Global asset manager American Century surveyed 301 financial advisers across the US and found only 33% believe it was valuable, an increase from 21% in 2010.
The survey also found 38% think it will never affect their business success and 41% are reluctant to use social media because they might make a mistake.
Only three-in-eight feel they know how to find their target audience or centres of influence on social media, while 28% don’t try to find their target audience at all.
Despite the lack of love for social media, the number of advisers using it for business purposes has increased dramatically since the study began in 2010.
It found that 57% now use social media in their practice, from only 25% in 2010.
Furthermore, 63% now have a social media program at their company, up from 53% in 2011.
“This says to us the industry has come a long way,” said Diane Gallagher, vice president of client marketing for American Century.
Gallagher added that some “advisers are missing opportunities” due to a number of factors; such as, a lack of priority at their firm, fear of making a mistake or simply not believing that social media has value.