Rules Haven’t Silenced All Advisors
“Tweeting Rules May Leave Brokers With Little to Say to Clients” and “Twitter, Facebook rules leave reps with little to say” were the headlines of articles published today on Bloomberg.com and InvestmentNews.com and getting considerable attention on Twitter (200 tweets to the Bloomberg article by 10CT).
From our consulting work, we know how firms wrestle with balancing the allure of social media and the rules and penalties associated with stepping over Compliance lines.
That notwithstanding, the advisors we follow on AdvisorTweets.com show by example that financial communication can be enhanced by measured social media participation. And, their tweets offer a view of what else they’re doing, with their blogs, on Facebook, LinkedIn and YouTube etc.
Here’s the comment we posted at the bottom of the InvestmentNews article:
It’s always interesting to read an update on the pace of social media adoption in the industry. Broker-dealers and asset managers have significant challenges when exploring this interactive, real-time means of communicating.
But we wouldn’t want readers of this article to think that all financial advisors are mum or that prospects for participation are dim because of FINRA’s regulatory guidance. On AdvisorTweets.com we follow more than 470 advisors using Twitter for business purposes. They’re largely independent advisors, but the total includes several FINRA-regulated advisors who are tweeting with the blessing of LPL, Cambridge Investment Research and other broker-dealers. And, social media enablement was a theme of the Charles Schwab conference in October, front-runned by the launching of Schwab’s Twitter account @Schwab4RIAs.
We invite your readers to check out the advisors’ tweets to see how these early adopting advisors are using Twitter to add value while staying well within the rules.