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If you think social media is not impacting your business, consider this: 70% of investors have either changed their relationship with an investment provide or changed their allocations because of something they read on social media.

 

This is the conclusion of a new study issued by Cogent Research LLC. Of the 4000 affluent investors with more than $100,000 in investible assets who responded, 34% specifically used Facebook, LinkedIn, Twitter, and company blogs both for personal finance and investing advice.

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Another 41% said they act on investment information they come across inadvertently while doing other searches.

 

Investors are also doing more research on advisors through social media sites like LinkedIn and are being motivated to contact their advisors about things they hear on social media sites.

 

Social media sites are increasingly becoming a source of attracting new clients and continuing to build trust with existing ones.

 

This means that if you are not active on LinkedIn, you should be. If you don’t have a blog that you regularly post to and update, you should. You should also be pointing to your blog through your LinkedIn activity.

 

Never before have we had such easy and direct ways to interact with and get to know client than through social media.

 

Tapping into new, disruptive technologies is something older advisors should especially be adept at doing.

 

After all, the advent of the internet in the mid-90s was nothing if not disruptive. There simply are no more excuses.