Advisors interested in using Facebook's social photosharing platform Instagram to engage with clients will now have support from a new feature on Hearsay Social, according to a company announcement.
The feature allows advisors to supervise and archive posts, comments and replies in order to comply with FINRA guidelines. “Advisors and [insurance] agents have to connect with clients and prospects on their preferred network or channel, which for millennials and Gen X means being on Instagram,” said Donna Prlich, chief business officer at Hearsay Systems. Instagram's chat and stories features have a limited scope of integration compared with other features on the app, so support for those functionalities is not available for Hearsay users at this time. Looking forward, the company is evaluating "if and when we can offer these popular features to our customers in a compliant manner," she said, and it is dependent upon Instagram expanding access.
Advisors walk a fine line between laws and amplifying their messages. Regulators pay attention to advisors' social media practices, with firms getting fined for improper social media strategy. Meanwhile, even though children of wealthy parents often want to meet their parents' advisor, advisors too often don't make the connection.
Hearsay recommends advisors employ a digital strategy that includes texting, Instagram and other social media channels to engage with young professionals. On Instagram, in particular, the firm recommended posting relevant content about particular market trends.