Social Media: Marketing Friend or Compliance Foe?

 

An increasing number of firms are creating policies on the use of social media, but many are still nervous about utilizing these methods to obtain clients and market themselves. There are no “hard-and-fast” rules, but here are some general guidelines to abide by:

  • Record Everything—FINRA recently toned down its filing requirements regarding social media, but this does not mean that they won’t examine your posts. As an advisor, you’re used to keeping proper documentation, and this does not stop when you get to social media websites. Recording also helps you to keep track of what you have and have not put online so you don’t repost the same article or message.
  • Determine the Level of Involvement—It can be difficult to decide whether your firm should obtain a Facebook page or not, or whether each advisor in the firm is expected to maintain a professional profile. Keep in mind, the more people involved, the more monitoring that needs to be done and the greater the potential for compliance violations.
  • Discover the Benefits of Social Media—Will social media help you to obtain prospects or will it consume your time without any results? In our experience, LinkedIn is particularly helpful in obtaining clients (if properly optimized), but it really depends on your practice.
  • Separate Business and Personal Accounts—This may seem like an easy one, but it is one of the most important principles to follow. If you, an employee or other advisor in your firm posts something work-related on their personal social media page, it can result in the same consequences as if they posted it on their work profile. Once something is posted, even if deleted, it was still there and could have been seen by a client or prospect. Make sure that everyone in the firm knows how to strictly maintain these boundaries.
  • Open Accounts, but Don’t Post—If you’re worried about compliance but still want to get involved in social media, go ahead and join. If you don’t post anything but instead use the accounts to keep up-to-date on your clients’ lives, you can still enjoy the benefits of social media websites. By having a LinkedIn, Facebook, or Twitter, you can see when John Doe finds a new job or when Jane and Chris Smith have a baby. This way you can preempt their questions about 401(k) rollovers and college savings accounts by sending them congratulatory emails and asking them if you can be of any assistance.

Social media can be a great tool for advisors, if used properly, but the compliance worries associated with it can scare away many in the retirement industry. By following some guidelines, you can avoid compliance problems while gaining a great ally in the age of technology.

This Website Is For Financial Professionals Only


A Strategically Focused CE Curriculum

With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

CE Since October 2008

A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
  • values monthly CE classes by Fritz Meyer, Craig Israelsen, Bob Keebler, Frank Murtha, or Andrew Gluck
  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
  • advises on tax and financial planning as well as investing
  • needs financial counseling skills
  • wants the Certified Financial Counselor™ designation 
  • is building a brand as a thought leader locally or in a niche
  • wants the facts when bad news breaks
  • wants CE aligned with a content marketing system
  • wants 24/7 access to CE on-demand
  • insists on objective evidenced-based tax and investment planning analysis
MEMBER REVIEWS 
William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

PeteDeacon-CPA-CFP

Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit.

fredericMayersen-phd-cfp

Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

John R. Day, CPA/PFS®

I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value!

NormanPolitzinerCFP

Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

KevinBrosious-CFP-CPA-PFS

Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific