A Financial Advisors’ Guide to Protection When Using Social Media!

Because of the economic downfall that America faced during the previous years, consumers have felt the need to consult financial advisors to help them recover from their deteriorating finances. Some financial advisors have offered their professional services using the “old way” or on a case-to-case basis. However, because of the advancements in communication technology, a lot of ways and means have been developed to connect with people. With all these advancements, where are the financial advisors placed?

Social media is the newest “it” and undoubtedly will remain being “it” for a long, long time. Some financial advisors have seen the potential of social networking sites and created their own accounts. Then again, it appears that after creating their accounts they suddenly encounter a big question mark in terms of how to use social media effectively without bringing themselves closer to the threat of identity theft and online credit scams.

With the frequency of data breach rising, the question remains: How can financial advisors protect themselves when using social media? Fortunately, here are some tips that may help out in answering that question.

Share Unique but Relevant Content Using Trusted Third-Party Sources

It is always advisable to share one’s own content in social networking sites in order to reel in potential clients. However, it is not a good idea to share personal information for everyone to see. That is why some of the best financial advisers share their content through personal blogs and landing pages from trusted third-party sources.

By blogging, you can share your ideas and apply your knowledge to attract clients without having to share too much personal data. However, make sure that you put in educational or insightful data. Such will not be viewed as overly promotional as consumers are looking for more personalized content.

You can also use social networking sites by sharing your unique value messages. Sharing your values and belief systems through tweets or status messages is a good way of developing your own set of guiding principles for your potential clients to know. On the plus side, these messages save you time and add more personal touches to your content without having to risk your personal information.

Choose the Right Social Networking Sites

There are a lot of social networking sites out there. You may use them to your advantage but be careful as not all of them share a particularly safe way of securing their database. Before creating your accounts, look for the best social networking sites first. Choose the ones with the best security features in order to minimize the possibility of a stolen identity online. This is aside from considering other factors such as population of members and target populations.

Use Complicated Passwords

When it’s time to create your account, use a complicated password. Do not use your name, birthdate, or parents’ names for passwords because these are terribly risky and can easily be figured out by hackers and identity thieves. It is best to be creative and use a mixture of alphanumeric characters and symbols that are hard to crack.

Monitor Your Credit

Unfortunately, there is no foolproof social media id theft prevention measure. When things come to its worst, the best thing to do is to know whether you are a victim as soon as possible to avoid further damage. Regularly monitoring your credit is a good idea to detect identity theft. Also, considering professional services such as credit monitoring can provide you with real-time information regarding your credit and bank accounts. Being informed at once can give you the opportunity to seek immediate action.

It is important to take note that social media has now become one of the most useful tools for financial advisors. Not only does a social medium enable them to express themselves freely but it also helps them reach out to their target market. On the other hand, it is also important to take note that the threat of identity theft is always there.

There is no foolproof measure to prevent identity theft. However, these tips will surely help financial advisors minimize the threat for them to be able to enjoy the benefits of social media. Aside from learning the tips on how to effectively use social media, financial advisors should consider protection from identity theft not only for themselves but for their clients as well.