Like it or not, social media in financial services has been a recurring topic in the industry this year. The big question for FINRA-regulated registered representatives and SEC-regulated investment advisers is how to engage in social media activities without violating compliance rules (even after FINRA released its guidance on using social networking websites).
In the first significant step in the broker/dealer environment, Cambridge Investment Research announced that it plans to support their representatives’ use of social media by adopting compliance and monitoring software from Socialware.
Click here to read the announcement from Financial Planning Magazine online.
FPPad subscribers have read about Austin, Tx. based Socialware before and their tools that help advisers and representatives satisfy compliance requirements when using social media websites.
The fact that Cambridge is stepping up to the plate and giving the tentative green light to its reps means more and more financial professionals will be able to manage social media profiles to engage in conversations with clients and prospects.