The growing number of adviser firms setting up a business page on Facebook suggests they are finally embracing the benefits of social networking.
According to networking guru Philip Calvert, founder of IFA Life, while a fifth of advisers have a personal Facebook page, their companies have so far ignored the advantages of setting up a business profile.
Calvert says business pages are highly sensitive to Internet search engines such as Google and provide a handy tool for communicating with existing and prospective clients.
Like a personal page, users can become 'fans' of the company by adding them as a 'friend'.
"Advisers' websites - those who have them - are nothing more than online brochures, and that is not want people want to read," Calvert says. "The Facebook page is also much more attractive than most IFAs' websites."
Calvert says advisers are mistaken in their belief clients, particularly elderly customers, do not use the Internet.
"They [advisers] have got to change their mindset. I have had advisers tell me they have a number of elderly clients, those in their 80s say, that don't know how to use the Internet. They are wrong."
Advisers' biggest concerns about using a Facebook business page include worries about compliance, Calvert says.
But he argues as long as advisers use their page sensibly, and don't "start recommending this or that investment bond", they will have nothing to worry about.
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