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Social Media: How Can Advisors Participate?

If Facebook were a country, it would be the third largest in the world. One person couldn’t watch all of the videos on YouTube in a lifetime. And as technology and social media continue to soar in prevalence and popularity, for many professionals it’s becoming increasingly difficult to pinpoint how to use it effectively to enhance their businesses.

Consultant Sheri Fitts tackled this issue as it pertains to advisors and retirement plan professionals at a March 4 workshop at the 2013 NAPA/ASPPA 401(k) Summit in Las Vegas. Fitts assured advisors that despite the compliance barriers they face, there are certainly ways they can use social media within acceptable limits. Her focus was on LinkedIn, which is by far the most popular social media outlet for professionals.

“Even if your organization has a lot of compliance regulations, you can create your profile and start following your clients, prospective clients and competitors, “ says Fitts, who believes every firm should have a strict, clear cut social media policy so there is no confusion. “Think of LinkedIn as a virtual Rolodex that allows you to see into other people’s Rolodexes.”

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