Posted by Sheila Shayon on June 25, 2012 01:55 PM
As Wall Street embraces the inevitable tide of social media, fiduciary responsibility is taking on new parameters.
In a different kind of security risk as Morgan Stanley Smith Barney is stepping up its social media reach, granting its 17,000 financial advisers partial access to Twitter and LinkedIn over the next several months. The move expands a year-long experiment with 600 employees to test whether social media would be a helpful tool for its employees.
Of the 600 advisers involved in the trial, 40% cited new business through their social media use and of those 240, 60% said those new customers had more than $1m worth of assets. “The big takeaway is that it works,” commented Lauren Boyman, director of digital strategy at Morgan Stanley Smith Barney, to the New York Times.Continue reading...