Millionaires prefer Facebook, so why are financial services firms flocking to Twitter? Put simply: Twitter is easier.

The number of high-net worth individuals using Facebook has doubled in the last year to 46%, according to a report released by Spectrum Group. And ultra-high-net-worth individuals aren’t far behind, using Facebook in similar numbers. Twitter is far less popular among millionaires, with only 3-6% using the site.

But financial services firms aren’t in sync with their top prospects when it comes to social media. A Corporate Insight report released earlier this month found that Twitter use by financial services firms has grown exponentially in recent years, while Facebook use has grown at a more modest rate.

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 social media use by advisors in Advisor’s Journal, see Advisors Get Failing Grade for Social Media Flirtations (CC 11-157), Getting Your Feet Wet in the Social Media Market (CC 11-79), & SEC Says “Not So Fast” to Advisor Social Media Marketing (CC-11-40).

Tags: Facebook, Financial services, Internet marketing, LinkedIn, Online Communities, Social media, Social media marketing, Twitter

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