While social media continues to help advisors acquire new business, LinkedIn tops Facebook as advisors' preferred platform to use for business — with 52% of advisors saying they've increased their visibility on LinkedIn.
That's according to American Century's just-released seventh annual financial professionals social media adoption study, which polled 302 financial advisors, brokers and registered investment advisors.
According to the study, 46% of advisors reported acquiring business this year via social media, which is up from 43% last year, Adam Sokolic, senior vice president of client marketing at American Century Investments, told ThinkAdvisor. "We have every reason to believe the number will only continue to increase each year just has it has in each of the seven years we have done the study."
The study also found that 55% of financial professionals said they are more likely to do business with their social media connections.
"LinkedIn's dominance for business use continues to grow," Sokolic said. "Advisors feel it helps them enhance their profile with clients while enhancing their business knowledge."
