The rise of social media has changed the way consumers receive financial information. It has dramatically impacted how individuals interrelate and how businesses relate directly with customers in the finance and investing sector. Online trading platforms and communities are enormously popular and many believe that social networking leads to greater trading volume. Datamonitor – the respected Internet research firm – says that over 50% of consumers are using online tools to make their financial decisions today.

These online tools include social news sites and social networking sites where ordinary investors pick stocks and advise other investors. Online investment communities are another valuable social networking tool. Online investment communities combine news and networking while bridging financial markets and investment communities.

Here are some of the best financial social networks today:

Stockpickr – This is one of the first sites to combine social networking with stock investment ideas. It provides members an opportunity to see the stock picks of other community members as well as professional investors. Users can compare their stock portfolios to Wall Street pros like Carl Icahn, Warren Buffett and George Soros. Continue reading »