How Los Angeles RIAs are Using Social Media for Business (SlideShare)

How Los Angeles RIAs

are Using Social Media for Business

Courtesy of FPA Technology Services, Inc.

http://www.TechGuideforLAInvestmentAdvisors.com

Sponsored by

Craig PollackFounder & CEO

According to a study

by Cogent Reports,

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75% of RIAs and broker-dealers

are using social media for

business purposes

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but they need to be used in

accordance with FINRA rules

as well as the firm’s social

media policies

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What’s the Most Popular?

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Not surprisingly, LinkedIn is

the most popular social media

outlet for financial advisors,

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with 74% of the survey

respondents stating

that they use it regularly

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65% said they employed

Facebook as a platform

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and 32% claimed to use

Twitter for professional purposes

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Managing the Risks

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Sending a tweet that praises

a particular stock, for example,

could violate FINRA’s rule

against making

recommendations

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FINRA Rule 2010 also requires

that any static content be

approved by a broker-dealer’s

firm before it is posted online

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Company Social Media

Policies

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Below is a list of important

issues that require

confirmation in writing

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• Users permitted to post

on the company’s behalf

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• Social media channels

that can be used

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• Content permitted to be

posted online

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• Reviewing content prior

to posting

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Many firms use their Facebook

pages to post investment

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invitations to social events,

and announcements about

upcoming conferences and

webinars

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Investment recommendations

and advice are strictly

off-limits

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Establish an Archiving Platform

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Major archiving platforms

offering this service include

Smarsh, Actiance, and

Hearsay

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Arrange for Ongoing Oversight

of Social Media Platforms

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Any firm using social media

for business needs to identify

the party or parties

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who will review content

for adherence to company

and industry rules

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and check the archiving

connection for correct

performance

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Bottom Line

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When used in accordance

with industry guidelines,

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social media can be an

inexpensive and valuable

marketing tool

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What ways does your

investment advisor firm use

social media for business?

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Let us know your thoughts

in the Comments box below

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How Los Angeles RIAs are Using Social Media for Business (SlideShare)

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