For financial advisors who want to be more wired, things are getting easier. Compliance officers and regulators are starting to relax rules on the use of social media, and wealth management companies are actually encouraging advisors to use more networking tools.
The anxiety financial firms once felt over doing business on the social network has been replaced by a growing fear of becoming irrelevant if they don't. Last year research firm Cogent Media reported that nearly 70% of investors have "reallocated investments, or began or altered relationships with investment providers, based on content found through social media." In another study last year, IBM said that most global financial services companies are engaged in some form of social media that uses personal data to understand and manage customer relationships.
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