Compliance concerns and a lack of control are the main barriers holding UK wealth management firms back from setting up a social media presence, the PAM Insight Social Media Survey reveals.

The survey, which was launched in association with Citigate Dewe Rogerson, found that 55 percent of respondents cited a lack of control as a barrier to entering the social media world. 42 percent cited compliance restrictions. The most common barriers after this were lack of resources (34 percent) and “maintaining brand consistency” (16 percent).

The vast majority, 84 percent, believe that social media can bring...