And while Interguard is used as an example, there are many such programs available, and the number is growing. Before investing in such software, you may wish to check with your institution, custodian, broker-dealer or other support firm to see if they already have a solution in place or if they offer such solutions to their advisors/reps at a discount. Many broker-dealers already have such tools or are in the process of developing them for their field reps. Understanding what the institution is monitoring may help you better understand what you may need that goes beyond what is already in place.
In developing a social media policy, there are a number of resources available, including templates and services. Advisor Web sites (http://advisorwebsites.com/blog/social-media/creating-a-social-media-policy-for-your-organization/) offers resources to financial advisors looking to develop a policy. And Wired Advisor (http://www.wiredadvisor.com/resources/advisor-compliance/#) is another firm that offers such services. However, there are many others.
Quite simply, developing a social media policy is only the first step. Using social media requires effort, diligence and an ongoing commitment to keep up with the communications. It is not a static solution. Similar to running a blog, someone has to keep up with it. It is a constant, consuming task, and if you are serious about using social media in your firm, you need to make a substantial commitment of time and, to some extent, expense to optimize its use.
David L. Lawrence, Ph.D. is the co-Founder and president of Global Practice Network, a technology and consulting firm that provides financial practices, broker-dealers and independent firms with comprehensive, profit-driven efficiency consulting, technology solutions and resources. For details, visit www.globalpracticenetwork.com.