Of course compliance is always a concern so work with your compliance department or consultant to create a social media policy. Good online resources are www.arkovi.com, www.socialware.com and www.smarsh.com.
ProTracker software includes a Social Media Policy in their Compliance Manual.
You might also decide to engage a social media expert to conduct a workshop or series of consulting sessions on how to use social media in the right ways. Beyond the basics of how to use the tools, there is some nuance and social media ettiquette that must be learned.
Resources include http://www.echelonbusinesssolutions.com, www.wiredadvisor.com and http://www.wealthmanagementmarketing.net. My firm offers social media strategy, training, community development and content creation for our PR and marketing retainer clients and I frequently lead Social Media Boot Camps and training workshops for NAPFA, FPA, broker/dealers, custodians, and advisor study groups.
By using social networking sites, advisors can get their messages out quickly, measure the effectiveness of their communication efforts, and receive feedback directly from clients. Time to get your groove on!
How are you using social media? Take this quick two question suvey now.