Social networking may or may not be an effective marketing tool for advisors, but that doesn't mean it isn't worth participating in. One of the great benefits to social networking sites like Twitter, LinkedIn and Facebook is the exposure to great ideas and the ability to interact directly with other professionals who are facing similar issues as yourself on a day to day basis.
Most people are probably already familiar with the idea of Facebook, which allows you to build a profile and network of "friends" that you want to interact with. LinkedIn functions similarly, with the difference being that the entire site is geared to your professional, rather than personal networking. Once you set up your profile, you can join groups that share common backgrounds or interests, such as alumni or professional membership groups.
Twitter is a little different, but is probably the easiest to jump right into. After just a quick signup process, you begin searching for the people and topics you want to follow and before long you are following an ongoing conversation about the topics that interest you the most. You can just follow the conversation for your own interest or participate as fully as you are comfortable with. If you are an advisor, you could do worse than beginning by following the FINS list of Top 10 Twitter Feeds for Career-Minded Advisors, a list that we were honored to be named to last week.
Our participation on both Twitter and LinkedIn have allowed us to both expand our network to individuals we may not have otherwise ever crossed paths with as well as learn from many other great professionals. Of course, for registered advisers, there is the compliance angle to worry about before you begin sending information out where it can live forever, but even that issue provides a great example of how these social networking sites and advisor-oriented blogs provide a great place to look for more information when faced with a question for the first time.
We hope to see more of you in our social networks, now on to the best of last week's fiduciary links...
In the news/commentary:
- Commonwealth requiring advisors for fee-based qualified plans to gain either AIF or CRPS professional designation
- Replacement advice regulations sure to be more stringent, industry worried
- Expect rise in ERISA lawsuits
- By overturning the dismissal of Wal-Mart 401(k) fee suit, appeals court may be signaling willingness to get involved in fees
- Fiduciary debate can't forget that clients need to come first
- Half of Americans have no 401(k) or pension
- FINRA on the lookout for advisors who target mortgage money to buy securities
From the organizations/associations/government/academia:
- SEI survey finds most advisors and brokers understand the fiduciary standard
- Reish's new report for plan sponsors is full of great information
- House financial reform bill to go to floor this week
- Fiduciaries have a duty to avoid conflicts of interest
From the blogs:
- How to make the big decision on asset allocation
- Three mistakes investors often make with their 401(k) plans
- Interpreting the fiduciary's duty to monitor investments
- Interpreting the fiduciary's duty to manage risk
- Explaining fee-only vs. fee-based compensation
Have a link we missed? Leave them in the comments section or email us at blog@fi360.com. For more of the best links during the week, make sure you follow us on Twitter. And don't forget about our free webinar this Thursday from 4-5 p.m. EST, Top issues to include in your year-end report.
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