Despite the fact that social media is critical for marketing and growth of financial advisory practices, a significant number of advisors are still concerned about using social media for compliance reasons, according to a Peak Advisor Alliance survey released on Wednesday.

Over half of the 200 respondents see social media as beneficial, but view the compliance risk as daunting. Yet 55% of those polled think their biggest marketing challenge is differentiating their practice and generating new business, for which social media platforms, such as LinkedIn, Twitter, and Facebook, are critical.  

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