Digital and Social Media with the Australian Advice Industry

Midwinter Digital Social Media within the Australian Advice Industry report.

It appears that the Australian advice industry is split when it comes to whether reputational risk prevents them from participating on social media channels, according to research carried out by Midwinter Financial Services in conjunction with Jenesis Consulting.

In 2016, Midwinter surveyed 153 advisers of varying backgrounds and specialisations on Digital and Social Media, with the results revealing mixed feelings on many aspects in regards to how the industry engages with these tools. The responses were compiled and put together in Midwinter’s Digital and Social Media Survey Report.

Quick figures

• 87.3% of advisers surveyed believed there was some degree of reputational risk involved in participating in social media.
• 53.5% of advisers surveyed states the fear of reputational risk has not stopped them from engaging on social media.
• Only 12.8% of advisers surveyed believed their licensees were providing adequate education when it came to digital and social media, with non-aligned advisers seeming to have held this view mostly strongly – with only 7.3% of those surveyed satisfied with the amount of education they were receiving from their licensees on these topics.
• 87.9% of advisers surveyed have a website for their business.
• 67.8% of advisers surveyed employ the use of email marketing.
• The survey revealed that advisers believe Facebook to be the most successful social media platform for engaging with clients.
• The survey revealed that advisers believe LinkedIn to be the most successful social media platform for engaging with peers.
• 47% of advisers surveyed spend under 1 hour a week marketing their businesses online – 2.5% of their working week – 12 minutes a day.

Read the full report.