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Financial advisers turn to social media

09/19/11

More and more, financial advisors are turning to social media sites like Facebook and Twitter as a means to connect more closely with current clients and meet new potential clients, according to Fins Finance. But while social tools help financial advisers get closer to a younger demographic of investors and entrepreneurs, financial advisers exercise caution on social platforms, as laws restrict certain public business communications.

While regulations, like those handed down by the Securities and Exchange Commission, apply to social media just as they apply to any other form of media, many advisers note that social media communication between themselves and clients can be equally lucrative when it doesn't involve business at all. Personal comfort with a financial adviser is extremely important to building a good professional working relationship, and many advisers find that social media sites allow them to connect personally with a large number of clients.

In one example, a managing partner at Touchtone Capital in Sewickley, Pennsylvania, noted that some of his clients, whom he has connected with on Facebook, follow his attempts to adopt an El Salvadoran boy. Ted Kerr said that this kind of communication would be impossible without a site like Facebook, according to the source.

Financial planning is a big part of ensuring comfort and independence later in life. According to a 2010 survey by the U.S. Bureau of Labor Statistics, financial advisers make an average of $91,220 annually. 

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