This is where we’re at with financial services on social media, according to Hearsay Social CEO Clara Shih:
Social media presents firms with a real challenge. We’re used to, in the financial services industry, being very top-down, command-and control with compliance and governance. But social media is inherently grassroots, bottoms-up-driven.
Initially, a lot of firms have found their corporate policy at odds with the way that LinkedIn, Facebook, and Twitter function. They’ve come to realize that it’s just not feasible to go and search every day on these sites to find which tens of thousands of their advisors have signed up for a profile, and try to shut them down manually.
And so the solution is making sure that the advisors are trained on both the risks (and how to avoid the risks), as well as the best practices and the new etiquette on social media.
Be sure to watch this video (in two parts) of Clara interviewed by Donna Mitchell, Senior Editor at Financial Planning, discussing the sea change in financial services’ relationship with social media.
Social Media Done Right, Part I
Social Media Done Right, Part II