Raymond James Financial Inc. has joined a growing number of firms that are allowing financial advisers to communicate with clients through social networking sites.
The financial services firm announced on Tuesday that it is providing its advisers access to sites such as LinkedIn, Twitter and Facebook, through a system that allows the firm to comply with industry rules about advertising and electronic communications. Firms have to monitor their electronic communications and store them for three years.
Advisers for Raymond James, based in St. Petersburg, Florida, were allowed to use social media before the firm's announcement, but in a limited and more time consuming way. Employees for example were allowed to post profiles on LinkedIn after they submitted drafts to supervisors for approval.
Now all of the company's advisers can use the new system, which automates that process. They also can choose from pre-approved content. It's not real time, but as close as we can get, said Michael White, marketing director for Raymond James.
Raymond James developed the system with Actiance, a company in Belmont, California that helps businesses manage their use of social networking sites.
LPL Financial Inc., a unit of LPL Investment Holdings Inc., the nation's largest independent broker-dealer, is also among several firms this year to offer more social media access to its advisers.
(Reporting by Suzanne Barlyn, editing by Walden Siew)