Comments on: What FINRA doesn’t want you to know about social media

By: Bruce

Bruce — Fri, 13 Nov 2009 17:36:16 +0000

Chris;

RIA Chuck Steege explains why he turned to social media while so many of his colleagues turn away at http://tiny.cc/yUcAt
is one source and How RIAs use social media to raise assets is another source: http://tiny.cc/DymIE.

The RSS feed you asked about is at the bottom of my blog and I will move it to make it more convenient.

Thanks Chris.

By: Chris Carosa

Chris Carosa — Thu, 12 Nov 2009 19:51:16 +0000

Bruce:

Can you give me a few examples of some advisers and funds using SM now? I’m curious.

BTW, what FINRA says might not be what the SEC says. There may be some firms that fall between the cracks because of that.

By: Bruce

Bruce — Thu, 12 Nov 2009 17:00:01 +0000

Chris;

Thanks for taking the time to read and commnet on the FINRA post. Currently there is an industry developing to lend social media expertise to the financial services industry and DBJ Associates is immersed in that move. The first movers are in the advisor arena and we have documented some success with webinars, blogging and electronic press releases. Quietly mutual fund companies are inching there way in. Once FINRA provides guidance I forecast a “stampede” to leverage social media by the asset managment firms turning to just a handful of consulting groups that have expertise in this area.

By: Chris Carosa

Chris Carosa — Thu, 12 Nov 2009 14:37:38 +0000

Bruce:

Good post. I think you’re on the right track. Clearly, all businesses – including financial businesses – will need to maximize their use of social media tools. Within a generation, (given current demographic use trends), this will be the standard form of communication. With regulations and regulators still in the Western Union era, there’s a good chance a crossover industry – one that currently doesn’t fall under the regulatory umbrella – will begin attracting former financial services clients.

– Chris

By: John Drachman

John Drachman — Tue, 10 Nov 2009 04:19:10 +0000

Thanks for your excellent coverage. Please tell your readers that they still have 10 days left to weigh with a comment to FINRA on how the new rules should (or shouldn’t) accommodate social media. I included contact info at the end of this posting here, as well as copies of the key docs. http://tiny.cc/HfWkt

By: Bruce

Bruce — Thu, 05 Nov 2009 23:14:30 +0000

Overall budget is important. When the market becomes more equity friendly it would be nice to see firms execute on a fixed income retention strategy program. Social media could provide the delivery vehicle and allow small and large firms to benefit from higher retention rates benefitting both them and the shareholders.

By: John Drachman

John Drachman — Thu, 05 Nov 2009 21:57:48 +0000

Foot-dragging on this is not fair to the smaller money managers who don’t have the big TV budgets.

By: Bruce

Bruce — Thu, 05 Nov 2009 15:36:45 +0000

Bill;

Thanks for the comment and update. I have made the appropriate change in the blog.

Bruce

By: Bill Winterberg

Bill Winterberg — Thu, 05 Nov 2009 15:22:33 +0000

Just a minor update; Lifestream Backup is now being branded as “Backupify.” It still offers the same backup and archiving services for many social networking platforms (Twitter included) for a reasonable monthly fee just under $5 (for a 12-month signup).