Is The Facebook ‘Like’ Button Off-Limits? And Insights On Advisors’ LinkedIn Use
AdvisorTweets aggregates tweets so it would make sense that we confine our comments on the AdvisorTweets blog to Twitter. And we usually do…but we came across a few items this week about Facebook and LinkedIn that add to the growing body of knowledge about financial advisors’ use of social media. So, we thought we’d pass them on.
On Tuesday, the freshly named Huntington Asset Services (formerly Unified Fund Services, Inc.) hosted a Webinar whose overall theme was social media enablement. But we heard something about Facebook that we hadn’t heard before.
Advisors have been repeatedly told that they cannot provide or accept LinkedIn recommendations and that using the Favorites feature on Twitter is verboten. But the Huntington’s SEC Compliance discussion expanded the ban to include Facebook.
“Don’t use the Like button and discourage your friends from liking your content,” advisors were told. Is this consistent with what other Compliance officers are saying? Please comment below.
New LinkedIn Insights
Advisor Websites’ LinkedIn survey results, published yesterday, provide some new insights on financial advisors’ use of LinkedIn. Loic Jeanjean from the Vancouver, British Columbia-based firm tells us that 74% of the 349 survey respondents were from the U.S. and the rest from Canada.
The combined data muddy the usefulness of analyzing some of these findings to understand U.S.-based advisors. For example, responses to questions about use of LinkedIn recommendations and participation in LinkedIn Answers would be really interesting, if segmented by country affiliation. Indeed, subsequent surveys will be segmented, Jeanjean says.
We recommend the full survey report to you. Here are three data points we found thought-provoking:
- Just 55% of advisors add client contacts to their networks. It’s more common to add friends, colleagues and business partners.
- 60% of advisors are updating their LinkedIn profiles monthly. That sheds some light on the burden to be placed on Compliance review.
- 25% are running pay per click ads–higher than we might have guessed (see our guest blog post on the subject).