Some industries have been slow to embrace social media. This has been true of pharmaceutical companies, which face regulatory restriction, and US-Financial-Advisors-Graphic_financial services firms, which may believe that the use of social media will make them appear to be less than strictly professional and confidential when handling their clients’ assets. But, the attitude about social media appears to be evolving for financial advisors.

Accenture just studied this industry and reports that about 48% of advisors, many of whom are handling up to $20 million on behalf of wealthy clients, are now using social media for their interactions with these clients. Regarding these findings, Alex Pigliucci, global managing director of Accenture Wealth and Asset Management Services, says, “The use of social media to interact with clients is a differentiator for advisors today, but it will be mere table stakes in the not too distant future.”

As financial advisors migrate to this new platform to engage clients, they may also want to use social media to improve their understanding of the client base. The Accenture study reveals that advisors are more likely than clients to believe their investors are market-savvy and have a big appetite for risk. Advisors are also more likely than their clients to say they have a personal relationship.

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[Source: Tech-Savvy Advisors Regain Gen D Trust. Accenture.com. 13 Mar. 2013. Web. 4 Apr. 2013]