Why Read This
Social media will have an outsized impact on relationship-based businesses like investment firms, life insurers, and private banks. Some of these wealth management firms are piloting programs that enable their advisors and agents to participate in social networks. Ameriprise Financial has gone a step further, empowering consumers to use LinkedIn to find connections who can provide referrals on prospective advisors. Smart eBusiness and channel strategy professionals at other wealth management firms should follow the company's lead in order to improve their firms' ability to acquire clients and recruit agents and advisors.