Despite the ever-increasing popularity of social media sites like Facebook and Twitter, social media sites just aren’t delivering the way advisors have been expecting. In terms of building brand awareness, social media and cold calling were shown to be ineffective ways of generating new revenue – they tied for last place in the recent study by Advisors Trusted Advisor. The producer-client relationship requires a high level of trust, and the use of social media sites, whether for advertising or networking purposes, can have the tendency of distorting the producer-client relationship. Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

For previous coverage of techniques to improve advisors’ business in Advisor’s Journal, see Are the Mass Affluent Missing from Your Client Profile? (CC 11-54).

Tags: Brand awareness, Business, Facebook, Internet marketing, Marketing and Advertising, Social media, Twitter, YouTube

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