It's increasingly common for vendors to offer social media training and ideas to advisors, and the latest one is Advent Software. The proliferation of free advice to advisors about using social media is absurd.
BDs are holding social media seminars. Account aggregation software firms are offering webinars. And now, Advent, which ironically is among the most disliked software vendors serving advisors, is offering RIAs advice on social skills.
Advent just blast-emailed advisors an offer for a free guide, "Social Media In Investment Management."
"Social media's potential value to investment advisors is enormous and growing," says Advent. "Social media is a way to connect, build trust with, and inform a large number of customers, but it also presents a range of regulatory and operational challenges. Regulators in the US and Europe have only issued general regulatory guidance. As a result, firms are skeptical about what steps they should take, if any, to start their foray into social media."
Advent's guide to social media best practices for advisors may indeed cover some important ideas for advisors. It includes six steps for developing a social media framework. tips for navigating the four main social media websites, and a "best-practices framework for developing a comprehensive social media policy."
But the proliferation of free advice about social media best practices for financial advisors is wasting advisors' time.
Social media advice programs from advisor vendors are often created by someone with no credentials as a social media expert. People with relatively few connections on LinkedIn or Facebook, no recent blog posts, and who tweet rarely are anointing themselves as social media experts and giving advisors advice on social media.
That Advent, a vendor that makes portfolio reporting software, has jumped on the social media training bandwagon takes the trend to a new level of ridiculousness.
But let's be constructive.
I'd love Advent to publish a best practices guide about using Axys to create a composite index that can be used in advertising by an RIA. How about you?
Any suggestions on a best practices guide you'd like to see from Advent?