While social media adoption has increased in recent years, Twitter remains the most common medium among financial services firms. In fact, in a study from Corporate Insight released in April, 92% of firms with a social media presence, including banks, brokerages and asset managers, used Twitter.
Earlier this year Morgan Stanley Smith Barney opened up the Twitterverse to its army of 17,000 advisors, offering a library of pre-approved messages to fire off to their followers. The firm’s former head of investment strategy, Paul Hatch, is a strong advocate of LinkedIn and other social media that, in May, he said “is changing the way we communicate.”
Some firms, like Invest, have branched out further into forums that typically allow more free-form communication and messages longer than 140 characters. In a report published by Dalbar last August, the Boston-based research firm found that most firms use at least two social media platforms.
Ameriprise offers a tool that allows clients to search for advisors based on their LinkedIn connections, in addition to name and location search options, according to the Corporate Insight report.