Social Media For Investment Advisors: What You Need To Know
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Transcript of Social Media For Investment Advisors: What You Need To Know
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Is social media
a smart
for investmentinvestment
advisors?
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This communication is provided by Advent Software, Inc. (“Advent”) for informational purposes only and should not be construed as or relied on in lieu of, and does not constitute, legal advice on any matter whatsoever discussed herein. Advent shall have no liability in connection with this communication or any reliance thereon.
Copyright © 2013 Advent Software, Inc. All rights reserved.
Advent and the ADVENT logo are registered trademarks of Advent Software, Inc. All other products or services mentioned herein are trademarks of their respective companies. Information subject to change without notice.
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Social media’s
potential valueenormous.
to investment advisors is
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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
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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
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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
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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.
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Learn more about Social Media in Investment Management.Download the free white paper from Advent Software.
www.Advent.com/SocialForAdvisors
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