Investment advisers and broker-dealers increasingly are embracing social media such as Facebook, Twitter, LinkedIn, YouTube, and Flikr, among many others, to promote their brands and attract and interact with clients and prospective clients.
Although at its most basic level social media is just another form of electronic communication, the fact that it provides a forum for interactive communications in real time, the nature of the multi-party dialogue and the ability of employees to simultaneously use social media for both personal and professional purposes presents unique compliance challenges.