More and more financial advisers are using social media, according to IFA Life which now has 5,000 members.

The social networking site said social media now plays a key role in the way financial advisers share best practice and access business development resources.

There are now a multitude of social networking sites which can all help financial advisers in different ways including Canary Towers, LinkedIn, Ecademy, Facebook business pages, YouTube, Twitter and IFA Life.

IFA Life said social media could be used for marketing, to listen to clients, the industry and target markets, to improve knowledge, to learn news skills and to share best practice, for search engine optimisation and to attract website traffic, for thought leadership and to comment on key issues, networking and relationships

Philip Calvert, founder of IFA Life, said he was delighted more financial advisers were using IFA Life.

He said: "With change and challenges on the horizon, social media is becoming the tool of choice for financial advisers to provide help and support to each other - without having to leave the office.

"There is a perception amongst many financial advisers (and indeed the Financial Services Authority) that social media is all about marketing, and as a result some financial advisers have been banned from using it.

"This is an incredibly shortsighted view, when social media has so many other uses."

IFA Life is holding a social media in financial services conference in November where financial advisers can learn more about social media best practice in their businesses.

Story by: Cara Waters -  Magazine: FTAdviser