About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, August 30th, 8:19AM
rss
Latest Headlines

Don't get caught in social media web, advisers warned

If you promote yourself or your services through social media, watch out -  the Financial Markets Authority (FMA) may not like everything it sees online.

Wednesday, January 30th 2013, 12:01PM

by Benn Bathgate

Independent Development Solutions director Barry Read said advisers needed to be aware of potential compliance pitfalls when using social media.

He said issues could arise because the FMA viewed social media – websites such as Facebook, Twitter and LinkedIn – as advertising.

“Regardless of whether communications involve a Facebook post or an e-blast to customers, they are considered to be advertising,” he said.

“Social media content must meet the regulatory and disclosure requirements relative to numerous consumer compliance regulations.”

The FMA has warned against using the acronym RFA in adviertising and also requires that AFAs state in their advertising that a disclosure statement is available - both potential problems when communicating via social media.

Read highlighted the need to include disclosure statement information in a guide he has created for compliant social media use, saying advisers needed to consider whether any social media communication could be considered generic or personalised advice, and whether they were keeping copies for documentation of all electronic communications.

He said that for email messages promoting products or services, advisers also had to consider anti-spam laws, including clear information for recipients on opting out or unsubscribing and the inclusion of a physical postal address.
 

Group Plus Ltd financial services manager Owen Grauman said advisers should consider the audience for their social media communications.

“Social media does work but it depends on how it is used to target the audience that you want to engage with,” he said.

“It does not work unless it is tailored and one takes the time to work on social media marketing and building up rapport with individuals.”

He cited KiwiSaver and the confusion around whether RFAs could or could not provide advice as one particular issue they had to be mindful of when using social media.

 

 

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

« Leitch: Don't change the rules alreadyFund managers call for level playing field »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Former Mike Pero broker banned
    “Unfortunately Heath did willingly sign a franchise agreement with Mike Pero. He was aware of the terms and conditions when...”
    2 days ago by I was wondering
  • nib plots more growth
    “This is great news, however from my own personal experience nib can't handle the business flows it has at the moment. Their...”
    2 days ago by I was wondering
  • Two advisers investigated
    “Perhaps we're finally going to see a bank adviser and his/her employers facing the music? If it is, it's been a long time...”
    2 days ago by I was wondering
  • Home loan lending takes lower prominence at ASB
    “Hi. Does this mean ASB will focus even more on the growth of there insurance business on taking my clients. Will they continue...”
    2 days ago by Cyril
  • New Zealand lagging on decumulation options
    “I thought it was compulsory in the UK for a person reaching retirement age and receiving a company pension for a good percentage...”
    2 days ago by traveller
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.24 5.10 5.25 5.59
ANZ Special - 4.69 4.89 -
ASB Bank 6.50 5.05 5.25 5.35
ASB Bank Special - 4.69 4.89 4.99
BankDirect 6.50 5.05 5.25 5.35
BankDirect Special - 4.69 4.89 4.99
BNZ - Mortgage One 6.65 - - -
BNZ - Rapid Repay 6.24 - - -
BNZ - Special - 4.69 4.69 -
BNZ - Std, FlyBuys 6.24 5.09 5.09 5.19
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.69 4.69 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 4.49 4.49 4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 4.79 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.65 4.99
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.59 5.37 5.40 5.52
SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.69 4.69 4.99
Sovereign 6.35 5.05 5.25 5.35
Sovereign Special - 4.69 4.89 4.99
The Co-operative Bank 6.20 4.69 4.79 4.99
TSB Bank 6.24 5.10 5.39 5.45
TSB Special - 4.69 4.69 4.99
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.15 4.99 5.19 5.19
Westpac - Capped rates - 6.15 6.15 -
Westpac - Offset 6.15 - - -
Westpac Special - - 4.69 -
Median 6.40 5.09 5.25 5.35

Last updated: 18 August 2015 3:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com