Fund managers ride social media wave - survey
Even as social media platforms like blogging, Facebook, Twitter and LinkedIn experience phenomenal growth on a global scale, financial services professionals are making their own strides at tapping into their networking power - despite oft-cited concerns over running afoul of FINRA regulations over allowable communications.
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Most of the respondents (82 percent) to a recent "spot" survey by Horizon Cash Management were at least somewhat familiar with social media; 55 percent using them both professionally as well as personally.
The survey base included hedge fund managers, financial services providers, managed futures funds professionals and other investors or brokers. Horizon Cash Management is a Chicago-based provider of independent asset management services to institutional investors.
The respondents provided information on their familiarity with social media and how they are used, professionally and personally. Among the findings:
-- LinkedIn is the most popular, cited by 84 percent of respondents. Facebook (64 percent), Skype (44 percent), Twitter (33 percent) and YouTube (29 percent) were the next most-popular social media sites, along with blogging (22 percent).
-- Sixty percent said they utilize social media to collect business information or intelligence on the professional side; 75 percent who use it for personal purposes said they do so to stay in touch with friends or family.
-- Of those currently using social media, the majority (61 percent) expect to expand their usage over the next 12 months. Of those who currently do not use social media, the majority (80 percent) have no plans to change that status within the next year.
"With financial companies considering new policies regarding the use of social media tools in the workplace, it will be interesting to see how these actions might affect what clearly is a familiar concept for a majority of those within the industry," said Pauline Modjeski, president of Horizon Cash Management.