Social Media for Financial Advisors: What You Can Post and How to Stay Compliant
Many advisory firms stay quiet online because compliance feels risky. With a clear process, you can post regularly and keep your compliance team comfortable.
This article is general information, not legal or compliance advice. Your chief compliance officer, broker-dealer or legal counsel has the final word for your firm.
Why so many advisors stay quiet
Advisors know their clients and referral sources are on LinkedIn. But every post feels like a potential problem, so nothing gets posted. The firm ends up looking quieter online than it really is.
The rules are real, but most of them come down to a few habits: say true things in a balanced way, get posts approved before they go out, and keep a copy of everything.
The rules in plain language
Registered investment advisers (SEC). The SEC’s Marketing Rule has applied since its compliance date of November 4, 2022. Advertisements cannot be false or misleading, must present benefits with fair and balanced treatment of risks, and material claims must be something you can back up. Testimonials and endorsements are now allowed, but they must clearly disclose whether the person is a client and whether they were paid, and the firm has to oversee them. Performance advertising has its own strict requirements. Advisers must also keep copies of the advertisements they publish.
Registered representatives (FINRA). FINRA’s guidance in Regulatory Notice 11-39 treats static content, like a profile or a published post, as an advertisement that needs approval from a registered principal before it is used. Unscripted, real-time conversations are treated differently. Records must be kept based on the content, whatever platform or device is used, and tools that automatically delete messages are not allowed.
State-registered advisers follow their state securities regulator’s rules, which often mirror the SEC’s approach.
What is usually comfortable to post
- Educational explanations, like what a rate change means for savers in general.
- Answers to common planning questions, framed as general information.
- Team introductions and the story of why the firm exists.
- Event invitations and short clips from client webinars.
- Balanced market commentary that discusses risks as well as opportunities.
What to be careful with
- Performance numbers of any kind.
- Client testimonials, reviews and endorsements, including reposting a client’s kind words.
- Words like “guaranteed,” “safe” or “the best.”
- Specific investment recommendations.
- Liking, sharing or commenting on posts that praise the firm.
None of these is automatically off limits. They are the places your compliance team will want to look closely, so it helps to leave them out of routine posts.
A simple workflow that works
- Record once. A quarterly market update or client webinar becomes the source for a month of posts.
- Draft in batches. Clips, captions and written posts are prepared together, a month at a time.
- Review in one pass. Your compliance reviewer approves the whole batch, instead of a trickle of one-off requests.
- Archive. Approved posts and their publish dates are kept in your firm’s archiving system or records.
- Post on schedule. Nothing goes live that was not approved.
If the webinar itself already went through review, clips taken from it are often simpler to approve, although your compliance team makes that call.
Frequently asked questions
Can financial advisors use testimonials on social media?
Under the SEC Marketing Rule, registered investment advisers may use testimonials and endorsements if they clearly disclose whether the person is a client and whether they were paid, and the firm oversees compliance. Check with your compliance team before using any.
Do social media posts need compliance approval?
For FINRA-registered representatives, static posts are treated as advertisements and need principal approval before use. Most RIAs also have posts reviewed before publishing as part of their compliance program.
Do advisors have to keep copies of social media posts?
Yes. Advisers must keep copies of advertisements they publish, and FINRA requires business communications to be retained regardless of the platform. Many firms use an archiving tool for this.
Which social media platform is best for financial advisors?
LinkedIn is usually the best place to start, since clients, centers of influence and referral partners are there. YouTube Shorts and Instagram can add reach once a routine is in place.