OMG, wld u trust a brker who twts?
Morgan Stanley Smith Barney has tiptoed into the 21st century slightly ahead of its rivals. The brokerage, a joint venture between Morgan Stanley and Citigroup, has given the thumbs up for 600 of its top advisers to create LinkedIn profiles next month and start some "restricted" posting on Twitter. In other words, tweets will have to be pre-approved by the firm's compliance personnel.
Morgan Stanley plans to grant similar access to all 17,800 of its brokers by December.
The decision seems like a no-brainer in an age when the office water-cooler and old-fashioned chamber of commerce networking have largely been replaced by 140-character missives and cyber "connections."
But anyone who has ever clicked "reply all" when they intended to hit "reply" knows that the web can be a brutally easy place to slip up. What if a broker inadvertently blasted a link to a series of stock tips from the next Ponzi criminal or quickly touted an investment as "safe" when the actual risk is a bit more complicated?
Early last year, FINRA released some sound guidelines urging banks and brokerages to treat social media content as "sales literature." We also compiled some best practices for those new to the game.
Massachusetts regulators, meanwhile, are surveying advisors this week to figure out how exactly they use social media (apparently, instead of just pulling up their profiles).
The real question, however, may not be whether Morgan will slip up, but if the firm will post anything authentic and valuable enough to win followers. Social media is shaping up as another front where the flexibility of a small, independent platform is a distinct business advantage.
Would You Work For Dominique Strauss-Kahn? (FINS)
It could be very bad for your career to work in a misogynistic workplace -- yet, many say they would.
What Would You Do?
Answer the question and see how you match up with the rest of the FINS community.
You've just been offered your dream job, but... your colleagues are misogynists.
Sign ...or... Decline
Swiss Split? (Bloomberg)
Anonymous sources say that UBS is planning to set its investment bank up as a separate entity in another country, to duck strict Swiss capital requirements. The bank denies that this plan is in the works.
Endowment Overacheiver (Bloomberg)
The endowment of Smith College is outperforming those of Harvard and Yale. The secret? A Virginia-based money manager who was bearish in 2007 and opportunistic during the downturn.
Bullish Bank (FINS)
TD Bank added almost 4,100 workers to its U.S. personal and commercial banking group in the past 12 months, in part via acquisitions. Almost 600 of those folks signed on in the most recent quarter.
The Case Against Christine (Economix)
Simon Johnson, former chief economist of the IMF, says French finance minister Christine Lagarde's record in predicting, dealing with and cleaning up after the crisis isn't impressive.
King Josef II (WSJ)
Deutsche Bank's lack of a successor for CEO Josef Ackermann isn't sitting well with investors and analysts, even though Ackermann still has two years on his contract.
Speaking of Ackermann... (Financial News)
The Deutsche CEO said his company is committed to having more female executives and board members, but rejected calls for a quota system. Fixed targets would not be meritocratic, he argued.
Speaking of Germany... (Financial News)
BNP Paribas has hired a Credit Suisse regional chief to take the reins of its i-bank in Germany, a newly created role. The hire was no doubt a move to cash in on the country's surging M&A activity.
What Would an Ostrich Do? (Studio KG)
This is certainly one way to handle in-office napping.
List of the Day: How to Fit a Vacation into Your Busy Work Schedule
1. Tell your boss in advance.
2. Find a replacement/get your work covered.
3. Remember: Use them or lose them.
(Source: AOL Jobs)
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