April 21, 2009
Let Mr. Tweet help you
Another way to build your Twitter network is to follow Mr. Tweet. By doing this, Mr. Tweet will send you an automated message with a link to other people you may want to follow based on who your network is following. This is a great way to expand your network without having to come up with new search terms to use on search.twitter.com.
Organically grow your network
To further expand your network, add your Twitter address to you email signature, your LinkedIn page, your website, or anywhere else you believe is appropriate. As Twitter becomes more popular - it is growing by leaps and bounds each day - your network will organically grow just by publicizing your address.
Compliance issues
Next week I will address how to effectively communicate through Twitter, but since I’m guessing some of you will want to go out and open an account between now and then, I wanted to address the issue of compliance. Many people often ask me about the compliance issues surrounding social media marketing. I don’t have a strong compliance background, so I looked for advice from a fellow Twitterer, Bill Winterberg. Here is what he has to say on his blog:
Websites like Twitter, LinkedIn, and blogs present compliance issues for registered representatives subject to FINRA regulations. All reps must obtain approval from the broker/dealer compliance department before posting anything on the Internet, as postings are considered advertisements.
FINRA has published guidelines for use of the Internet by registered representatives of broker/dealers. It’s worth reading if you are affiliated with a broker/dealer.
http://www.finra.org/Industry/Issues/Advertising/p006118
The SEC has similar guidelines that govern advertisements, including postings to public Internet forums. However, investment advisers are generally responsible for self-supervision by Chief Compliance Officers. In my opinion, investment advisers not subject to FINRA regulations have quite a bit more flexibility when using Internet and social networking websites.
http://www.sec.gov/divisions/investment/advoverview.htm
http://www.sec.gov/info/iaicccoutreach.htm
Source: Bill Winterberg, Yes, Twitter Can Help Financial Planners, FPPad.com
This is just one person’s opinion, and I recommend you speak with your compliance officer or compliance department before doing anything on Twitter. Once you get the okay, read my article next week to find out how to communicate your message to prospects and start Twittering for clients! Until next week, see you on Twitter!
Kristen Luke is the Principal of Wealth Management Marketing, a firm dedicated to providing marketing advice and support for financial advisors. Kristen works with independent advisors to develop effective marketing plans and provides the back office support required to implement the strategies. You can follower her on Twitter here. For more information, visit www.WealthManagementMarketing.net.
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