Risk management and compliance is a hot topic and no where is it hotter than in banking. And with all the banking scandals which illustrate more and more risk management failures in banking, it’s easy to overlook a fairly innocuous story on how one bank is taking the leap into social media in a big way. Morgan Stanley has given the okay for all 17,000 of its financial advisers to use Twitter and other types of social media to communicate with clients. While the regulators have recognized that social technologies are legitimate tools for stockbrokers and other financial advisers to communicate with clients and prospects, there are pretty onerous advertising and marketing requirements on financial services institutions to prevent misrepresentation of financial products. These restrictions have led most firms to just avoid blogs, Twitter and other social media altogether. However, as social media are becoming the primary means for most companies to communicate with customers, financial services firms have to find some way to engage more effectively through social media and at the same time meet the requirements of the regulations. Congratulations to Morgan Stanley for being the first to break new ground!
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