Traditional media remains the primary source of information for clients, according to a study released by Toronto-based BMO InvestorLine on Thursday, however, while the transition is slow, newer forms of communication are gaining in importance.

Of those people surveyed, 57% said they turn to traditional media, such, as TV and newspapers, to find information on investments. Specifically, 36% of respondents said they find information through TV news and business news show. As well, 30% said they read print editions of newspapers and magazines.

Advisors looking to be ahead of the curve and to work with younger clients, should take a closer look at social media. “Social media is really starting to become an emerging force,” says Al Gregoire, head of marketing and private client group digital acquisition, BMO InvestorLine. “I’m not saying [social media’s] the number one thing for [advisors] to do but it’s definitely something they need to get engaged in now to understand it better.”

Survey results reveal that one-third of Canadians search for investment related information and advice through social media. Nine per cent of survey respondents said they turned to Facebook for information, 4% used Twitter as a primary resource and 3% looked on LinkedIn. Blogs were used as a resource by 7% of respondents while 5% admitted they like to use a mobile investing app.

However, when passing information to clients via social media, Gregoire says advisors should be very careful of where that information is coming from. Survey results show that many people remain skeptical of social media with 24% of investors saying they trust social media sources compared to 61% who trust traditional media sources.

To become a reliable source, advisors need to be careful about articles or other resources they discuss on social media. For example, make sure an article comes from a reputable and established source, and isn’t one person’s rant, before sharing it on Twitter.

As well, Gregoire cautions that advisors using social media should make themselves aware of the compliance requirements for doing so.