Grow your business using social media

Strategies and expertise to build and strengthen relationships

Our annual Social Advisor Survey of financial advisors’ use of social media was conducted in November–December 2019 among 1,010 retail advisors. In June 2020, we conducted a pulse survey of 252 advisors to explore changes in their use of social media in light of the COVID-19 pandemic, which began in February 2020.

Business building continues for social advisors during the pandemic.

74% of advisors using social media for business were able to initiate a relationship or onboard clients since late February.

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Continuing the trend we saw at the end of 2019, 89% of advisors told us that during their tenure as advisors they have gained new clients attributable to their social media activity.

Advisors achieving success are using social networks as communication platforms.

94% of advisors seeing success use direct messaging capabilities on social platforms.

Regional B/D Advisor
Age 36, 9 years' tenure

Social media has been playing a significant role in the growth of my business for years. But today, with clients having a better understanding of the virtual concept, it is now very relevant to me and to them.

Advisors using messaging on social networks

Advisors using messaging on social networks

55% of advisors who initiated a new relationship say they have increased their use of social media and increased their prospecting activity.

48%
are using LinkedIn’s InMail feature to contact prospects outside of their network.

Consistent with what we saw at the end of 2019, advisors continue to turn to LinkedIn as their preferred social network. Facebook remains in second place, leveraged more for both personal and business.

Social media networks used for business

Social media networks used for business

36% have hosted or participated in a LinkedIn Live session.

Advisors who initiated new relationships since late February are more likely to use one of LinkedIn’s premium membership levels, such as Sales Navigator.

Advisors using LinkedIn premium membership

Advisors using LinkedIn premium membership

10 minute daily challenge

Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.

Home office support made the difference.

90% of advisors report home offices are encouraging and enabling the use of social media.

Advisors report their home offices have provided timely and relevant content to post, expanded the number of social networks approved for business, and provided access to training.

Support of social media from home offices

Most engaging content

Advisors report that market commentary, COVID-19 related articles, and advisors’ own original articles were the most engaging types of content during the pandemic.

Advisors' outlook is positive.

Advisors have demonstrated adaptability with 84% expecting that the changes made to their communication practices will largely remain going forward. Still, some believe they will return to operating as they did pre-COVID.

Wirehouse Advisor
Age 45, 23 years' tenure

Social media is playing a very significant role in everybody's professional and personal life, especially with the pandemic. You can either choose to take advantage of it or try to ignore it. With the assistance of our marketing department and our home office, I have decided to embrace this change.

Nine in 10 advisors agree that social media has changed the nature of client relationships during the pandemic.

Social media has changed client relationships

10 minute daily challenge

Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.

10 minute daily challenge

Follow this simple daily routine to leverage LinkedIn, the world’s largest professional network, and help build your business, strengthen client relationships, and grow assets.

For financial advisors

Partner with Putnam to learn about an active approach to social media

Creating and optimizing your social media presence

Learn how to establish and optimize a profile that will build your brand to attract prospects.

Developing your LinkedIn network

Best practices for developing and growing your network and how to retain assets across multiple generations.

Prospecting and generating revenue using social media

This advanced session presents actionable strategies using wealth management and money in motion opportunities that can lead to asset gains.

Your Putnam team can help you further improve your use of social media.