A week of good and bad acting financial advisors on social media.
Episode 31 - It's not about being an early adopter with social media. It's about doing the work.
Show Info:
- Mike Langford - Co-Host of SocBizTV and Social Business Strategist at Socialware Twitter: @MikeLangford
- Stacy Yamaoka - Co-Host of SocBizTV and Implementation Manager at Socialware - Twitter: @StacyYamaoka
- You can also follow @Socialware on Twitter. The hashtag for the show is #SocBizTV
- Watch Social Business TV on iTunes.
Shoe Notes:
Last week Mike predicted that 2012 would be the year when businesses and professions use photo sharing as a means to spur conversation. It seems the Obama campaign thinks this is a good idea too.
SEC Charges Advisor With LinkedIn Fraud, Issues Social Media Alerts
- "The Securities and Exchange Commission on Wednesday charged an Illinois-based advisor with offering to sell fictitious securities on LinkedIn, and the agency also released three alerts warning advisors of the risks advisory firms and investors face when using social media."
- This isn’t a LinkedIn or social media issue. The advisor was a scum bag just like the snake oil salesmen and Boiler Room types of old.
- Technically this is “wire fraud” not “LinkedIn fraud”
- Wire Fraud “Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, transmits or causes to be transmitted by means of wire, radio, or television communication in interstate or foreign commerce, any writings, signs, signals, pictures, or sounds for the purpose of executing such scheme or artifice, shall be fined under this title or imprisoned not more than 20 years, or both. If the violation affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.”
For This Financial Adviser, Tweets Are Good Business
- From the WSJ blog "Morgan Stanley Smith Barney adviser Mark Scribner one day noticed that a business acquaintance he hadn’t spoken to in 15 years had checked out his LinkedIn profile.
- Led to a new rollover account worth $2.6m"
- Mark says “People are asking for it. It’s either adapt or be removed.” of the Aite Study results or those who are dragging their feet with social.
- This is the “are you opting out” topic we discussed back in episode 27.
