How Los Angeles RIAs are Using Social Media for Business (SlideShare)

How Los Angeles RIAs

are Using Social Media for Business

Courtesy of FPA Technology Services, Inc.

http://www.TechGuideforLAInvestmentAdvisors.com

http://www.techguideforlainvestmentadvisors.com/

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Craig PollackFounder & CEO

According to a study

by Cogent Reports,


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75% of RIAs and broker-dealers

are using social media for

business purposes


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but they need to be used in

accordance with FINRA rules

as well as the firm’s social

media policies


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What’s the Most Popular?


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Not surprisingly, LinkedIn is

the most popular social media

outlet for financial advisors,


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with 74% of the survey

respondents stating

that they use it regularly


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65% said they employed

Facebook as a platform


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and 32% claimed to use

Twitter for professional purposes


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Managing the Risks


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Sending a tweet that praises

a particular stock, for example,

could violate FINRA’s rule

against making

recommendations


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FINRA Rule 2010 also requires

that any static content be

approved by a broker-dealer’s

firm before it is posted online


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Company Social Media

Policies


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Below is a list of important

issues that require

confirmation in writing


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• Users permitted to post

on the company’s behalf


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• Social media channels

that can be used


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• Content permitted to be

posted online


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• Reviewing content prior

to posting


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Many firms use their Facebook

pages to post investment

news,


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invitations to social events,

and announcements about

upcoming conferences and

webinars


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Investment recommendations

and advice are strictly

off-limits


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Establish an Archiving Platform


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Major archiving platforms

offering this service include

Smarsh, Actiance, and

Hearsay


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Arrange for Ongoing Oversight

of Social Media Platforms


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Any firm using social media

for business needs to identify

the party or parties


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who will review content

for adherence to company

and industry rules


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and check the archiving

connection for correct

performance


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Bottom Line


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When used in accordance

with industry guidelines,


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social media can be an

inexpensive and valuable

marketing tool


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What ways does your

investment advisor firm use

social media for business?


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Let us know your thoughts

in the Comments box below


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