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Social media boosts advisers' performance, but compliance concerns stifle growth

December 22, 2010 - The application of social media, such as LinkedIn and Facebook, is raising the performance of registered investment advisers and brokers, but compliance concerns are stifling their growth in financial services, the Aite Group said. Social media's efficacy as a tool was borne out by a report from Aite showing that those investment advisers employing social media had higher revenue growth, increases in their book of business and an expansion of their client bases as compared to those advisers who abstained from using social media tools.

Of the nearly one in every three advisers reporting that they use social media websites to improve their results, 36 percent said the tool helped them find new clients, and close to 20 percent claimed that their use of social media gave them a competitive edge. But the two of every three advisers who reported that they are not using social media for business, a third of them said they are abstaining because of compliance concerns. Read More

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