More than 60 per cent of financial advisers are missing out on lead generation opportunities for potential customers because they do not use social media, according to Zurich Financial Services (Zurich).
This result comes from a recent survey conducted by Zurich which examined how much financial advisers understand about social media and how they use it.
The survey found that of those advisers who do not use social media, 77 per cent are aged over 45.
However, of the 39 per cent of advisers who do use social media, the survey found that only one in three of those advisers use it for business purposes.
Zurich said that, according to the survey responses, advisers do not use social media because they still don’t know what social media is, nor can they describe it, and see it as a ‘waste of time’.
financial advisers … are missing out on reaching their target customers
“Australians are huge users of social media with three quarters using some basic forms of social media. They also spend more time on social networking sites than any other nation. That tells us ,” said Colin Morgan, General Manager – Zurich Life.
Of the 39 per cent of advisers who do use social media for work, 40 per cent use it for communication, another 40 percent use it to advertise their services and 20 per cent use it to network.
The survey also found that ninety per cent of those that access social media do so through a computer or laptop, with only 7 per cent utilising the social media capabilities of iPhone or Blackberry.
“Social media isn’t the answer to everything. The crux is that it’s an effective tool and the quickest way to engage with customers and it can help facilitate customer service. We think every adviser practice should consider social media as part of their communications toolbox – irrespective of their age – if they want to capture one of the biggest slices of customer opportunity in Australia,” added Mr Morgan.
The survey follows Zurich’s release of a life risk quotation application for iPhone.
