8 Things Financial Advisors Should Know About Social Media Compliance
1) Follow the Rules of Your Firm
2) There Are No "Social Media Rules"
3) Personal vs. Corporate
4) Consider Suitability
5) Recordkeeping Requirements
6) Static Content vs. Online Electronic Forum
7) LinkedIn Endorsements and the Facebook Like Button
To illustrate: If the public is invited to like your biography posted on a social media site, this could be viewed as a type of testimonial prohibited by rule 206(4)-1(a)(1). On the other hand, if they merely like a picture you posted, it may not be considered an implicit testimonial. So what should you do? Disabling the endorsements section of your LinkedIn profile is probably a good idea. On Facebook, avoid posting anything that could be deemed as a testimonial if someone likes it.
8) If Your Clients Want to Recommend You, Let Them Do It On Their Own Site
Still Uncertain?
For more information, you may want to check our sources:
FINRA NOTICE 11-39
FINRA NOTICE 10-06
SEC RISK ALERT 1-4-12