Despite the constant drumbeat of financial executives, marketers and compliance officers alerting advisors to engage in social media to capture millennials' attention, no consensus exists on the most effective way to predict or measure the success of such efforts. While some social media campaigns elicit a clear, positive response, others lead nowhere or, worse yet, turn off existing or prospective clients and damage the advisor's reputation.

"If anyone has given you a great answer, share that with me," jokes Joe Nadreau, head of innovation and business strategy for Wells Fargo Advisors, who is charged with the task of measuring the firm's social media campaigns' effectiveness.

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