Posted on March 24, 2015 by Miguel Rodriguez
Part 1 of 3 in Advent's Social Media series.
Social media. The right policy coupled with the right technology can bring significant success to your firm. By knowing the ins and outs of social media, potential risks, and best practices, in congruence with regulatory requirements, you can realize significant growth for your business, particularly in that coveted millennial demographic.
I understand the hesitation and fears around taking your firm social, particularly while navigating the increasing regulatory environment of the financial industry. So let’s look at the challenges that could face your firm as a social business, how to overcome them, and how you can realize the value of going social.
First and foremost, you should strengthen your corporate governance by defining your own policies. Make sure that both firm policies and regulations set by FINRA, the SEC, and the FFIEC are known and practiced company-wide.
Tasked with protecting the public, investors, and financial institutions, the SEC, FFIEC, and FINRA have each outlined regulations and notices pertaining to social media and compliance. As FINRA contains the most detailed of the three, we have highlighted the five essential areas of note for firms looking to develop their social media strategies.
Feeling a little overwhelmed? Not to worry! It’s important to be aware of the relevant regulations, but it’s actually quite simple to get started on social networks. So keep your eye on the prize and let us guide you along.
Social media channels can provide numerous opportunities for growth and success of your business. Merely “listening” on social media by paying attention to what your audience is talking about and posting, can bring in new prospects, leads, and even result in new deals. Leveraging social media enables you to reach new audiences all from the comfort of your desk.
Check back in two weeks for Part 2: how to attract the next generation of clients with social media. Later, I’ll also discuss how to build customer relationships and retain top talent via social networks.
Miguel Rodriguez leads Advent’s social media program. In his role, Miguel is responsible for Advent’s social presence including Twitter, Facebook, LinkedIn, YouTube, and Advent’s blog. Follow Miguel on Twitter.
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