Advisors' attitudes toward social media are changing for the better, but few are maximizing its business-growing potential.

Though two-thirds of advisors today rank social media's overall value to their business as "high" or "medium," a 36 percent increase from 2010, only a fraction of that are using it effectively, according to American Century's fifth annual Financial Professionals Social Media Adoption Study.

"Many are still struggling with the best way to use it," said Jamie Needham, digital marketing strategist for American Century. "If leveraged correctly, social media has proven to produce tangible business results, yet only 7 percent of advisors surveyed chose business building and promotion as their top use of social media."

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