Wealth Managers Who Eschew Social Media Risk Losing Relevance

According to a recent study from Celent, social media channels are quickly becoming as important as traditional media channels for wealth managers when it comes to acquiring and retaining clients. According to the director of research at the Boston-based international research and consulting firm, Isabella Fonseca, increasing client communication, client stickiness and adding touch points are easier when it comes to social media. Key aspects from the report include the fact that the ROI for social media remains a question for many firms. In addition, effect social media policy and the adoption of a social media compliance tool helps bridge the gap between the IT and compliance departments.

One of the biggest hurdles was the concept of "regulatory clarity." According to the statistics from the report, wealth managers don't have a clear picture of how to remain in regulatory compliance when it comes to social media. And with younger generations embracing technology and social media, firms will be looking for more clarity in helping develop comprehensive and compliant policy.

Wealth Managers Who Eschew Social Media Risk Losing Relevance - Financial Planning