Many advisors see business potential in use of social media, but some are uncertain about the value of this media to their own businesses, according to a new study.
American Century Investments, Kansas City, Mo., recently commissioned an online survey of 303 financial planners, brokers and registered investment advisors to determine their views of social media such as Twitter, LinkedIn, Facebook, YouTube and MySpace.
Study participants averaged 14 years in the financial industry. Of those responding, 73% were male, and the average age was 46, the firm says.
According to the findings, 44% of advisors who use social media for business or business and personal use agreed that social media is an emerging trend with significant potential for businesses like theirs. But only 26% ranked social media as having value to their business.
In general, 73% had a profile or account with one or more of the social media types mentioned, the researchers say.
Among those who use social media for business purposes:
