Social Networks such as Facebook and LinkedIn do a tremendous job of creating smaller and smaller groups that share particular affiliations. You join the ones that make sense to your business in your community. More than just providing more channels for networking, this is a great way to ensure that your content reaches the right people. Social Networks not only helps advisors connect with other advisors and colleagues, but it can also attract prospects and potential clients searching for a qualified advisor. Social networks also help attract candidates to select industry recruiters.

• According to the Pew Internet American Life Project, 33% of adult users have a profile on a social networking website…up from 8% in 2005.
• 16 ½ million adults age 55 and older engage in social networking. Source: ConScore
• Even AARP has gotten in the game. Over 350,000 users with 1.700 groups Source: AARP Online Community

Financial Services Recruiters | Financial Services Professionals: Considerations

There is an increased interest and popularity among Financial Services Professionals…including recruiters. As recruiters look beyond newspaper classifieds and job fairs for qualified applicants..more companies are posting positions and working the listings on major social networking sites such:

• CollegeBlender: Social media-based online community for college students, faculty, and alumni.
• Decayenne:  European and American social elite
• eFactor:  Community & Virtual marketplace designed for entrepreneurs, by entrepreneurs.
• Entrepreneur Connect: Owned by Entrepreneur.com Network, Communicate, and Collaborate
• Facebook: General Social Networking
• Faceparty: Popular Social Networking in the UK.
• italki.com: Language learning social network. 100+ languages.
• kaioo:  General, nonprofit
• LinkedIn: General but mainly business
• Meetin: Build a social network by making new friends thru meetings of common interest.
• Meetup.com: General. Used to plan offline meetings for people interested in various activities.
• Meettheboss: Business and Finance community, worldwide.
• MySpace: Had lost some popularity in 2007 and 2008
• PerfectBusiness: A network of entrepreneurs, investors and business experts that help each other
• PartnerUp: Social networking site for entrepreneurs and small business owners
• Qapacity: A a business-oriented social networking site and a business directory
• Ryze: BusinessSocial Network
• SocialVibe: Social Network for Charity
• StartupNation: Entrepreneurs helping Entrepreneurs
• Synergy Street.com: Combines online barter trade, business networking and affiliate marketing
• TalentTrove: Online Talent Network
• Talkbiznow: Business networking
• Twitter: Keeping people connected in a simple and safe environment
• XING :A European business network with more than 7 million members
• Yammer: Social networking for office colleagues
• Yelp Inc: Local Business Review and Talk
• Young Entrepreneur:  A forum-based site for entrepreneurs and small business owners
• Ziggs: Online Community founded on the principles of professionalism and respect.

Financial Services Professionals should continue so exercise caution with social networking websites such as Facebook, LinkedIn and MySpace. These types of sites are subject to various regulations, including FINRA rules (FINRA Conduct Rule 2210) regarding supervision and communications with the public.  This regulation includes mass texting services such as Twitter and TwitterBerry. (Twitter software is designed for use with Blackberry PDAs and Smartphones.) Some companies do not allow their Financial Services Professionals to use any type of social networking websites for business purposes…unless they have prior approval. The challenge for recruiters and jobseekers is to use these social networking websites without violating company compliance protocols.

The Dos and Don’ts of Creating Social Network Profiles

Social Network Profiles are essentially brochures…no different from any other marketing tool. So here are a few best practice tips:

• Select a professional image. Choose a headshot, or a casual image that is business appropriate, for your profile picture.
• Don’t post inappropriate pictures. A good rule of thumb is not to post anything you wouldn’t want your your compliance manager officers or your supervisors to see.
• Do not…I repeat do not post anything containing your company’s name or logo without first asking permission.
• Do not post any investment or insurance recommendations to be posted to your LinkedIn, Facebook etc, profile…not even an generic recommendation.
• Financial Services Professionals tend to rather impatient when learning new technology. It is very important that you take the time to learn how to use social media particularly privacy settings.
• Social Networks are becoming a great prospecting and communication tool for Financial Services Professionals and Recruiters.

The anti-fraud provision of the Investment Advisers Act may place advertising limitations for investment advisers on social networking sites. Be Smart. Check with your compliance department for proper usage process and procedure.