FINRA is starting to monitor advisors’ and brokerage firms’ use of social media. According to an article on thestreet.com, FINRA has asked select broker-dealers to provide the following:

• The URL for each of the social media sites used by the firm at the corporate level.
• The date the firm began using each of the sites.
• The identity of all individuals who post and/or update content of these sites.
• And each firm’s written supervisory procedures concerning the production, approval and distribution of social media communications.

FINRA’s increased scrutiny may change the way that these financial advisors use social media outlet such as Twitter and Facebook. FINRA is also requiring firms to disclose information regarding their top producers including the dollar amounts of sales, commissions, and type of social media used.

To read more, visit thestreet.com