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Blogs, social networking are good for advisers' businesses

By Davis D. Janowski

June 16, 2009 6:01 am ET

The Internet is playing a larger role in the lives of financial advisers. Many rely on customer relationship management systems, blogs or postings on social networking sites to attract prospects and keep their names in front of clients.

Fully 43% of advisers reported using “social media/online networking sites,” according to “Online Marketing Methods: Planner Best Practices,” a white paper from the Denver-based Financial Planning Association that was released in May.

In addition, 32% of advisers reported that they relied on audiocasts and podcasts, while 17% reported that they used blogs in their practices. The results were based on survey responses from 331 members of the FPA.

The items included in this edition of the newsletter reinforce the notion that the Internet holds great potential for financial advisers. Rather than avoiding the online challenge, perhaps it is time to consider how best to embrace it — not to demonstrate a trendy devotion to technology, but because it's good for business. Fully 60% of advisers who relied on social media generated at least 16 leads per year, according to the FPA survey.

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