Tags: Social Media

The biggest independent broker-dealer out there now allows its reps to join the conversation in Twitter, Facebook, and elsewhere -- and in fact has been doing so since May.

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LPL appears to have rolled out its social media compliance platform a month ago, but technology partner Erado Message Control Solutions only put out the press release yesterday. (As yet, it doesn't even seem to have made it to Erado's site.)

This is a fully interactive solution that lets LPL's 12,000 advisors spontaneously respond to and initiate realtime conversations online -- unlike "canned Tweet" alternatives like Morgan Stanley's, which only allow preapproved messaging.

Naturally, to ease the burden on LPL's compliance staff, the tool will incorporate a library of preapproved posts as well.

All communications -- preapproved or otherwise -- will be logged and forwarded to compliance for review and, if necessary, retroactive action.

Basically, it's the system that Commonwealth rolled out a few months ago. And now, with at least three major independent firms on the social web plus Morgan Stanley, is there any reason why every advisor out there shouldn't be Tweeting too?