Social Media Marketing
Social media has become a key aspect of many wealth managers’ advertising and marketing, but there are some key Compliance issues that need to be adhered to:
- Beware of the use of adjectives and flowery marketing language.
- Stick to the facts. You have to be able to show documented evidence of any claim that you make.
- Example: Do not refer to yourself as an expert. There are no parameters in our industry to validate that claim.
- “Likes” can be misconstrued as a recommendation or as a testimonial.
- Do not request others to “like” your content/pages & be cautious of what you “like”.
- When “sharing” third-party material, be sure to address the fact that it is not your original content.
More on Social Media guidelines and best practices from Charles Schwab here.
Items to Keep on Your Radar
Monthly Compliance Training Articles & Attestations:
- April training article here
- May training article here
- Early June: June training article will be available
- Mid-June: Q2 Compliance Training Attestation
- Late June: Solicitor Agreement Attestation
- Late July: Quarterly Verification of Personal Accounts
Emails from ZIX:
The system that Dynamic utilizes for capturing and archiving emails, social media accounts and website (Erado) was recently bought by ZIX. If you receive a notification from Zix regarding reauthorization needed for compliance purposes, please complete the request.
Annual Update of ADV Part 2A & 2B:
The Annual Update of the ADV Part 2A and 2B packets have been completed and are currently in process of being loaded into the client portals. Your individualized ADV2B combined packet has been uploaded into Wealth360 in your “My Practice” record, inside of SpringCM, in the Compliance folder: ADV 2B. Please review and let Compliance know if there are any changes needed to your ADV2B disclosure document.