FINRA Regulatory Notice 10-06, issued in January 2010, addressed Guidance on Blogs and Social Networking Web Sites, and it opened the floodgates for creative financial firms to use sites such as Facebook and Twitter in financial marketing.
Leading broker-dealers including LPL Financial, Commonwealth Financial, and KMS Financial Services have since announced partnerships to enable compliant use of social networking under 10-06.
Financial advisors should understand a key distinction 10-06 made between static and interactive content. Static content, such as Facebook's "wall," does not change very often and requires pre-approval by a broker-dealer registered principal.
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