Half of advisers don't use social media

The survey, conducted for APFA by NMG Consulting, found that of those advisers who use social media, 48% use it as a tool for keeping up with general industry news, 40% use it to communicate with existing clients and 36% use it to target new clients.

Of those who don't use social media, a third (33%) are unsure or concerned about FCA rules around social media use.

Separately, 37% of advisers said they were not aware of the regulations around financial services and social media.

Chris Hannant, Director General of APFA, said:

"The proportion of advisers not using social media still outnumbers those that do, but the relatively high numbers using it as a channel for targeting new clients and speaking to existing customers does suggest it has a role to play. It is important that social media use is client driven - for example, if there is a demand from clients to receive information from their adviser through channels like LinkedIn or Twitter - rather than forced upon clients who may not want it.

"With so many financial advisers still unsure or unaware of the rules and regulations around social media use, further clarity is needed from the FCA. The recent consultation on the issue was a good first step and should help advisers become more comfortable using social media, providing the resulting guidance is clear."