How Advisors Can Be Successful With Social Media

Written by Clara Shih, Financial Advisor Magazine Tuesday, 05 April 2011

Two in three financial professionals say they are reluctant to use social networks due to compliance concerns. Perhaps you are among this group. Yet with more than 500 million people logging onto Facebook, 200 million on Twitter, and 100 million on LinkedIn, how can you afford not to be where your clients and prospects are?

Regulatory rules from the SEC, NYSE and Finra (formerly NASD) have prevented financial professionals from fully harnessing the power of LinkedIn, Facebook, and other social media for connecting with prospects, building client relationships, and growing business. Part of the solution is technology. A recent partnership between LinkedIn and Hearsay addresses the regulatory requirements (namely, data archiving and secure storage, e-discovery and monitoring).

The other part of the solution is training and best practices. In researching and writing my book, The Facebook Era, and in my subsequent work with thousands of financial professionals, I've developed my favorite set of tips to help make you successful on social media: Read More..