Global Market Data
Tales from the Trail
Lucy P. Marcus
David Cay Johnston
The Great Debate
Macro & Markets
Personal Finance Video
Life & Culture
Reindeer rentals for Christmas
Nothing says Christmas like renting your own reindeer. A British couple rents these seasonal animals to individuals and businesses for the holiday season. Video
Famous "poopers" in nativity scene
Personal submarines for sale
Arctic Circle Santa aims to bring Christmas cheer
Magnetic man's body attracts 50 spoons
Google Beware: Apple Wins Patent Ruling, More Suits Could Follow
Deutsche Telekom could be forced into arms of Sprint
Analysis: The power behind the throne in North Korea
Wall Street surges; traders eye year-end rally
Blizzard conditions blamed for at least six deaths
Ron Paul gains ground, further stirring Republicans
Ron Paul strongly defends anti-war policies
North Korea state TV says Kim Jong il has died
Japan picks the F35 as regional uncertainty rises
Mon, Dec 19 2011
Egypt riot police clear Tahrir
North Koreans mourn Kim's death
Mon, Dec 19 2011
Financial advisers see social media benefits decline: survey
Saudi Prince Alwaleed buys Twitter stake
Mon, Dec 19 2011
Jive Software shares surge in market debut
Tue, Dec 13 2011
Facebook IPO sparks dreams of riches, adventure
Fri, Dec 9 2011
Online uproar as India seeks social media screening
Tue, Dec 6 2011
Old media executives too busy, private for Twitter
Fri, Dec 2 2011
Analysis & Opinion
M&A wrap: T-Mobile â€œcrying outâ€ for Sprint tie-up?
Microsoft goes social. Sort of.
People check their laptops and mobile devices in London October 26, 2011.
Credit: Reuters/Paul Hackett
By Ashley Lau
Tue Dec 20, 2011 2:07pm EST
(Reuters) - Financial advisers in the United States are seeing fewer benefits from their use of social media, a survey by Aite Group showed on Tuesday.
Out of the 437 advisers surveyed, only 19 percent said social media was useful for reaching new prospective clients -- roughly half the number from two years ago, when it was considered a leading benefit.
"Social media has been over-hyped and the benefits just aren't there for a lot of advisers," said Aite senior analyst Ron Shevlin in an interview.
The most frequently cited objective for using social media was to build brand awareness and differentiation. But the percentage of advisers who credit social media with helping them differentiate their practice from competitors dropped to 9 percent this year, from 21 percent in 2009.
"Most advisers practice in a relatively narrow geographic focus," he said. "Not a whole lot of advisers in the suburbs of Boston will have clients in Seattle. These advisers aren't looking for business in Mongolia or Malaysia."
The one social media tool that saw an increase in advisers' professional use was LinkedIn, up 10 percent since 2009. Comparatively, professional use of Facebook fell 10 percent, Twitter dropped 8 percent and personal blogging declined 9 percent.
The survey included a mix of independent advisers, wirehouse brokers and those working at other regional brokerage firms.
Shevlin said as the client base of financial advisers moves from the "Baby Boomer" age to the "Generation Y" group in the long term, there is potential for an increased use of social media among advisers, who will need to use the tools to connect with clients.
"Those that jumped into the fray between 2009 and 2011 are the laggards in using social media tools," he said. "It's not that the tools don't work, it's that they're not making effective use of it right now."
(Reporting by Ashley Lau; Editing by Chelsea Emery)
Related Quotes and News
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Be the first to comment on reuters.com.
Add yours using the box above.
Back to top
New York Legal
Support & Contact
Advertise With Us
Connect with Reuters
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
About Thomson Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.