When Is A Tweet Not A Tweet?
As reported by Beth Connolly of Compliance EX, the Financial Times has reported that all of Morgan Stanley’s 17,000 financial advisers are now allowed to use twitter and LinkedIn. The announcement follows a year-long trial period in which a selected 600-adviser group were allowed to tweet.
Of course, the foray will be highly regulated. Morgan Stanley Smith Barney advisers are permitted to tweet from a library of pre-written messages – a concession that has been criticised by some commentators for going against the spontaneous spirit of social media, who wonder if you can even call this tweeting.
The article did not mention whether the advisers would be allowed to interact spontaneously with other users with spontaneously generated tweets, rather than canned ones. A small trial group of 20 financial advisers has been given the ability to write their own tweets, and Morgan Stanley Smith Barney is considering whether to expand that capability to a wider group.
The Tweets May Be Dull, But the Results Are Impressive
The 600 advisers in last year’s group saw impressive results:
- 40 per cent said they had brought in new clients through their social media use.
- Of those 240, about 60% said they had won new customers with more than $1m of assets.