Advisors should check with their compliance departments for specific guidelines on what their organizations will allow them to do with social networks. And firms should hire an archiving service to capture all social media communications.
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Yes There is a DifferenceGina Gombar isn't totally correct when she says that "social media" is an umbrella term. There are many terms in the social lexicon at the moment. Among them, Social Business, Social Media, and Corporate Social Network (such as MS SharePoint and IBM Connections)among others. Social media encompasses social network platforms that encourage interaction and collaboration but are not considered strictly collaborative platforms. There are over 2,000 of these social media platforms in existence and the number changes monthly. India is the fastest growing source of social media platforms while Australia and the US rank extremely high. In addition, these platforms make hundreds of changes to their back-end and add-on apps every day. Facebook makes 200+ changes per week. Unless you have technology that can keep up with those changes, you are outmoded the minute you adopt an internal policy. While the UK is more [i]proactive[/i] in assigning social media guidelines, the US is more reactive. Canada, having seen the FINRA note on social guidelines, based their IIROC regs on it. In the US there are over 10,000 regulations specific to electronic communications dating back to the 1940's (and what they then considered "electronic") All this is to say that yes, social use is complex but it's also necessary. As with email before it, social is fast superseding all other forms of communication today. Organizations that couple strong policy with leading edge technology (Raymond James, BNP Paribas, and The Principal, among others) are well-poised to succeed in the changing environment of communications.