweets itself, I’m cringing that we took a bad picture on slide 17 of Leonhard’s presentation. We’d been suffering from an intermittent stuttering problem (since fixed) and Leonhard’s screenshot captured it. We’re evolving, too, and more on that at a later date.
I happened to mention Thursday’s thrill to the friend I watched Inside Job with. “I don’t get it,” she said. “I’ve been hearing about AdvisorTweets from you for two years and you’re surprised that it came up at a meeting for financial planners? What have you been doing?”
AdvisorTweets has been more than content to toil in relative obscurity—as have many of the lightly followed advisors. The truth is, advisors and those of us who care about the work advisors do are all just feeling our way in developing an understanding of how social media will exactly work with retail investing and financial planning.
This goes beyond what the regulators will and will not allow. There’s a lot the early adopters are learning about connecting, as Leonhard says, in ways that are new, powerful and (I believe) undeniable.
Update: Leonhard’s presentation also got Stephanie Sammons from WiredAdvisor thinking. See her “The Future Is Now For Financial Advisors” post, which includes takeaways for advisors.
“The client-advisor relationship continues to evolve as the need for greater communication increases.”
And so reports an SEI advisor survey released last week. More than three out of four financial advisors (77%) identify communication as the area of greatest need, SEI said. Given that 16% of advisors said they needed more reporting and just 7% said they needed more research, the emphasis on communications effectiveness is noteworthy.
The data on advisors and their increasing client communications requirement was not the headline on the SEI release. We call attention to it here for two reasons.
One, SEI earns the distinction of producing 2011′s first advisor social media adoption benchmark. This research involved 367 advisors polled in December and January, 61% of whom have spent at least 15 years as an advisor.
Social media is a “limited tool to reach new clients,” SEI concluded, reporting that it’s used by 11% of advisors.
The 11% number was reported at the tag-end of a report on advisors’ overall communications approach. Almost half of advisors (42%) said they communicated with clients more frequently in 2010 than in 2009. In 2011, 41% said they plan to use in-person meetings more frequently. And, almost six out of 10 advisors say they continue to rely on third-party vendor information for sharing material with clients, such as investment analysis, financial planning, and other topical issues.
The second reason we cite the survey here is to wonder aloud whether anybody’s thinking what we’re thinking. Advisors know they need to communicate even more than they did in 2010. And yet, they expect to be relying on time-consuming in-person meetings and on materials that, if not delivered in-person, do little to instill a client’s confidence or faith in the individual advisor.
Pardon the AdvisorTweets bias, but social media has the potential to help here and with existing clients as well as with new.
Will 11% Climb To 30% In 2011?
In preparing this post last week, we happened to notice a document on the SEI site about an April 2010 poll reporting that “holding seminars, exploring social media and increasing advertising and public relations combined for only 6%.”
Social media used by less than 6% of advisors in April 2010 and then by 11% in January 2011 would be remarkable growth, wouldn’t it? Can these two numbers be compared? That’s what we asked SEI and yesterday we heard back.
“I don’t think you can make anything out of even a slight 5% bump up from the survey we conducted in last year,” said Jerry Lezynski, marketing director for the Advisor Network.
“My observations are that advisors are in the early learning stages and just beginning to understand how it might be used to their advantage. Couple that with the huge broker dealer compliance issues that are restricting advisors from engaging in social media, I think advisors don’t want to bother with it just yet.”
Indeed, survey-reported advisor adoption of social media in 2010 tended to hover right around what SEI is reporting at this point early in the new year–between 10% and 15%.
But, what we’re hearing is that an increasing number of advisors do recognize the disconnect between the need to communicate more and what they have available to them. We also know of several broker-dealers that are committed to empowering some sort of social media for their advisors this year.
Let’s watch that number this year. Combine the need, as documented by SEI and the potential of the new medium (and take into account all blogging, video creation and social networking participation)–we think advisor adoption of social media could get to 30% in 2011.
Humor is always tricky. And, financial advisors know better than to make light when their clients’ hard-earned money is involved. In their public appearances—on their blogs or in media interviews—few advisors dare to crack jokes.
Once again, Twitter comes to the rescue with a simple (not to mention short) and brilliantly effective way for advisors to add a little humor and personality to their tweets. It’s the multi-purpose hashtag.
In general, hashtags are used to cluster related tweets, for the purpose of those following a subject. You can see that in use in the Trending Tags (as in hashtags) widget on AdvisorTweets.com.
We’ve written about hashtags twice before. Way back when (September 2009), we explained that advisors who use #fb are automatically posting their tweets to Facebook. Over on our Rock The Boat Marketing blog in October, we commented on how many savvy tweeters raised their visibility by using the Schwab IMPACT conference hashtag when it was underway.
But advisors seeking to break up the monotony of all-financial-all-the-time tweets use the hashtag much like you’d mutter a wry comment under your breath. In this scenario, the hashtag is used to add a second but underlying layer to the point that’s being made. You could search for other uses of this particular hashtag but you’re not likely to find any. It’s a form of individual expression that a few advisors have mastered.
As someone who reads all advisor tweets, I thoroughly appreciate the effort. They prompt the reflexive LOL, if you will. And, I have to think that the advisors are making their other followers laugh or smile, too.
The screenshots I show here are a few favorites from @OakParkPlanner (which is now the business Twitter account @BrianPlain), @JJeffRose and @HeartCapital. But half the fun is in spotting them yourself in the wild.
From our perspective, every financial advisor showcased on AdvisorTweets.com is a winner because he or she is experimenting with a relatively new form of communicating that affords advantages no other channel offers.
But more than a year after the site’s launch, we still field skepticism about who these tweeting advisors could possibly be. “Maybe they’re all young and catering to their own generation?” “Maybe their practices are small and they have nothing else to do but tweet?” “Maybe they’re really geeks who do a little financial planning on the side?”
No, no and no. A few months ago, a Pershing Advisor Solutions LLC study linked the use of social media to advisory business-building (yes, we wished the sample had been larger). Regarding Twitter specifically, follow the AdvisorTweets stream and you’ll see evidence that advisors on Twitter are all ages, have significant-size businesses and are full-time professionals.
Also, here’s a running list of some of the professional and community accomplishments that advisors have tweeted about recently, suggesting that movers and shakers are using Twitter:
Update: After we published this post, the @Russell_News Twitter account sent us this note via Twitter: “We believe that while advisors use Twitter to listen, regulatory concerns keep many from using it for client communication.”
You might think that a site called AdvisorTweets would have a Twitter bias…and you’d be right—we love Twitter and how we’ve seen financial advisors use it to build their brands online.
But fair is fair. Since we regularly call your attention to research that points to financial advisors’ adoption of Twitter and other forms of social media, we feel obliged to mention a Russell Investments research report published yesterday in which Twitter was a no-show.
Russell’s survey of 350 financial advisors nationwide from a collection of more than 130 national, regional and independent advisory firms includes a lot of data about the changes that financial advisors are making to generate new revenue. For example, 45% say they’re transitioning their transactional-based clients to fee-based.
Participation in social media sites Facebook, YouTube and Twitter (but not LinkedIn) was among the responses offered in the survey question: “In an environment where clients want and expect more communication, how are you leveraging technology to diversify your modes of communication?”
The choice “Sharing updates on Twitter” scored a goose egg, nothing, zip, zero, as did YouTube. One percent of advisors said they “engage with prospective and existing clients on Facebook.” Facebook!
We encourage you to read the full report.
Oh and here are a few links to posts about other advisor research that suggests stronger advisor interest in social media:
What Advisors Do Online 2010 (from kasina)
Join us when we moderate an Advisor Perspectives Webinar, “Engage The Media Using Social Media” at 4 p.m. Eastern/3 p.m. Central Wednesday, September 15. For more information including our national and local media and advisor panelists, see our blog post or register here.
“Twitter gets no respect,” was how RIABiz summarized the reaction of 1,200 RIAs surveyed about their social media use and reported on in a study published yesterday by Schwab Advisor Services.
Social media was just one of four topics included in the July 2010 Independent Outlook, the others relating to advisors’ views on the economy, investments and clients. Considering the gravitas of the other subjects, we think social media in general is getting some respect just to be included within the scope of the study. Twitter? Well, as we’ve noted before, Twitter isn’t necessarily the social medium that comes easiest.
RIABiz is a must-read every morning, and we are big fans of the publication and the team headed by Brooke Southall. Southall’s article today “9 things worth knowing from Schwab’s newest advisor study” reported on the full scope of the research. So, we do understand that two graphs on social media would have been too much, and all of the reported data on advisors’ views of social media was in the article.
But by definition, our focus on AdvisorTweets.com and here on the blog is narrow. When we went to the slides that Schwab provided about the study results, we decided that we’d show both of the social media-related graphs. Again, the data in the second graph was reported by RIABiz but there’s something about a pie chart–in other words, 66% are non-skeptics? And, note the Schwab headline: “Social media is new frontier for advisors.”
Across the industry, there is significant effort being made to understand and be in a position to support financial advisor interest in and use of social media. With two-thirds of Schwab advisors describing themselves as tentative users at the minimum, we think that this data supports the exploration of social media for advisors in the business-building mode.
Join us when we moderate an Advisor Perspectives Webinar, “Engage The Media Using Social Media” at 4 p.m. Eastern/3 p.m. Central Wednesday, September 15. For more information including our national and local media and advisor panelists, see our blog post or register here.