Facebook founder Mark Zuckerberg "Likes" Chan and Weds 1 day after IPO

Facebook founder Mark Zuckerberg has ended a hectic week which saw his company valued at £106bn after a stock market flotation by getting married.

Zuckerberg has updated his relationship status to "married"

He wed his long-time girlfriend Priscilla Chan, 27, in a ceremony at his home in Palo Alto, California.

Chan also had a busy week, graduating from medical school on Monday, as Zuckerberg marked his 28th birthday.

The guests believed they were going to celebrate Chan's graduation - but found they were at a wedding instead.

The wedding ring, a "very simple ruby", was designed by Zuckerberg.

Nine years ago the pair met at Harvard, where Zuckerberg founded Facebook in 2004.

They later moved to California, where Facebook has its headquarters, and Chen studied at the medical school of the University of California, San Francisco.

On Monday, Zuckerberg turned 28 and Chan graduated from the University of California, San Francisco School of Medicine, where she'd studied pediatrics.

Then on Friday, Zuckerberg took his blue-and-white web behemoth public in one of the most anticipated stock offerings in Wall Street history.

The seemingly well-coordinated timing was largely a coincidence, the guest said. The wedding had been planned for months and the couple was waiting for Chan to finish medical school, but the date of the IPO was a "moving target" not known when the wedding was set.

Attendees, including Facebook's chief operating officer Sheryl Sandberg, were told after they arrived that they were not mere party guests but wedding guests.

"Everybody was shocked," the guest said.

The person would not discuss the names of others who attended to protect their privacy.

Ditching his trademark hoodie and sneakers, Zuckerberg sported a dark blue suit and tie with a white shirt for the ceremony, while Chan wore a traditional white wedding dress with veil and lace.

Food was served family-style and included dishes from the couple's favorite Palo Alto sushi restaurant.

Zuckerberg met Chan at Harvard, where he founded Facebook in a dorm room in 2004, and have been together for more than nine years.

Chan's own Facebook page, which now lists her as married to the founder, said she is a native of Braintree, Mass., and attended high school in nearby Quincy.

She graduated Harvard in 2007 then taught science to fourth and fifth graders at the Harker School in San Jose for two years before starting medical school, according to her profile.

Her page also says she "loves cooking and soft things."

Even after the IPO, Zuckerberg, who grew up in Dobbs Ferry, N.Y., remains Facebook's single largest shareholder, with 503.6 million shares, and he controls the company with 56% of its voting stock.

The site has grown into a worldwide network of almost a billion people and made its founder, Time magazine's Person of the Year in 2010, one of the most famous businessmen of the Internet age.

Facebook's valuation after its flotation on Friday means the social network site is worth about the same as internet shopping giant Amazon, and more than the value of stalwarts such as Disney.

Even after the flotation, Zuckerberg continues to control just under 56% of the voting power of the company.

Zuckerberg "Likes" Chan and Weds

 
In a quiet backyard celebration Mark Zuckerberg, CEO of Facebook married his long-time girlfriend, Pricilla Chan at his home in Palo Alto, CA today.  Guests were told they were celebrating Chan’s graduation from medical school and were shocked to learn that the event was actually a wedding. The bride graduated from University of California San Francisco with a doctorate earlier this week, on the same day as Zuckerberg’s birthday. About 100 guests attended the affair.

Zuckerberg tipped off the press to the nupials when he changed his status to “married” on his Facebook page.  He shared the photo above on his Facebook page and on his timeline, along with a photo from the stock exchange. AP reported the story.

The bride wore an elegant long, white wedding dress with a delicate lace overlay. The wedding ring was simple ruby, designed by Zuckerberg. The groom wore a serious dark suit with a narrow tie, not his casual garb with his signature hoodie.

The wedding was the final ceremony of a bruising week that included the highly-anticipated IPO of Facebook, which broke records on market capitalization for internet companies.

The couple dated for eight years before the wedding. They met at Harvard University when Facebook was in its early phases. They had been planning the wedding for months and decided to wait until after Chan graduated. The timing was not related to the date of Facebook IPO, which had been in flux for weeks due to SEC delays. Zuckerberg turned 28 this week and Chan is 27.

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Facebook Seeks Political Ad Dollars

Published by MIT

Political advertisers are going to flock to FB this year  

There’s certainly money in politics, and Facebook knows it. The company, now under pressure to to justify its enormous $104 billion IPO, is trying to hire someone to maximize political advertising sales during the 2012 election season in the U.S.

“The Client Partner will establish and strengthen key relationships with national political campaigns and organizations with a focus on driving revenue, platform adoption, advertiser education, and advertiser satisfaction,” the posting on Facebook's website says.

How much money is in politics for Facebook? That's hard to say. But with the rise of the Super PAC, campaign spending on advertising will likely reach record-breaking levels this year. A growing percentage of that is moving online, in part because fewer people are watching live TV than during previous election years, according to the global ad agency WPP. The Hill reports that the Obama campaign alone is on track to spend $35 million on total online advertising this year, up from $16 million in 2008.

Unlike other advertisers that have questioned the value of Facebook this week, both the Romney and Obama presidential campaigns are likely to appreciate Facebook's importance. It had 40 million U.S. users in 2008 compared with 160 million today—almost the entire American voting public, according to The Guardian.

So, yes, we’ll be seeing a lot more politics in and next to our News Feeds over the next few months, targeted based on our activity and our friends' activity on the network. Whether the lifting of corporate spending limits on political campaigns, a result of a Supreme Court decision in 2010, will actually be a meaningful boost Facebook’s bottom line this year is unknown. The company’s total advertising revenue worldwide was about $3 billion in 2011.

 Jessica Leber Newscribe : get free news in real time

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Asia from an Asian perspective

Singapore’s Channel News Asia plans to penetrate the US and European pay TV markets, but faces challenges posed by surging social media.

SINGAPORE television, which helped Lee Kuan Yew defeat his left-wing foes and stay in power for 50 years, plans to go worldwide 24 hours a day from next year.

The global push by the state-owned Channel News Asia (CNA) to extend its reach from Asia to cover the United States and Europe is an ambitious project, given the adverse cable news market.

Last week, America’s CNN (Cable News Network), despite its vast resources and experience, reported a ratings drop of up to 50% in the first quarter.

All three global networks suffered declines, having lost audiences to the new digital media.

The declines are not deterring CNA, whose predecessor had played a historic role in the People’s Action Party’s (PAP) elimination of the powerful left-wing Barisan Sosialis in the 60s.

Despite its near-monopoly, circulation of Singapore’s main Straits Times broadsheet has stagnated.

“For us to be a true global player in the news channel space we need to broadcast 24 hours, every hour on the hour, with live news,” said a CNA spokesman.

“This will eventually allow us to penetrate the US and European pay TV markets, so that people there can get Asian news with Asian perspectives whenever they want.”

Having their state TV moving into the world arena has raised a little sense of pride among some Singaporeans.

Informed citizens, however, are questioning its chances of success considering that it is considered to be a government mouthpiece. And taxpayers are worried about footing the bill for potential losses.

A small-time businessman commented: “I wish it well, but if powerful global networks like CNN are losing out, what chance has the state-owned Singapore TV to succeed?”

Not everyone agrees. A polytechnic lecturer said Singapore has become an economic international player and a provider of jobs for professionals.

So TV has a small part, but, he added, if it is thinking of taking on the big players in providing global news, “I would say forget it”.

The vast majority of Americans and Europeans don’t really care for Singapore’s idea of “Asian coverage of Asian news”.

The biggest handicap is its ties to the government.

Most people I talked to doubted if many Westerners would be well disposed to news from a government news channel (BBC is different because of its long history of objective reporting).

Even among Singaporeans, one in every two believes that the Singapore media is biased, according to a survey last year.

On average, in a normal day, however, newspapers and television are the top sources of news here, with the Internet coming in a close third.

But in last year’s election, some 48% turned to Yahoo! for quick news, with CNA in second place at 23.8%. Newspapers, however, were the people’s main source of news.

Television was launched in 1963, the year Singapore joined Malaysia, and when it left two years later, the telecast of Lee Kuan Yew weeping caught the imagination of the world.

At the launch, only 2,400 Singaporean homes had TV sets, but tens of thousands of people, young and old, would sit on wooden benches in community centres to watch the magic box.

As a 23-year old then, I joined enthusiastic friends to meet outside a department store TV display window and watched celluloid scenes of the PAP developing Jurong or building public flats at a rate of one unit every 45 minutes.

It was a powerful message for a poor squatter country.

Eventually the leftwing hold among the vast Chinese-educated was broken. To the viewers, moving pictures could not lie.

The hard-working Barisan Sosialis representatives resorted to knocking on doors to get to the people, but they could not match the power of moving pictures.

Since then, the government has kept 100% ownership of television. Despite much talk of going public, TV news remain in official hands. About half of Singaporeans polled last year felt that “there is too much government control of newspapers and television”, according to an analysis by the Institute of Policy Studies.

With 3.37 million Internet users out of a 5.18 million population, the expectation is that while mainstream newspapers and TV remain on top of the pole for news, erosion among young readers is likely to continue.

This is because CNA is widely perceived as the voice of the government. An advisory committee said in 2009 that this factor could hamper its credibility as a news conduit.

The circulation of the Straits Times has been dismal over the decades despite a big population jump.
Not exactly good news for the ruling PAP.

An authoritative source once told me that for the PAP to remain in power, it must have control over three things – security forces, finance and the media.

The first two remain more or less in place, but control of the third – the media – is being challenged by the day by the surging social media where every citizen can be both a reporter and a reader.

INSIGHT DOWN SOUTH By SEAH CHIANG NEE

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Middle East Faces Tensions Between Online Child Protection and Internet Freedom

Larry Magid, ForbesContributor

Panelists talk about how to protect children without censoring the Internet in Qatar

I’m in the Persian Gulf state of Qatar for a two-day conference where representatives of government, non-profits and businesses from throughout the Middle East will join their counterparts from other regions to discuss “Promoting Online Safety and Cyber Ethics in the Middle East.” The conference is run by the Washington-based Family Online Safety Institute (FOSI) along with ICTQatar. Sponsors include Google, Microsoft and Vodaone.

Social media and Arab Spring

I came to moderate a panel on the impact of social networking where speakers from Facebook, Yahoo, Aljazeera and OfokSystem talked about the role social networks like Facebook and Twitter played in Arab spring. Although conditions on the ground in Egypt, Tunisia and other countries were responsible for the unrest, social networking provided a vehicle for protestors to spread the word and organize protests.  There was a general consensus among the speakers that the best path for governments going forward is to encourage openness and a free flow of information lest other leaders risk following in the footsteps of ousted Egyptian leader Hosni Mubarak.
David Gross

The conference’s opening sessions featured a discussion between FOSI CEO Stephen Balkam and  former U.S. ambassador David A. Gross, who took delegates on a walk down memory lane about the history of Internet regulation in the U.S. and Europe.

Balkam asked Gross to comment on the tension between the tendencies to want to protect children via Internet regulation and government imposed filtering vs. wanting to promote free speech.

“Every parent naturally as a matter of biology as well as intellect wants to protect children,” said Gross. “A lot of these issues are variations of an old theme with each country wanting to make its decisions in their own way based on their own culture.”

But what’s different is that kids are often more tech savvy than adults. “The extraordinary and maybe unprecedented twist is that technology and Internet related technology seems to be more intuitive for young people than the adults who are making the rules.”

Gross said that the Internet does not lend itself to being heavily regulated by government but instead “a more organic multi-stakeholder approach that includes government but also schools, parents, non-governmental organizations and corporations “coming together to field their way through it.”

Changes over time

Gross pointed out that the difference between the nineties and now “is that the issues are more complex,” thanks in part to cloud computing and the rise of international companies like Google and Microsoft.  Also, the discussion, which used to be between Europe and the U.S. is now “a conversation that is truly global which means that the complexities have gone up enormously. Instead of two players you now have 100+ players,” he said.

Recognizing cultural differences among countries, Gross does not advocate a one-size-fits all policy.  “Ultimately there are going to have to be accommodations and how these things get resolved will fundamentally determine the economic well being of many countries.” While this may seem daunting, he’s optimistic that it can be worked out. “With technology and clever policy making everyone will be able to live within their own set of rules.”

In the past, said Gross, “what your future would turn out to be depended mostly on who your parents were and where you were born but, because of the Internet, that is no longer the case.” Access is truly global and truly open, but the danger, he added,”is from those who will shut that down.”

The conference is being held in conjunction Qitcom 2012, a technology exhibition and conference that features technology companies from around the world seeking business opportunities in Qatar and neighboring states.  Forbes lists Qatar as the world’s richest country while the CIA World Fact book estimates Qatar’s per capita GDP at $102,700.

While Internet safety advocates and tech professionals were meeting at the FOSI and Qitcom events in one part of the city, eight heads of state from the Arab region, government ministers and Arab tech industry leaders were participating in the Connect Arab Summit to talk about expanding technology opportunities in the region.

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Think before you "Like" on Facebook

Corporations are engaging in a social media arms race

 
By Chris Taylor Annie Scranton has a little problem.

The founder and president of New York City's Pace Public Relations is a successful and sober-minded individual, but when it comes to this one thing, she has a definite compulsion. It's the "Like" button on Facebook -- she just can't stop clicking it.

"I'm totally obsessed with it," says the 31 year old. "Just like a lot of people I know. My friends and I call it 'Like-Bombing', where you go online and like everything."

So it's a good thing for serial "Likers" like Scranton that there are more and more rewards for consumers who click that button.

Hotel chain Marriott, for instance, is currently offering prizes totaling 10 million reward points for those who Like its Facebook pages, including two grand prizes of a million points each.

Think of it as a social-media arms race among corporations, to see which can amass the greatest number of online followers.

"It's become a real competition between companies to grow the size of that number, and to have more fans than your rivals," says Matt Simpson, marketing director for Phoenix-based Bulbstorm, which develops social-media apps for companies such as NBC and World Wrestling Entertainment.

"Over the last year, we've been seeing more and more of it, and it's been driven largely by promotional applications like sweepstakes."



PROMOTIONS AND LIST BUILDING

If you "Liked" Toys 'R Us before Thanksgiving, for instance, you got a shot at a limo ride, a $1,000 shopping spree, and exclusive store access before its doors opened for Black Friday sales.

Travel site Expedia, meanwhile, hosted a 'FriendTrips' sweepstakes for those who Liked its Facebook page, offering voyages to one of 13 different destinations.

As a result, in the third quarter of this year, an average of 100 million "Like" buttons were being clicked on Facebook every day. That's double the amount of liking going on, compared with the same period last year.

Corporations are doing this for a reason, of course. They're building marketing lists, they're aiming to boost sales, and they're planting themselves in users' news feeds.

When Coca-Cola has more than 36 million Likes, and Disney has more than 29 million, they've assembled a ready-made audience that can be tapped at any time.

And here's a little secret: While companies are certainly happy to have you as a fan, what they're really interested in isn't you; it's your friends.

Because if you officially Like Starbucks, your friends see that you've liked Starbucks, and they become more likely to spend there as well.

"Friends of fans represent a much larger set of consumers than the brand's own fans," says Elisabeth Diana, Facebook's manager of corporate communications. "In fact they're 81 times the size of the actual fan base, so Likes are a way to reach those people as well."

The promotional pushes seem to be paying off.

Expedia's FriendTrips campaign, for instance, garnered 900,000 new Likes for the company. And while Marriott's contest is ongoing until the end of the year, its new Marriott Rewards Facebook page has already gone from zero to more than 170,000 Likes.

"We've surpassed all other hotel rewards programs in under three weeks," says Michelle Lapierre, Marriott's senior director of customer relationship marketing, taking a slap at rivals Hilton, Starwood and Hyatt.

LIKING, PHASE TWO

Of course, once you have an army of online followers, that's not the end of the marketing road. Then there's the question of what to do with them all.

That's why companies are now proceeding to Phase Two of the Like operation: Figuring out how to engage and entertain consumers on an ongoing basis, with a flurry of polls and quizzes and games.

"Collecting Likes by giving away prizes is a great way to build a fan base, but it's not the be-all and end-all of Facebook marketing," says Bulbstorm's Simpson, who himself won a 10-day trip to Hawaii from just such an online promotion.

"Savvy brands are starting to focus on things with more entertainment value, to keep you around longer than the seven seconds it takes to fill out a form."

Beware, though, that Liking something publicly makes companies keenly interested in who you are and where you're surfing.

Not only that, but Facebook is rolling out so-called 'Sponsored Stories' of such activity. In other words, if you officially like Target's Facebook page, your friend Jim might get a Sponsored Story in his news feed announcing that thrilling development.

So if you're uncomfortable with your personal business being public, then maybe Like-Bombing isn't your best online strategy.

"Facebook 'Like' buttons are increasing in prevalence across the Web, raising serious privacy concerns for those who value the privacy of their online reading habits," says Rainey Reitman, activism director for the San Francisco-based Electronic Frontier Foundation.

"This collection of information about one's Web browsing habits may violate many users' expectations of privacy. Our reading habits can be incredibly sensitive, and Facebook has a long history of playing fast and loose with user privacy."

Facebook reached a settlement with the Federal Trade Commission in November, agreeing to get users' permission before altering privacy settings and submitting to independent privacy audits for the next 20 years.

As for Pace's Annie Scranton, though, she has no plans to rein in her Like campaign - especially since it's brought her a number of new business prospects. So if you get Liked by her, don't be all that surprised.

"My business is inextricably linked to social media, so if I wasn't constantly Liking things, my clients wouldn't be happy," she says. "Even when I'm working, I'm on Facebook all day long. You can never do enough Liking."

(Editing by Jilian Mincer and Linda Stern)
(The author is a Reuters columnist. The opinions expressed are his own.) 

Social climbers in Malaysia: Race, Datuk, Datin or Puan Sri, not professional meritocracy

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Social climbers aplenty

A Writer's Life By Dina Zaman

In Malaysia, titles carry a lot of weight. People lie about their names, and some second wives even insist on being addressed as Datin or Puan Sri.

IT all began when I met a fortune teller in Butterworth who chided me for not using my honorific title before the name that you see now. In other words, a family title.

“If you acknowledge this heritage, this name that your family ancestors gave you, you will become very, very, very rich!” she said.

I thought, I could live with that. I am tired of being a financially struggling writer.

A month or two later, I edited my LinkedIn profile and put, ahem, the title in front of my name. Boom! Boom! Boom! I received a monthly average of three potential connections to link with.

Now, I have been a member of LinkedIn.com for more than seven years, and I would receive an invitation to connect like, perhaps, once every two to three months.

This very strange phenomenon affirmed the following to me: First, I’m not a celebrity, hot, and popular. These new friendships confirmed to me that a lot of Malaysians in general are social climbers and will only befriend you if you have wealth and social standing.

My charming personality and some brains have nothing to do with my instant popularity. Tsk.

Before we go on, allow me to clarify a few things. I do have a title tagged to the name my parents gave me. I do not understand why there are women who want to marry into the firm, because having an honorific is hell on forms and documents.

I am grateful that my parents gave me a beautiful name. Maybe at that time of registration, in 1969, there were many tiny boxes to fill in my title and name, but 21st century forms are horrible to fill in your particulars.



Two. Maybe I am related to some very titled and privileged people and maybe I am not. So don’t bother befriending me. I cannot guarantee you an invitation to the istana or a royal event.

I myself do not attend such dos. The one or two times I had been invited, I had to cover an event. If there ever was a personal invitation, and I cannot remember any, I chose to sleep.

I have always invested in very nice beds and mattresses. They win hands down all the time.

Also, if I am related to some Tengku or Raja, it would be 100 times removed. I call myself a SociaLIKE. I only mingle with people I like.

That LinkedIn caper left a bitter taste in my mouth. Surely all the work I had done over these 18 years would have amounted to something. I worked very hard to get to the little mountain I am on now. I can do this, and I can do that.

Actually, I am smarter than some of these titled people. Still, was an honorific my passport to professional and social success?

Unfortunately in Malaysia, titles carry a lot of weight. People even lie about their names.

Friends who work in events and public relations will call me, laughing over guests’ pretensions. “Wah, since when ah, did this person become a Tengku, or Datuk?”

I myself have seen a business card which had the grandfather’s datukship! Since the person’s father was not a datuk but the grandfather was, the person insisted on having it on the card.

How do you take someone like this seriously? Obviously many do, because the person is a director of a public-listed company.

I have also met second wives who insist on being addressed as Datin or Puan Sri. Darlings, think what you will, but that privilege belongs to the first wives only. Non-negotiable. Lu sudah sapu sama laki, mau sapu title pulak?

There is little professional meritocracy practised in this country: it’s not just your race, it’s who you are related to, who you know in this country, (and perhaps also the bomoh you’ve hired) that gets you places.

This may be 2012, but Malaysia is very much a feudal society. A title may not get you that timber deal, but at least the waiting staff or sales clerk will stand to attention.

And perhaps this is why we hold on to social status like a limpet: because there are so few honest successes in this country.

I have been asked before what I thought of the monarchy in Malaysia. If there is one legacy any monarchy should have, it would be that it has served its people well.

It should act intelligently and be compassionate. It should not be known for excess and wastefulness,
especially in times of austerity. Granted, there are a number of royals who have contributed to the country, but how many have left proper legacies?

I do enjoy reading the Malayan history of monarchy and aristocracy. Reading the Hikayats make me yearn for simpler days. Modern day aristocracy has lost that romance, refinement and adat.

Three months into my experiment, I was already getting irritated by requests to connect. My e-mail was constantly alerting me of new possible friends I could network with. And I still have yet to hit the jackpot. So I called the fortune teller in Butterworth.

“Aunty! Apa dei, I put the title in front of my name and I’m still not rich la!”

“Aiyo, it is the month. The stars are not aligned … you see, my dear …”

I squawked on the other side of the phone. I had no time to deal with astrological alignments. I went to my laptop and edited my LinkedIn.com profile. Goodbye title.

And what a marked change. To date, I have only had two requests to network with me, and these were old friends from university. I like it that way.

To those who added me on the basis of my name, I don’t want to do business with you. And to those who appreciate my work, and think that there are possibilities, you know how to get me.

> Dina Zaman is a writer based in KL. She is interested in Malaysian religious histories and its people.

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Financial Advisors Get Social

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 Raymond James Financial Advisors Get Social

Tom Groenfeldt, Forbes Contributor

Financial advisors at Raymond James are now able to use social media tools including LinkedIn, Facebook and Twitter through the Actiance compliance tool, Socialite. Advisors also have optional access to a library or pre-approved content and tools to measure engagement.

Mike White, marketing director at the Florida-based financial services firm, said the Actiance alliance fulfills a commitment made early in the year to provide social media tools for advisors.

Financial firms have been slow to adopt social media, he said, and they have watched to see how regulators would interpret social media communications.

“In addition to incorporating the technology and archiving platform with Actiance, we have developed guidelines, training sessions and marketing and communications support to help advisors leverage social media in their client engagement and new prospecting activities,”  added White.

In the two months since the Actiance rollout, 1,200 of the firm’s 5,000 advisors have signed up. The company offers interactive video training to show advisors how social media can be used properly.

“We know there have been a lot to mis-steps [with social media] by public figures and we want out advisors and our brand to be protected in the process.”



Early adopters at Raymond James spread across all ages; the fastest to move to social media are the advisors who are most marketing oriented, White said. As the technology becomes easier to use, the age skew is not as pronounced as it once was, he added. Grandparents are among the most active users of Raymond James online services.

White thinks advisors will use social media both to stay in communication with existing clients and to prospect for new ones.

Raymond James has several people in its 200-strong compliance group who review all social media content before it goes out, with the result that approvals can usually be done the same day content is submitted. Tweets and posts go through a workflow process to provide the firm compliance oversight while allowing advisors to offer a personal touch.

“Our understanding [of the regulations] is that we do not have to review communications ahead of time, but we are being conservative.”

White said that in addition to approved canned content the company offers Tweets and posts from its economist or stock strategist.

“One great thing about Actiance is they were relatively early to the game of social media so they understand the importance of providing flexibility and insight to the communications.” The company also reviews blogs by its advisors before they are posted, a process which White said is now at the point social media was a few years ago.

“We treat blogs as ads that have to be pre-approved.”

The Aite Group, a financial research firm, entitled a recent report on social media for financial advisors “The Bloom is off the Rose.” Roughly 7 in 10 financial advisors use social media for personal purposes and half use it for business, figures which have increased since 2009, said Ron Shevlin, senior analyst with Aite Group and co-author of this report.

Use of LinkedIn has increased for business purposes and the time spent on Facebook, Twitter and blogs has declined among financial advisors. Advisors don’t spend much time on leading social media finance sites such as Stockpickr or Wikinvest; only a third of the advisors surveyed were even familiar with them.

Advisors are seeing diminishing returns from social media, according to Aite. Reaching new prospects was cited by only 19 percent, half the percentage in 2009 while increasing revenue or fees linked to social media declined from 16 percent to 6 percent.

Just six percent of advisors who don’t already use social media plan to do so over the next year. Thirty-eight percent said it wasn’t worth their time and 34 percent just don’t like to communicate with customers that way. Nearly three-quarters said their firms have policies that limit or ban the use of social media.

Vendors had some suggestions for the best ways to use social media. Actiance told Aite Group that responding to clients’ postings, such as a new child or a new job, with an appropriate messages is effective.  Echoing what White said about early adopters eMoney Advisor noted that advisors who are good at marketing are good at using social media. Financial Social Media’s recommendations suggest why some advisors are losing interest — they recommended Tweeting three to five times per day and updating LinkedIn and Facebook at least twice a day. That suggests a substantial time commitment. Other vendors of social media tools including SocialVolt, Socialware, SocMediaFin, SunGard, ThomsonReuters and Wired Advisor had a variety of suggestions about defining an approach to marketing, listening to the market and building out social networks.

Aite concluded that many financial advisors have decided that social media is not living up to its hype.

“The absence of tangible benefits from social media is muting advisors’ perception of its potential importance,” said Shevlin. Financial firms should expand their focus beyond compliance to look at effectiveness, added Aite, offering several specific suggestions for defining messages, choosing the proper platform and improving marketing skills.

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