Advisor Blog
For BDs, Compliance Is Only A Start In Advisor Use Of Social Media
Erado, makers of social media compliance platform for independent BDs and investment advisors, today announced it has been tapped by Investacorp, Inc., an independent broker-dealer subsidiary of Ladenburg Thalmann Financial Services Inc.
Erado looks like it's a fine compliance app and I hope to get to work with Erado, but compliance apps do not get an advisor to change his behavior and suddenly become active on social media.
Maybe 1% of an independent broker/dealer’s advisors will actually figure out how to parlay a new social media compliance platform into client acquisition.
To it credit, Investacorp has now made it possible for its affiliated advisors to communicate and engage in business development using LinkedIn, Facebook, and Twitter. Erado’s platform allows Investacorp to track and archive its advisors' social media activity. It's a good thing for sure.
FINRA regulatory notice 11-39 requires diligent record-keeping and supervision of social media content from mobile and other devices, and I’m sure Erado has a solution addressing that.
However, working with an app that ensures compliance when an advisor uses social media is totally different from getting an advisor to create his own engaging social media content that is consistent with a strategic marketing plan.
My guess is that the vast majority of advisors—probably 80%—will not in the next 12 months change their behavior enough to benefit from social media marketing. Maybe 20% of advisors will put in enough effort to benefit from social media in 2012, with an emphasis on “maybe.”
Advisor Products, which has been focused on helping advisors use social media for several years, is launching an automated and integrated social media content stream for financial advisors in 2012. Details will be announced shortly. (If you’re responsible for helping groups of successful advisors market their services, give me a call to talk about this.)
Point is, for BDs, social media compliance is only part of the equation in helping advisors use social media for business development. I’m not sure BDs appreciate what’s needed beyond compliance.
Erado looks like it's a fine compliance app and I hope to get to work with Erado, but compliance apps do not get an advisor to change his behavior and suddenly become active on social media.
Maybe 1% of an independent broker/dealer’s advisors will actually figure out how to parlay a new social media compliance platform into client acquisition.
To it credit, Investacorp has now made it possible for its affiliated advisors to communicate and engage in business development using LinkedIn, Facebook, and Twitter. Erado’s platform allows Investacorp to track and archive its advisors' social media activity. It's a good thing for sure.
FINRA regulatory notice 11-39 requires diligent record-keeping and supervision of social media content from mobile and other devices, and I’m sure Erado has a solution addressing that.
However, working with an app that ensures compliance when an advisor uses social media is totally different from getting an advisor to create his own engaging social media content that is consistent with a strategic marketing plan.
My guess is that the vast majority of advisors—probably 80%—will not in the next 12 months change their behavior enough to benefit from social media marketing. Maybe 20% of advisors will put in enough effort to benefit from social media in 2012, with an emphasis on “maybe.”
Advisor Products, which has been focused on helping advisors use social media for several years, is launching an automated and integrated social media content stream for financial advisors in 2012. Details will be announced shortly. (If you’re responsible for helping groups of successful advisors market their services, give me a call to talk about this.)
Point is, for BDs, social media compliance is only part of the equation in helping advisors use social media for business development. I’m not sure BDs appreciate what’s needed beyond compliance.
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