Social media has become a vital part of society and it is no different for UK financial advisers, according to technology provider Intelliflo.
In a poll of over 200 users of its back office solution Intelligent Office, the survey found attracting clients (62%) was the main reason for firms using social media.
Being seen to be keeping up with modern communication systems (53%) and to help with search engine optimisation (47%) made up the top three.
Scarily, 10% were ‘not sure, seems like we should be doing something’ and 3% said ‘no idea’ in response to why their firm use social media.
Even more shockingly, 31% of firms are not getting involved with social media at all, which is an increase from 30% a year ago.
Nick Eatock, Intelliflo’s executive chairman, said: “It’s clear that many advisers are becoming far more tech savvy, using social media to not only get messages across about their businesses but also to help drive traffic to their websites via better visibility on search engine front pages.”
Which platform floats advisers’ boats?
LinkedIn remains the most popular social platform for business, with 59% actively using it.
This is up slightly from 57% in 2018.
Facebook has seen a significant increase in popularity, with 44% now using this for business compared to 37% in 2018.
Twitter usage is also slightly up: 42% are using it in 2019 compared to 40% in 2018.
Other social media platforms, which were not named in the report, are slightly down at 6%.