Although 68% of asset managers have a social media strategy, that number should be far higher to meet consumer and financial intermediary interest, according to a new report from kasina. Only 34% have a budget dedicated to social media and 46% have firm management commitment to execute the strategy.

“Social media has fundamentally changed how buyers interact with brands,” said Lee Kowarski, a principal at kasina and sponsor of the report,.”Harnessing Social Media to Drive Business Results.”

“Millions of users, including many financial intermediaries, spend hours each day recommending, following, sharing and connecting on social platforms such as Facebook and Twitter. Firms that are not engaged in social media today are not connecting with their most loyal and potentially profitable customers where they are,” Kowarski said.

The report includes benchmarks and best practices for building a compelling business case for social media and gaining executive support for social media. It also takes executives through the steps they need to make to set social media objectives, prioritize audiences and create a strategy.

It includes tips on building out a fan base and rules for measuring return on investment. In addition, it reviews best practices for staffing, budget and participation and how to partner with compliance.

“Firms which had a social media strategy a year ago are winning in the space today—with followers, fans and engaged, loyal audiences,” Kowarski said. “Firms that were tinkering a year ago now have strategies, and firms that eschewed social media a year ago are thinking about it now. However, most of these firms are playing catch-up, as the viral nature of the web and social media allows the leaders to get further ahead. This makes getting in the game quickly that much more important.”