The SEC made some major changes in their guidelines regarding third party review sites, such as Yelp, Google and Bing. If the advisor has no ability to filter out the positive vs. negative reviews, an advisor can promote these reviews on their social media, as long as they're not guiding them to a particular review, rather just the site itself to see all reviews, says Amy McIlwain, of Financial Social Media in Denver, Colorado.
Reviews on Linked In are still not allowed because you have a choice whether to view them and the fear is that advisors will show only favorable reviews, says McIlwain. The new guidelines also give further clarification about the ability to list various skills, such as hobbies or charitable affiliations on LinkedIn, she adds.
This creates a new opportunity for advisors to increase their branding and marketing and also to take advantage of sharing their positive experiences, McIlwain explains. "Advisors need to manage social media as their online reputation is more important now than ever," she says.