WASHINGTON-Asset management firms must have a presence on social media if they want to remain relevant to financial advisers and investors, according to speakers on the Investment Company Institute's "Using Social Media in Fund Communications" panel during its 2011 General Membership Meeting here.

But while asset management firms may not have as great a following as some participants on social media-such as the Coca-Cola Fan Page with 21 million "likes" on Facebook-that could feasibly happen in the future.

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