Despite the controversy about the Facebook IPO, more and more people are spending more and more time on the site. The average amount of time spent daily is 55 minutes. Investors have begun to trust the advice of their peers instead of the marketing efforts of financial institutions. With confidentiality and compliance factors ever on advisors’ minds, there is a continual search for the best way to participate in the Facebook phenomenon while remaining true to industry and firm compliance guidelines.
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Staying up on effective privacy settings on the site is one way to manage this issue. Another is to form groups or communities from advisors’ personal accounts. As reluctant as you may be to establish a Facebook presence, the increasing daily participation of the investing public makes it difficult, even detrimental to your business, to stay away.
Being smart and staying on top of changes in Facebook’s privacy settings can make the medium a smart way to build communities with potential clients and to earn their trust. Building relationships and enabling prospects to get to know you within compliance guidelines is the first step in monetizing social media exposure.
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