Social media and compliance: Do you have a policy for your firm?Blog added by Lauren McNitt on June 29, 2011
Lauren McNitt

Lauren McNitt

Denver, CO

Joined: September 08, 2010

My Company

This week on #prowebchat (our weekly Twitter chat) we welcomed co-host Amy McIlwain of Financial Social Media to discuss social media and compliance. She gave you her best advice on starting your company on the right track in social media marketing. Here’s an overview of the chat:

@ProducersWEB Do you have a social media policy for your org.? What are its main components? #prowebchat
    @BrokersAlliance #prowebchat For VUL or VA we use the regulatory notice 10-06 on blogging & social sites. For non FINRA posts carrier guidelines .

    @InsuranceMktg Yes. It outlines content guidelines & special consideration points for Twitter & blogging. You'll find tons of samples on Google #prowebchat

    @ltcassociates I read Twitter's own Guide for Businesses and it's been my "Bible" yes and no. I do often refer to Twitter's own materials #prowebchat

    @InsuranceMktg Q1: Examples of guideline topics are: Be personal. Be relevant. Be credible. Be responsive. Be clear. Be interesting. #prowebchat

    @RommelMosquera #prowebchat is there an official rule book or guideline for compliance in social media specific for insurance professionals?

    @DBJAssociates @RommelMosquera Deloitte produced Ins. g/linesDM ur email to Amy & she will get it to you. Essential follows FINRA g/lines. #prowebchat
@ProducersWEB What are the best tips you have for avoiding compliance issues when using social media? #prowebchat
    @BrokersAlliance #prowebchat Calendaring or special events are generally benign issues such our last 10 tweets using July 4th & the Transformers movie.

    @KestlerFG @ProducersWEB We try to avoid discussion of product specs as much as possible and stick to general sales & practice info. #prowebchat ^KK

    @InsuranceMktg Q2: Use commons sense! If you wouldn’t say it offline, don’t say it online. And if you’re with a B/D, you MUST be archiving! #prowebchat

    @KestlerFG @InsuranceMktg Even if you're not with a B/D, archiving certainly can't hurt. #CYA #prowebchat ^KK

    @AgentNavigator Always safe to talk about what you offer regarding services and support rather than talking about products and prices #prowebchat
    @blano @paulwatpweb @AgentNavigator relationship is the difference maker - not products - show leadership & savvy #prowebchat #prowebchat
@ProducersWEB Who do you allow to engage in your firm’s social media efforts? Do you require any training? #prowebchat
    @BrokersAlliance #prowebchat Only 4 of us are allowed to post on company social media sites.

    @InsuranceMktg Q3 I see too many companies assign social media to an intern or young marketer. There is no clear goal or objective and it fails #prowebchat

    @StoneFinancial @InsuranceMktg is it because we don't take the time to learn how this technology works and use it properly? #prowebchat

    @InsuranceMktgg @StoneFinancial I think it overwhelms a lot of people. Invest the time to learn and you'll be amazed by the results. #prowebchat

    @BrokersAlliance #prowebchat It is an art to condense billboard statements into a 140 text. No intern knows your practice and can do your firm marketing

    @InsuranceMktg Q3: Training is essential. Additionally, everyone in the company should know the goals and be on the same page to ensure success #prowebchat

    @paulwatpweb @InsuranceMktg Do you think companies will assign experienced workers as they come to recognize the value of social media? #prowebchat

    @BrokersAlliance #prowebchat In the insurance industry, the most backward culture for new use tech...they won't "waste" senior staff on Tweet ads.

    @blano @paulwatpweb execs sets the tone & vision - strategy/policy sets guidelines - team shares the vision on social... #prowebchat

    @laurenatpweb @InsuranceMktg Where can advisers/marketers get the necessary training to be successful in social media? #prowebchat

    @InsuranceMktg @ProducersWEB Blogs are great. Financial Social Media along with @blano and @dbjassocialts all are a great resource. #prowebchat

    @InsuranceMktg @stonefinancial is a great resource. Specifically Financial Social Media check out our site #prowebchat
@ProducersWEB Do you think wary financial services firms will need to embrace social media eventually to keep up? #prowebchat
    @BrokersAlliance #prowebchat Financial firms historically are behind the curve on tech and marketing PR. Embrace it, no they just won't and now they can't.

    @KestlerFG @ProducersWEB Social isn't going anywhere. Too soon to say it's a must-have in insurance, but no question it's a value-add. #prowebchat ^KK

    @blano @KestlerFG @ProducersWEB It is already a must have for clients - key is how to connect & extend relationship.. #prowebchat

    @paulwatpweb @KestlerFG But isn't it fairly safe to say that it will be a must-have eventually? #prowebchat

    @KestlerFG @paulwatpweb Eventually. As social grows, clients will be expecting an established presence from agents, reps, carriers, etc #prowebchat ^KK

    @blano @KestlerFG @paulwatpweb consider existing clients' younger heirs - they are deep in social..who will advise them? #prowebchat

    @InsuranceMktg @blano Agreed. Social media is changing the way we communicate. If you plan to stay around for the next 10yrs youve got to learn
Be sure to tune in Tuesday, July 12 at 3 p.m. EST to chat with Brandon Stuerke about professional referrals and a team approach to financial planning.
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