Social media is an integral part of many advisory firms and can help to foster new leads as well as maintain relationships with current clients. Many advisors are establishing their presence on Twitter, LinkedIn and Facebook and reaping the rewards through new business.
Slowly but surely, even the wirehouses are easing the social media restrictions on their brokers. In July, Morgan Stanley started allowing advisors to post their own tweets – following company guidelines, of course, and with pre-approval from their compliance department.
Every year technology buffs and social media mavens declare one social platform or another to be the wave of the future.
“Social media will be the main engine of discovery, giving us the ability to find the signal within the noise,” Chad Hurley, the co-founder of YouTube once said. “As people’s networks and interactions expand, massive data sets will generate predictive models that will know what you want before you look for it.”
Whether advisors and their firms use LinkedIn, Twitter or whatever hot social media platform comes next, here are a three tips to keep shared content compliant with company policies.
More Employees Should Equal More Automation
Social media management should grow as the advisory or brokerage firm grows. When a firm adds advisors, it gets increasingly difficult to manage all of the passwords, spreadsheets and aggregators of content for the different accounts.
“As you get more activity, the program begins to get slow or loose,” said Devin Redmond, CEO of Nexgate, at the Social Media and Compliance and Financial Services forum in New York on Thursday. “You’re eventually going to have hundreds of people updating the publishing platform.”
Nexgate is a social media firm that helps companies filter tweets, posts and other shared information that doesn’t fit with a company’s compliance polices.
Streamlining information makes it easier for advisors to gain access to content, and the company is able to better control what information is being put out.
Take Violations Seriously, and Police Mobile Devices