A survey just released by Assetinum finds that many if not most private banks are behind the curve regarding the use of social media.

As Sonia Kolesnikov-Jessop reports in today’s New York Times: “The results are surprising, when placed against the preferences of the banks’ clients. According to recent research conducted by Scorpio Partnership, a consulting firm, and sponsored by Standard Chartered Private Bank and SEI Global Wealth Service, more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.”

Some banks worry that being more active on social media increases their reputational risks. Assetinum Managing Partner Benjamin Manz disagrees. “Reputational risks can best be avoided if banks are prominently present on social media channels and can react to accusations,” he noted.

Manz’s opinion echoes our views. Last week we blogged about the recent Goldman Sachs debacle that erupted after a departing senior executive wrote a widely-discussed Op-Ed piece pillorying the firm. (He has since met with publishing houses to negotiate a book deal.) To recap:

“As Smith’s fierce criticism went viral its buzz handily drowned out his former employer’s rebuttal. Goldman Sachs would have been better prepared to meet that firestorm had it cultivated a strong social media presence….But with virtually no online engagement, and offering no more than a basic rebuttal, one of Wall Street’s most powerful firms was relegated to the sideline.”

Is the private banking industry destined to follow Goldman’s lead?