Of the several choices of marketing tactics, social media came in last, tied with "cold calling." However, ATA principal Mike Slemmer says this does not tell the whole story: "Comparing these data to ATA's 2009 survey on business building, LinkedIn use has more than doubled and - more significantly - those responding that their firm disallows social media use has been halved, to 33% from 65%. Moreover, the comments reflected a wide range of uses for social media that we didn't see in the 2009 results."
Survey responses also shed light on the roles and personnel that are primarily responsible for business building. While firm owners or principals are the main people involved in selling, this category dropped the most (to 52% from 56% in the 2009 survey) while dedicated sales executive grew the most (to 16% from 10%). "This reflects what we are seeing - that more advisors are realizing that effective sales skills, and those people that have them, are increasingly necessary to growing a business in the very competitive wealth management industry," added Mr. Slemmer.