CFP Board's new Social Media Guide for CFP® Professionals aims to help the 67,000 CFP® professionals throughout the country promote their CFP® marks through effective use of social media. The document, which can be found here and on CFP Board's website, provides tips and best practices for getting started with social media or enhancing a current social media strategy.
According to a survey of CFP® professionals, about 73 percent of those surveyed say they use social media, though only about 45 percent use it for professional purposes. The top reasons CFP® professionals cited for not using social media for professional purposes included:
- Compliance prohibitions and limitations (37%);
- Uncertainty over compliance and regulatory requirements (33%); and
- Lack of time (20%).
"These results indicate that CFP® professionals are interested in using social media as a platform to educate the public about the value of financial planning and why they should use a CFP® professional in addition to using it as a tool to network," said
Additional highlights of the survey include:
- The most popular social media channel for professional use is LinkedIn (81.9%), followed by blogs (71.8%), Twitter (45.9%), Google+ (34.5%) and Facebook (19.6%)
- CFP® professionals' compliance departments prohibit them most often from using:
- Facebook (33%)
- Twitter (29.4%)
- Top reasons cited for using social media professionally are to:
- Network with other financial planning professionals (44.8%)
- Keep up with professional news and trends (43.1%)
- Marketing and business promotion (33.1%)
- 61.2% of CFP® professionals post to social media channels "infrequently"
- 70% stated their firm or company has a formal social media policy in place. These policies most often address:
- Procedures for monitoring social media usage by compliance departments (67.6%)
- Limitations on topics that may be shared or discussed on social media channels (64.7%)
- Requirements for prior approval of all outgoing communication on social media (63.8%)
- 41% of respondents use "CERTIFIED FINANCIAL PLANNER™ professional" to describe themselves to clients. The terms "financial advisor" and "financial planner" were also commonly used.
About the Survey
The survey was completed in
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