While greater numbers of advisers are utilising social media platform Twitter, the client engagement benefits are still being lost, according to Zurich Financial Services Australia.
A survey conducted by Beaton Research and Consulting on behalf of Zurich found an 80 per cent increase in the number of advisers using Twitter, rising from 10.3 per cent of respondents to 18.5 per cent in just two years.
However, reflecting on the survey findings, Zurich head of marketing, life and investments, Richard Dunkerley said that the practical business benefits of Twitter are yet to be widely realised.
Almost 25 per cent of respondents were unable to estimate the proportion of their client base using social media, which Mr Dunklerley described as "alarming".
"Knowing your client shouldn't just be about a financial fact find; it should be about understanding their service and communication preferences too," he said.
"Whilst social media channels are not suited to every client in every situation, it is clear that an increasing number of consumers do prefer such channels."
Lack of time and privacy concerns were given as the two key obstacles to embracing social media platforms.
LinkedIn, Skype and YouTube have also all received greater traction among advisers, with usage rising from 39.9 per cent to 65 per cent, 33.9 per cent to 46 per cent, and 27.8 per cent to 45.5 per cent respectively.
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