Half of brokers still not utilising social media

The research from Accord Mortgages found that LinkedIn is the preferred platform for the majority of brokers currently using social media. They use the professional networking site to share views on market issues, discuss best practice and offer advice amongst peers, with 23% of those surveyed reading discussions, and 16% actively engaging in them.

A total of 7% of those currently using social media are active on Twitter, and use the platform to garner information and read discussions. One in five (21%) access Twitter as a sounding board to answers questions, however only 12% of Twitter users follow mortgage lenders.

Facebook was recently used by 7% of those surveyed as a means of gathering information, and over half of users (57%) enjoy reading discussions but are not taking part in conversations.

David Robinson, Accord’s National Intermediary Sales manager, said:

“There is still uncertainty about how to effectively use social media for financial business despite regulatory advice, and some brokers may be wary of using it in a business to consumer capacity. Those thinking of taking the plunge need to have a robust strategy in place, knowing exactly who their target audience is and what they want to communicate to them.

“The results of our survey suggest those who are on board with social media are using it as a platform to share with fellow intermediaries, rather than engaging with clients. This might be a shrewd way to utilise the platforms, as clients can prefer the personal touch of a face-to-face meeting when seeking advice.

“From our perspective, we are carefully considering our social media presence and this research helps us to understand how brokers are using the medium.”

Andrew Montlake, Director at Coreco, said:

“We have been using social media actively for a few years now and, whilst it will not change your business overnight, the benefits to those who persist with it are very clear.

“Not only is there is a whole generation growing up who will only ever use social media and peer recommendations to consume financial services, but there has been a massive growth in its use from a wide range of ages, many of whom are our traditional client base.

“Being able to communicate with our clients and introducers in this way has enabled us to develop deeper ties and attract new contacts which have directly benefitted our business. For brokers looking to grow in the future it will not be a question of “if” they develop a social media strategy but rather “how” they chose to do it. Ignoring it will not be an option.”