Social media seeps into wealth management

Wealth management firms may have been slow to adopt social media, but they seem to be making up for lost time.

A report on Financial-Planning.com says three years from now the new medium will have “fully taken hold in the industry.”

Soon, cold calling will become the thing of the past. And advisors who sit down with a telephone directory will seem to be Palaeolithic cousins of the more technologically engaged advisors.

However, as concluded by a number of studies, age continues to remain the biggest issue; the older the advisor, the stronger the reluctance to embrace the new medium.

Lack of clear regulation surrounding social media doesn’t make it any easier. Advisors are, understandably, more concerned about making a mistake in social media environment than in traditional communication channels such as phone calls and one-on-one meetings.