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Securities Compliance Sentinel Analysis of cutting-edge securities industry issues

What Do You Fear About Using Social Media

Posted in Financial Industry Trends, Social Media

idea.jpgI recently blogged about how you can be great at using social media.  Based upon a recent survey, I suspect that not many of you may be following that guidance.

As it turns out, less than 50% of advisers and financial planner acknowledge using social media for their business.  Compliance concerns appear to be the overriding barrier of those surveyed.  The compliance concerns described by the study focused on both prohibitions and uncertainty.

There is not much you can do if your firm prohibits social media for business purposes.  What can be done if the firm allows the use of social media.

For one, the firm should have a defined policy regarding what social media resources are permitted for use.  The firm should review and modify that list on an ongoing basis.  The firm should also set parameters on how social media can be used and must implement appropriate supervision and record-keeping.

There are other resources available as well.  The CFP Board, for example, recently issued a guide on the use of social media that you may find to be a valuable tool as well.

The possibilities of developing your business through social media are within your reach.  As the old commercial use to say, “try it, you may like it”.