Gallery: Breaking Down Six Social Media Myths

Advisors have come a long way on social media—with nearly half of U.S. advisors using social media to interact with clients, according to a March survey by Accenture. 

“I think that financial services and social media are two industries completely made for each other,” says Actiance’s Sarah Carter “Just think about what you share on social media, what your friends and family share—a heck of a lot more information than you do when you pick up the phone to talk to someone or respond to an email.” 

On LinkedIn alone, there are two billion status updates emailed every week, Pershing’s Neil DiCicco said during a social media panel session during last week’s INSITE conference. “Some people might say that’s a lot of noise I have to go through, I would say that’s a lot of opportunity for us.”

But there are still pervasive myths within the industry regarding the medium, especially when it comes to user habits and compliance that are keeping advisors from jumping in. Pershing’s panel addressed several of the biggest on Thursday. 

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