Training and education are always critical areas for the owners of financial planning and wealth management practices, and that applies to social media policy as well. It is not enough to train your existing staff in the specifics of the social media policy; to remain compliant with FINRA regulations, you must train all incoming employees as well.
Ongoing education and training regarding social media policy are another vital best practice, and one practice owners should fully embrace. It is easy for existing employees to forget about the requirements of their social media communications, or for new employees to fall through the training cracks.
Creating a social media policy manual and making sure every new employee has a copy of it is a good place to start. Practice owners should also establish regular training sessions for new workers, and those training sessions should include information on established social media practices and how they are to be implemented.
Social media has made our lives easier in many different ways, but the new ways of communicating have also created challenges for the owners of financial planning and wealth management practices. Staying compliant with FINRA and SEC regulations is not always an easy thing to do, but following the best practices outlined above is certainly a good start.
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