Firms should use social media
Toner believed regulated firms had a part to play to help spread awareness and financial education by using influencers, who do comply with regulations, but understood for some advisers running smaller firms it can be difficult to utilise.
She said: “Large firms have big marketing departments who can take care of the social media side of things and make sure the content being put out complies with regulations and has all the appropriate messaging and warnings.
“If you are a smaller firm who doesn’t have a dedicated team for this, social media may seem like one more thing you need to think about in terms of being a regulated business and the host of things that come with that.
"A lot of firms also have an ageing adviser base, who may not feel particularly comfortable with social media themselves. They probably know how to use it but wouldn't know where to start when it comes to posting targeted content.
“But social media is the way forward, it’s not going to go away.”
alina.khan@ft.com
