With people spend an average of 55 minutes a day on Facebook, more and more planners need to start taking advantage of this powerful medium, says social media expert Amy McIlwain.

“People no longer trust advertising, they trust their peers,” McIlwain, president of Financial Social Media, told attendees of the Women Advisors Forum in Dallas on Tuesday. “You need to get out there and have a presence in this media. If you don’t get on board with this, you competitors will and you will lose market share.”

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