Morgan Stanley’s recent decision to loosen the reign for their financial advisers on Twitter is the latest in a long list financial services social media case studies. Last December, FINRA fined Barclays $3.75M for system is record keeping and email retention failure.

And last June, the regulator warned investors against trading on “pump-and-dump” emails. The finance industry has their social media conferences and consultants. Because of specific finance industry rules and regs like FINRA 10-06 and 11-39 and SEC Risk Alert: Investment Adviser Use of Social Media, using social media in financial services must be in accordance with applicable advertising, account origination and document retention requirements.  

Mike Langford (@MikeLangford) is the CEO of finservMarketing and a financial services industry veteran with 20 years of experience in roles spanning customer service, finance and investment advice and management at Fidelity Investments, State Street Corporation, The Pioneer Group and BFDS.  In this episode, he explains how Certified Financial Planners, Investment Advisers and Bankers can use social media effectively and responsibly. Social Media for Financial Services Topics Discussed:

Who regulates how financial service companies use social mediaDifference between social media guidelines and actual, enforceable lawSocial media compliance requirements for financial services providersHow to satisfy social media archival and supervisory requirementsResponsibilities for financial services over static vs. interactive social media postsBest practices for originating new accounts on LinkedIn, Twitter and FacebookRegulating advertising and public appearances, which social media is consideredAvoiding adopting or becoming entangled with social networking sitesCompliance through policy and social media training for financial servicesHow to make you’re prepared to comply with random FINRA spot checksAnd much, much more

Photo by Claire Anderson on Unsplash