A two-day internet marketing event for Independent Financial Advisers (IFAs), which featured speakers from Google, YouTube and LinkedIn, has resulted in a "groundbreaking" realisation of the potential social media have for the sector.

Held in London, the Social Media in Financial Services event sought to outline how and why the internet is "rapidly changing" financial services distribution.

Organiser Philip Calvert explained that the financial services industry currently engages with its customers the least online, when it actually "has most to gain" from using social media.

"The event proved once and for all that there's a misconception that social media is all about marketing, but it goes a lot deeper than that," he added. "IFAs can use the technology to listen to consumers and industry experts [and] learn and share best practice."

He also singled out the channel's search engine optimisation benefits, its potential for attracting website visitors, building brand loyalty and "creating buzz", networking and building relationships and facilitating promotion and sales.

"We saw once and for all that all consumers of all ages are now actively using social media, and IFAs who assume otherwise are in for a nasty shock," he concluded.

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