User:Marty Morua/sandbox

Social Media and the RIA?

Though I am personally not a CFP or RIA, my background working within a custodial services firm, allowed me deep insight to the RIA's I worked with.

I see the 'end' customers (clients of the RIA) being way ahead of their financial planners as far as social media trends. Personally, I strongly (STRONGLY) believe if an RIA firm wants to grow, and compete for their share of clients assets, they must use a combination of the major social media platforms. Facebook, LinkedIn and Twitter are the rotary phones of today and RIA's (State and SEC registered Financial Advisors) must get on this bandwagon to successfully compete. Yes, there are financial planners who are 21st century 'tech-savvy', embracing the importance of these social media outlets. The percentage though, collectively, is small.

FINRA, SEC & NASD have rules (guidelines) and maybe the RIA communities are simply not up to speed with what they can or cannot do with these social media outlets. FINRA regulatory notice 11-39, SEC Rule 17a-4(b), and NASD Rule 3010 & 2210, together sound like quantum physics formula. Intimidating, but a quick Google search on the subject, coupled with asking a securities attorney familiar on the topic, should squash any uncertainties.