Tag Archives: Linkedin

How to hide LinkedIn Endorsements on the new LinkedIn profile design

Financial advisers now have two easy ways to hide LinkedIn Endorsements and reduce compliance risks.

Several weeks ago I raised concern over the new LinkedIn profile design, as there appeared to be no way to hide LinkedIn Endorsements from your public profile (see: New LinkedIn profiles raise compliance concerns as there appears to be no way to hide endorsements).

This was especially problematic for my audience of financial advisers, as FINRA and SEC regulations prohibit the use of information that can be construed as a testimonial.

Fortunately, LinkedIn’s new profile design now offers two options to hide endorsements from your public profile. Watch the 2:00 screencast below to see how it’s done.

(click to watch on YouTube)

New LinkedIn profiles raise compliance concerns as there appears to be no way to hide endorsements

LinkedIn rolled out its new Endorsements feature several months ago to all users. Since then, financial advisers have been worried about publicly displaying Endorsements on their profile, since they can be construed as testimonials which are strictly prohibited by FINRA and the SEC.

Fortunately, hiding Endorsements from one’s public profile is a fairly straightforward process (see: How to hide endorsements from your LinkedIn profile)

But now, LinkedIn is slowly rolling out redesigned profile pages worldwide that appears to remove the “Hide Endorsement” functionality.

Watch the screencast below to see a sample of the new profile design rolled out to one adviser’s account and how the “Hide Endorsement” button is missing.

I’ve reached out to LinkedIn for comment and have not yet received a reply. I’ll update this post accordingly.

(click here to watch on YouTube)

Social currency might just be the answer to financial advisers’ frustration with social media

Have you heard of social currency before?

Justin Wisz, co-founder of Vestorly

Before you buy a book, do you visit the reviews on Amazon.com to read what other people said about it?

And before your next dinner out, do you pull up Yelp to find 4- and 5-star restaurant reviews nearby?

Those are examples of social currency. You’re seeking feedback curated by social networks to find the best resource (be it a book, restaurant, mechanic, etc.) for your needs. Many times, recommendations from your immediate social network on Facebook, LinkedIn, or Twitter point you to products and services that have already been vetted by your friends and colleagues.

So how can financial advisers take advantage of social currency?

To answer that question, I connected with Justin Wisz, co-founder of Vestorly, an investment adviser matching service powered by social communities. Hear what he has to say about social currency and how Vestorly can help advisers get the most out of it.

How to hide endorsements from your LinkedIn profile

Advisers must hide LinkedIn Endorsements to avoid compliance violations

Update 01/21/2013! LinkedIn is rolling out completely new profile designs to users, changing the way Endorsements are managed. Go read How to hide LinkedIn Endorsements on the new LinkedIn profile design now and watch the screencast reflecting the new changes.

As a financial adviser, you’re well aware that you can’t use client testimonials in any of your marketing materials. SEC and FINRA regulations prohibit the use of client testimonials (see: Adviser Use of LinkedIn May Violate SEC Rules).

LinkedIn’s latest feature called Endorsements, opens up another issue for financial advisers with LinkedIn profiles. Anyone can visit an adviser’s LinkedIn profile and endorse specific skills and expertise. Considering the broad language against client testimonials, allowing such endorsements should be avoided.

So how do you remove or disable Endorsements from showing up on your profile?

In the screencast below, I walk you though two ways you can prevent Endorsements from showing up on your public profile.

Watch the screencast now and hide any public endorsements on your own profile to avoid triggering compliance violations.

PODCAST: Smarsh president Stephen Marsh addresses Pinterest and compliance

Founder of email archiving provider says advisers can use Pinterest without skirting compliance requirements

I had the opportunity to connect with Stephen Marsh, Founder and CEO of Smarsh, Inc., a company well-known for its email and social media archiving services.

Smarsh Founder and CEO Stephen Marsh

By now, most advisers are aware of multiple archiving solutions for social media websites like Facebook, LinkedIn, and Twitter, but it’s not so clear whether updates to emerging social media sites like Pinterest can also be archived.

In this podcast, Marsh shares information on his company’s Web Archiving product and how it allows advisers to “pin” updates to Pinterest and archive them for compliance purposes.

Marsh also addresses the company’s annual Electronic Communications Compliance Survey report with key statistics.

After listening to the podcast, use the following link to download the free compliance survey: 2012 Electronic Communications Compliance Survey

Click to view/download the PDF podcast transcript.

FPPad Bits and Bytes for June 1

Wow, it’s June already? I returned from presenting at FPA NorCal this week on top apps for financial advisers. If you want some of the inside scoop, check out the #FPANorCal hashtag or tweets from Michael Kitces while they’re still on his timeline (you’ll need to scroll down to see tweets from May 29).

Here are this week’s stories of interest:

How Can RIAs Improve Efficiency? from Financial-Planning.com

[Donna Mitchell covers a new report from Pershing Advisor Solutions with three ways advisers can be more efficient, but it doesn’t list any resources to use. So here’s a recap of Pershing’s insight with a resource thrown in: 1) Identify an ideal client profile (self explanatory), 2) Have a consistent business process (so you need a tool to define workflow), and 3) avoid overloading staff members (I wish I had a solution for that!)] Principals of RIA firms need to pay closer attention to workflow and operational issues at their firms, especially if they want to stay viable amid rising operational costs, Pershing Advisor Solutions said.

Advisers still shaky on social media policy from Reuters

[Guess what: you need a social media policy, even if your policy is ‘we don’t use social media.’ And what about Facebook ‘Like’ buttons? It appears that as long as a ‘Like’ stands on its own without any additional commentary, advisers aren’t violating regulatory rules prohibiting testimonials.] As the securities industry finally warms up to using social media sites such as Facebook and LinkedIn, regulators are discovering that brokerages and investment advisers are off to a rocky start.

Plantly launches “missing allocation tool” to the public from FPPad

[It’s my blog so I get to link to my own posts once in a while. Most of you are familiar with Personal CapitalBettermentSigFig, and Wealthfront in the race to deliver online financial advice to investors. Plantly is yet another startup aiming to equip DIY investors with simple plans based on MPT models. Oh, it’s free to use today.] Brooklyn-based startup launches free asset allocation planning tool to the public.

Financial advisers need a smarter approach to manage social media

So you decided to dip your toe in the social media waters. At first you start with, say, a LinkedIn profile update, then create your own Facebook page, and follow up with your first tweet on Twitter.

Pretty soon this innocuous activity grows into a larger drain on your time. What’s especially challenging is keeping all of your profiles updated with information you want to share with your audience.

There has to be a better way!

Fortunately, my Quickview post this month for Morningstar Advisor tells you about one tool that can add some smarts to your social media management.

It’s titled Make Your Social Web Smarter, and you better go read it right now!

A public thank you to Alex Murguia, CEO of inStream Solutions, for the tip.

 

G-Day is January 20! Don’t be left out.

Friday January 20th is “G-Day” where you can discover the value (or lack thereof) of Google’s social network, Google+

Social networks have propelled themselves into modern culture, so much so that our lexicon doesn’t bat an eye at words like “tweeting,” “liking,” or “linking-in” anymore.

Abundant, and trivial, information of all kinds is being shared across these networks on a second-by-second basis. They can be a great source of information if you can successfully separate the signal from the noise, but the big three networks are not without their drawbacks.

Facebook, the world’s biggest social network with over 800 million users, wins the ubiquity title because of its critical mass of users. Practically everyone is on Facebook.

But one of Facebook’s drawbacks is the fact that that everybody on the service is your “friend,” whether you’re related by blood or had a chance meeting at a networking event two years ago. It makes little difference to Facebook. You’re connected, so you’ll see updates from plenty of people, and chances are, most updates are not too relevant to your network of actual, real-life friends (though you can group Facebook friends if you can find the lists feature buried in a stockpile of menu items).

Twitter certainly has a healthy stream of information shared by users, but its 140 character limit on posts truncates any real discussion on all-but-the lightest topics. Well-constructed replies often span several tweets, and pretty soon, your stream of well-intended thoughts can be viewed as a diatribe from a spammer filling up a tweet stream.

And LinkedIn. Other than a virtual resume site for professionals, are users doing any real sharing or collaboration on the site? LinkedIn Groups are a mixed bag, as just when the good groups foster useful information, spammers take over and blast their tomes, crowding out the original participants.

Enter Google Plus (Google+, or simply G+). Google’s latest attempt at a social network and sharing service started out slow, with invitations shared only among a select few early-adopters, but now the service is open to anyone.

Google+ attempts to offer alternatives to the limitations outlined above: profile updates can be any length, most often include embedded photos or video, and connections with others can easily be sorted into circles.

Despite its clever interface, Google+ largely lacks the key ingredient to a successful social service: active and diverse users.

So leave it up to Mike Barad. Barad is the Sr. Vice President and business manager for Morningstar’s Financial Communications Business. After a discussion with several advisers sporadically using Google+, he encouraged everyone to abandon all social networking platforms for one day and focus exclusively on Google+.

Here is Barad’s post on Google+: https://plus.google.com/101852363593249198257/posts/e35VNqaJZoy

So this Friday, January 20, get on Google+ and join the conversation. If you’re setting Google+ up for the first time, add advisers who commented on Barad’s post to your circles to get started.

FPPad Bits and Bytes for March 11

Bill’s recovery from last week’s illness has been slow, so progress on projects at FPPad headquarters has been incremental this week. Nevertheless, we’ve made sure to scour the industry’s top sources of technology related articles for the financial planning community.

Here are this week’s top stories:

Socialware Joins with LinkedIn to Unlock Social Media for Financial Services from Socialware.com

Socialware, the leader in social media compliance and engagement, today announced an exciting relationship with LinkedIn that will enable financial services organizations and professionals to access the extensive networking, marketing and research capabilities available on LinkedIn while remaining compliant with SEC, FINRA, IROC, FSA and state regulations on electronic communication.

Eavesdropping on the FPA Business Solutions conference: Mobile apps, web-based marketing — and how you can make the most of the connected world from RIABiz.com

Fittingly located near MIT, the FPA Business Solutions 2011 conference had a technology bent in an agenda jam-packed with business and practice management content.

Best Minds Converge in Boston from ByrnesConsulting.com

Mike Byrnes of Byrnes Consulting published six articles and photo reviews of last week’s FPA Business Solutions 2011 Conference. Our favorites are Six Technology Tips From The FPA Conference and Social Media Compliance Is A Gray Area

Giant of the broker-dealer tech world takes aim at Advent at RIABiz.com

(Bill’s note: If you’re a big (>$500m AUM) firm that seeks an elite portfolio management platform, here’s one worth considering.) Vestmark, which provides the technology behind big name companies like LPL Financial and UBS, is taking its time-tested platform directly to RIAs.

And finally, this month’s technology column from Morningstar Advisor, New Trends in Tech at T3.

 

 

Slide Deck: Best Practices When Using Social Media for FPA Business Solutions 2011

Due to illness, Bill was not able to travel to FPA Business Solutions 2011 this week. He prepared a short slide deck for today’s panel session titled Best Practices When Using Social Media.

We’re posting the slide deck below so you can enjoy a few tips Bill recommends for advisors seeking to gauge the efficacy of their social media efforts (iPad users click here to open on SlideShare.com). Please send us your comments and feedback!