On average, advisors report spending 15% of their time at work prospecting for new clients. They spend the bulk of their time (31%) managing clients and 17% of their time on financial planning activities. The rest of their time is spent on practice management and investment management activities such as compliance and trading.
Under these time constraints, advisors may have little time left in their schedule to make the most of their social media strategies. As a result, some turn to marketing technology vendors for help, most frequently to produce social media content. In fact, nearly 45% of advisors rely somewhat or heavily on outside experts to help them craft compelling social media content that can help raise their profile with existing and prospective clients.
Most advisors do not yet rely on third-party vendors to help them with their social media strategies. Yet 60% said they would benefit from working more with marketing technology firms to expand their social media capabilities.