Advisers shunning social media
Social media doesn't play a major role in most advisers' marketing strategies, with the majority still favouring traditional pathways like referral networks, a survey has revealed.
Despite the proliferation of social media in the corporate world, not one of the surveyed planners cited social media as their main source of marketing, according to the latest Slice survey.
Instead, the default marketing strategy was professional referral relationships (33 per cent), followed by asking existing clients to refer new clients (28 per cent).
More than one in 10 (11 per cent) said their website or blog acts as their main marketing source, while the same proportion used networking as their go to strategy.
Slice author, Peter Dawson, of the Dawson Partnership, said the results were somewhat surprising, given the popularity of social media in other domains.
"We expected to find one or two respondents reporting social media as their main marketing strategy. This was not the case in this sample, although comments indicated that practices are using social media to support other strategies, for example by sharing newsletter articles via social platforms," he said.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
