social media for investment advisors: what you need to know
DESCRIPTION
Is social media right for your firm? Where do you even start? Find out what it takes to launch a successful social media program for your firm.TRANSCRIPT
Is social media
a smart
for investmentinvestment
advisors?
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Social media’s
potential valueenormous.
to investment advisors is
Copyright © 2013 Advent Software, Inc. All rights reserved.
Social media’s
potential valueenormous.
to investment advisors is
Source: LinkedIn, Financial Advisors Use of Social Media and Affluent Investors Use of Social Media, May 2012
affluent investors already use social media to research financial decisions.
Over
5 million
Copyright © 2013 Advent Software, Inc. All rights reserved.
Social media’s
potential valueenormous.
to investment advisors is
More than
50%of financial advisors expect social media to play a significant role in their marketing this year.
Source: LinkedIn, Financial Advisors Use of Social Media and Affluent Investors Use of Social Media, May 2012
affluent investors already use social media to research financial decisions.
Over
5 million
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The trend isclear…
But so are theconcerns.
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Is a “Like” a recommendation?
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Is a retweet an endorsement?
Is a “Like” a recommendation?
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Is a retweet an endorsement?
Is a “Like” a recommendation?
Is a blog post atestimonial?
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Technology
outpacedhas always
and social media is no exception.
regulation,
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corporate social media policy.
regulatory
Regulatorshave issued
guidance
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on
Now you just need a plan.
5 rulesHere are
for developing asocial media policy.
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Create a written
Employees permitted to use social media should be trained in it and sensitized to potential problem areas.
1social media policy consistent with the law and your firm’s own procedures and values.
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Name a
to monitor compliance.
2
Someone responsible for keeping the firm up to date on regulations.
Someone who reviews for compliance all “static” material before it’s posted, and all “interactive” material after it’s posted.
compliance officerchief
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Authorize
specific employeesto use social media.
3
If your firm is not able to monitor a particular social media channel, employees should not be allowed to use it in their work.
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But don’t assume that records of social media activity might not become discoverable evidence in administrative or legal proceedings.
keeping recordsof all social media activity.
4
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Consider
There are companies designed to monitor, archive, and filter social media communications in accordance with your firm’s policies
and federal regulations. Work with one.
Leverage technologyto ensure compliance.
5
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If it’s something you wouldn’t say face-to-face to a client, do not post, share, or retweet it.
Alwaysuse good judgment.
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Make your social media efforts
a smartinvestment.
Copyright © 2013 Advent Software, Inc. All rights reserved.
Learn more about Social Media in Investment Management.Download the free white paper from Advent Software.
www.Advent.com/SocialForAdvisors
Copyright © 2013 Advent Software, Inc. All rights reserved.