After a year-long trial, Morgan Stanley Smith Barney will allow its 17,000 financial advisors to use Twitter and LinkedIn over the next several months. Of the 600 advisors involved in the trial, 40% cited new business through their social media use, and of those 240, 60% said those new customers had more than $1 million worth of assets.
This is an incredible step for the financial industry. The strict regulations around communication have held most financial services organizations back from engaging with their communities online, and Morgan Stanley’s new social media venture has certainly created a lot of buzz.
Well played, MS. Morgan Stanley’s Twitter Feed Is A Wall Street Game Change businessinsider.com/morgan-stanley…
— Anna OBrien (@AnnaOBrien) June 22, 2012
To stay in line with industry regulations, Morgan Stanley financial advisors will use pre-written, pre-approved Tweets and submit each LinkedIn posting for approval.
Morgan Stanley is among the leaders on Wall Street entering into social media. Goldman Sachs also recently generated a lot of attention when it advertised a job posting for a social media community manager. The investment bank currently shares company news through its Twitter account.
Social media can be daunting for financial services, but regulations shouldn’t hold your organization back. FINRA makes it simple to be compliantly social by identifying the regulations for social media and providing guidelines. Once you have a strong social media policy and strategy in place, actively listening to your community will help you thoroughly understand the lucrative opportunities social can bring you.
Have you started your social media journey? What regulations are stopping you from becoming active in social media? For more on how social media can work for your financial services company, download our ebook, How to Create a Social Media Strategy for the Financial Services Industry, or check out how Salesforce Radian6 provides Financial Services the Opportunity to be Compliantly Social.