By PAUL KATZEFF, Investor’s Business Daily

High-profile social media networks like Facebook, LinkedIn and Twitter are changing the way people give and receive financial advice, according to a new study by American Century Investments.

They’re also helping financial advisors grow their businesses.

Forty-three percent of financial advisors surveyed by the Kansas City, Mo.-based mutual-fund firm said they have acquired new business as a direct result of using social media sites.

Still, 57% of advisors said social media have not played a significant part in landing a new client or winning a large amount of new business from an existing client.

But those saying they’re benefiting is up markedly. In a prior survey in 2010, only 14% of financial advisors said social media had produced tangible results for their businesses. Just 26% said the networks had business value. And 22% said social media were a fad with little value for businesses.

Read More At Investor’s Business Daily: http://news.investors.com/investing/102315-777059-social-media-networks-shaping-financial-advisor-businesses.htm#ixzz3phRRBj00
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