Morgan Stanley Brokers Go Social
Regulations and compliance issues have largely made those in the financial services sector think long and hard about utilizing social networks and other new media platforms to connect with consumers. But now Morgan Stanley Smith Barney will allow a test group of 600 of their brokers nearly full use of LinkedIn and restricted use of micro-blogging site Twitter. The company plans to expand the program to its entire force of advisors within the next 6 months, according to a Reuters report.
This follows last year’s establishment of social media use rules by the Financial Industry Regulatory Authority. The rules outlined that brokerage firms must treat posts, tweets, and other social network content as sales literature and that these communications must be captured and maintained for a minimum of 3 years. Profiles, blogs, and other static content would need to be approved in advance.
Thoughts on financial service brands and their incorporation of social media?