NEW YORK (TheStreet) -- Social media has changed the way financial advisors find their sales leads, according to Clara Shih, founder and CEO of Hearsay Social. Her company helps financial advisors connect with their clients on social media, enabling them to gain traction when cold calls and emails go unanswered.
"No one likes to feel sold to," said Shih, who spoke with TheStreet's Rhonda Schaffler at Fortune's The Most Powerful Women Summit in Washington D.C. "There's great self-correcting mechanisms, in terms of people will unfriend you or unfollow you if they feel you are really laying on the sales pitch."
Hearsay offers a platform that helps advisors manage their social media, while also using predictive technologies to help advisors and insurance agents identify client opportunities. The company was formed a few years ago and has capitalized on the explosive growth of social media usage.
"The average American spends nearly six hours a day across social, mobile and digital," said Shih. "These are all great signs for our business, or great signs for our customers, and really a forcing function for how all businesses have to think about connecting with their customers."
Shih said Hearsay's technology platform is currently being used by seven of the top 10 global financial services companies, and she sees exciting growth opportunities ahead, including bringing that technology to other industries, and expanding outside the U.S.
"We're seeing a lot of growth now in Europe. We just landed in Asia, we have high hopes and expectations there as well," she said.
Additionally, Shih sees opportunities in building new mobile platforms. In terms of the outlook for the social media market, Shih expects there will be new entrants in the space, and the established companies, like Facebook (FB) - Get Report , will continue to innovate. Shih also said she would not rule out a public offering of Hearsay Social in the future, but is in no rush to do it now.