06.23.21

More Investors Are Vetting Their Financial Advisors on Social Media

by: Tracey Longo

A survey from Hartford Funds has found that 50 percent of investors say social media impacts whom they hire as a financial professional. Further, 33 percent say they search for financial advice online. Twenty percent of respondents said an advisor's social media accounts was the only deciding factor when considering a financial professional. Bill McManus, managing director of Applied Insights at Hartford Funds, added, “Some 23 percent of Gen Z said they wouldn’t even consider talking to a financial professional if they didn’t have some type of social media presence and I think that’s only going to increase.” McManus says financial professionals without a social media presence may be at a competitive disadvantage. He said, "It makes people question why you don’t. Absolutely I think having a digital presence is a must. How robust it is is up to the financial professional, their client base and whether a firm is in growth mode and prospecting."

Read the full article on Financial Advisor.