Insights | 10.14.20
Social Media Emerges as Major Client Development Tool in Pandemic
A study from Putnam Investments has revealed that advisors used social media to keep their businesses active at the height of the pandemic. The study authors found that 74 percent of U.S. advisors who used social media for their business were able to cultivate new relationships or on-board new clients. The study surveyed 252 advisors in the U.S. between June 9 and June 23. Fifty-five percent of advisors who initiated new client relationships also say they increased their use of social media during the pandemic. A majority of advisors, 74 percent, relied on direct messages to communicate with clients and potential clients. Meanwhile, 94 percent of those advisors reported gaining new assets as a result of their efforts. According to Putnam Investments, LinkedIn was the most popular website used by advisors with 85 percent of advisor engagement. Facebook and Twitter were the second and third most popular among advisors.
Read the full article on Financial Advisor.