Despite some networks and IFA support firms banning the use of social media, 2011 has seen a significant increase in the number of IFAs embracing online networking, with more and more joining Twitter and other sites to network and to interact with each other.
Research from IFA Life also suggested that up to 70% of IFAs now have a profile on LinkedIn, though most admit to not understanding how to make effective use of the site.
IFA Life's research suggests that approximately 50% of IFAs have a personal Facebook account, but fewer than 10% have a business Facebook account. IFA Life estimates that 35% to 40% of IFAs now have a Twitter account.
Commenting, IFA Life’s Philip Calvert said: "The common perception amongst many IFAs is that social media is a time-wasting fad, but large numbers are now fully embracing it as an important business tool.
“LinkedIn is an incredibly powerful site which enables IFAs to raise their profile, enhance the perception of their expertise and to find valuable contacts.
"It's incredibly short-sighted of some networks and IFA firms to ban the use of social media, and this will inevitably see IFAs going elsewhere. It's a bit like banning IFAs from attending dinner parties."
