1.
50%of advisors say their company imposes no
restrictions on location or device to access social media
for business purposes
Advisors say social media’s
marketing role will increase
because it’s a faster, more
cost-effective way to reach
clients.
58%
at home
44%
on mobile devices
85%
at work
THE SOCIAL ADVISOR
Financial Advisors and Social Media:
Making the Connection.
Putnam Investments partnered with FTI Consulting to learn
about the social media behavior of financial advisors.
ACCESS GRANTED
49%of advisors
acquired
new clients
Of those,
29%gained
$1 million+
in new assets
The typical financial advisor who uses
social media on a daily basis
Typical assets
from new social media
client: <$500K
10+ years of
experience
“If you want to work with
30-year-olds, you need to
use social media.
”
Top 5 reasons why
advisors are increasing
their use of LinkedIn
ROOM FOR IMPROVEMENT
COMPANY POLICIES MAKE LINKEDIN SOCIALLY ACCEPTABLE
66%of those who expect
their use of LinkedIn
to increase say their
target audience is
active on LinkedIn
22%
want more
education, training,
and tools
81%of advisors using
social media prefer
LinkedIn for business
1%
8%
10%
75%
of financial advisors
use at least
one social network
for business
95% 31% 29% 21%
USED IN THE PAST YEAR FOR BUSINESS PURPOSES
CULTIVATING NEW CLIENTS
61% 42% 60% 58%
USE HAS INCREASED YEAR-OVER-YEAR
TOP USES DIFFER BY NETWORK
Improve the effectiveness
of referral network
Putnam Investments Survey of Financial Advisors’ Use of Social Media (2013).
Conducted in partnership with FTI Consulting: Survey conducted by FTI Consulting Strategic Communications
in July 2013 among 408 U.S.-based financial advisors.
Data sources: FTI Consulting Strategic Communications financial advisor panel and Harris Interactive.
Putnam Retail Management 283425
Cultivate specific
prospective clients once
they are identified
Enhance current
client relationships
67%of advisors use
LinkedIn to cultivate
clients by requesting
introductions to
new leads
93%
of advisors
can accept
connections
87%
may list their
firm name
on their profile
85%
are permitted to
access it at work
63%communicate
with new leads
59%
of advisors have increased
usage because they now
have a better understanding
of how to leverage
LinkedIn for business
66%
43%
28%
18%
35%
44%
20% 20%
44%
69%
28% 28%
39%
want reduced
compliance
requirements
Top LinkedIn activities for advisors
90%accept
connections
76%
request
connections76%list firm name
on profile
65%
join groups
57%post content
updates
HOW ADVISORS USE SOCIAL MEDIA
LINKEDIN IS OPEN FOR BUSINESS
SOCIAL MEDIA IS HERE TO STAY
The people I am trying to reach are active on this network.1
5
2
4
Book of business:
<$150M
Typical client
portfolio: <$1M
Fee-based
independent
broker/dealer
ADDING CONNECTIONS AND ASSETS
I now have a better understanding of how to best leverage
this network for business.
It has helped me achieve my desired results.
3 It is more suitable for my needs than a different social network.
I have more of a business need to use it than before.
Improve referral
network
Build brand
identity
Expand professional
network
47%
9%
4% 4%
43%
13% 8% 5%
38%
7%
5% 6%
44-year-old male
Response = 305 advisors.
Among financial advisors using specified social networks.
Among financial advisors using LinkedIn as their primary social networks.
Uses social media to build
referral network, brand,
and relationships
66%of LinkedIn users
use it to prospect for
new relationships
69%of Facebook users
use it to sustain
relationships