Eighty-five percent of financial services professionals under the age of 50 are using social media such as LinkedIn and Facebook in their work, a survey found.
On Wall Street and LederMark Communications of Baltimore conducted the survey. More than 40% of the survey participants under 50 said using social media has improved business, said Gerri Leder, LederMark's president. Nineteen percent of users over age 50 said that social networking sites have improved business.
Compliance issues, especially at large financial institutions, remain problematic. "This is an area of intense debate and focus in the industry," Leder said. Firms are grappling with how to best use the technology while not running afoul of regulators.