Are you a registered investment advisor (RIA) or RIA representative in the State of Massachusetts–or in any state, for that matter? Do you use social media aggressively in communicating with prospects and clients? Then you may want to assess your social media practices in preparation for new guidance coming out of Massachusetts and possibly other states in 2012.
Here's the situation. In late July, the Massachusetts Securities Division announced it will be issuing new social media guidelines and best practices standards next year. Reason? A survey of 576 advisors revealed that 44 percent currently used at least one form of social media to promote their business.
Advisors using these tools spanned all demographics, with the youngest being 23 years old and the oldest, 78. Most of the advisors surveyed said they used LinkedIn (41 percent), followed by Facebook (14 percent) and Twitter (8 percent).
