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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Adviser Social Media on the Rise

13 June 2013

New research by Zurich has indicated that advisers view social media as an increasingly important tool to grow their business and engage clients. The usage rate of social media platforms utilised by financial advisors had grown significantly since 2011 the research indicates.

According to the data Twitter has grown 123%, LinkedIn 74%, while the growth rate in the wider community was only 20 per cent and 34 per cent respectively. The number of advisers using YouTube increased to 56%, while Facebook usage grew by 36%.

Zurich general manager Philip Kewin, said, “the research proved beyond doubt that Australian advisers had recognised the importance of social media across the business value chain and that these latest figures show the extent to which advisers are embedding social media into their everyday business operating model, from lead generation to customer care strategies.”

Financial advisors see the rapid adoption of digital technologies changing their relationships with clients and view social media tools as increasingly critical to their individual success. Companies that previously viewed the uptake and monitoring of social media to be time consuming have changed their view with the advent of tablets, especially the iPad, making it quicker and easier to access social platforms.

It seems likely that a new mindset and erosion of the many misconceptions regarding social media strategies previously held by companies are now being discarded and proven to be successful with the importance of Google +, Pinterest, Instagram and Gmail receiving increased usage to the advantage of companies.

According to Mr Kewin, the usage of social media corresponded with a growth in the use of mobile devices, especially tablets. “We are very close to that tipping point where more online activity will be conducted from a mobile device than from desktops, and advisers should consider adopting the ‘mobile first’ philosophy already seen in other industries reliant on online channels,” he said.

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