My article from On Wall Street this month, on use of social media by financial advisers.
There are numerous issues involved, and contrary to the statements made by some, this is not as simple as storing tweets. We are developing compliance and supervisory procedures for firms to use, building on FINRA's social media release, and the issues are numerous. Training, approval, supervision, monitoring, storage are all issue that need to be address before any firm allows their representatives to do anything more than put up a simple LinkedIn profile.
And you can be sure that FINRA is going to start including social media reviews in their next round of examinations. For many firms, it will be a "gotcha" violation, and too many examiners love "gotchas."
Once again, small firms are taking the lead in the use of social media, as expected. We can help your firm, and staff, understand the use of social media, create procedures to deal with these new communication tools, and implement those procedures to avoid costly exams and fines down the road.
More>>>
There are numerous issues involved, and contrary to the statements made by some, this is not as simple as storing tweets. We are developing compliance and supervisory procedures for firms to use, building on FINRA's social media release, and the issues are numerous. Training, approval, supervision, monitoring, storage are all issue that need to be address before any firm allows their representatives to do anything more than put up a simple LinkedIn profile.
And you can be sure that FINRA is going to start including social media reviews in their next round of examinations. For many firms, it will be a "gotcha" violation, and too many examiners love "gotchas."
Once again, small firms are taking the lead in the use of social media, as expected. We can help your firm, and staff, understand the use of social media, create procedures to deal with these new communication tools, and implement those procedures to avoid costly exams and fines down the road.
More>>>
