Social media for financial services – part 2

Why is social media important? Simple, it’s huge. Facebook is the second most visited website in the UK after Google and has nearly 30 million registered users in the UK alone. In fact, if Facebook was a country it would be the 2nd biggest country in the world.

In a press release at the end of 2010, LinkedIn, the worlds largest business social network, confirmed it has over 4 million registered professionals in the UK and  had increased it’s numbers by over 1 million in just 8 months.

It’s not just their size, social networks have changed the way people communicate; whether it’s reconnecting with old school friends and workmates on Facebook or Friends Reunited, moaning about poor customer service on Twitter or joining a group of like-minded professionals on LinkedIn.

As a quick check, there are 29 RDR groups on LinkedIn – the largest membership is over 900 people. There are nearly 6,000 people with the job title Financial Adviser on it in the UK.

IFA Life, the industry vertical, has over 6,000 members.

At Scottish Life we have well over 1,000 followers on our Twitter account and it now accounts for almost 5% of our web traffic. If you look to the US, around 15% of financial advisers have a Twitter account.