While two-thirds of brokers regularly use social media, only 56% use social media for business purposes, according to research from Accord Mortgages.
The intermediary-only lender believes its survey results suggest many brokers are wary of using social media, or feel that it doesn’t offer any benefit to their business.
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. 21% access Twitter as a sounding board to answers question;, 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 57% of users 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.”