REUTERS reports that "U.S. financial regulations on data retention do not fit with the way people expect to communicate on social media, Fidelity Investments Chairman Abigail Johnson said on Tuesday."
“Customers expect recommendations from Amazon, peer feedback on Facebook and instant communications on Snap Chat. But the retention requirements for social media make it difficult to give customers the ‘in the moment’ help that they need.”
Yes, but it is a slippery slope, 2pinz believes. If not regulated strictly, financial advisors may only post positive reviews of their services or may make forward looking statements about their investment strategies. Their comments or ‘real time’ advice may also be taken out of context.
And while all of these regulations may seem like a burden, financial advisors are still able to market on social media. They can post informative and educative posts or offer links to their blog or authored books. They can additional publish reports from their organizations. It’s not a zero sum game.
At 2pinz, we have not and would not opt for financial services clients to break compliance to post onto social. Our practice has been to work with each client to craft a strategic approach and develop content which suits their audiences’ needs.
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