Title

Balancing Act: The Risks and Rewards of Social Networking for Financial Advisors

Author

Sarah Behnke

Date of Award

10-27-2011

Document Type

Capstone Project

Disciplines

Organiz. & Prof. Communication

Degree Name

Master of Professional Studies

Department

Organiz & Prof Communication

Advisor

Lora Louise Broady

Keywords

social media marketing; social media; social media plan; Financial Services

Abstract

Social media is changing the way people communicate, seek and find information, and evaluate goods and services. As a result, businesses are finding it necessary to reach customers through social networking platforms. Highly regulated industries ‰ÛÒ such as financial services ‰ÛÒ face unique challenges in this arena. Financial advisors must adhere to strict regulatory guidelines that govern how they communicate with clients and prospects, making many advisors reluctant to embrace social media. This project examines how advisors can effectively incorporate social networking while remaining compliant. Results indicate that advisors should take a targeted approach that is based on the specific needs of their practice while keeping close tabs on changing regulatory guidelines. A social media plan/guide reflecting this approach is also included.

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