Tags: Social Media

Financial advice in Massachusetts is a high-tech business, with about 44% of state-registered advisors already using social media to reach clients and prospects.

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It also means the state is gearing up to regulate Twitter, LinkedIn, and Facebook use more effectively.

The Massachusetts Secretary of State, which also handles the state's securities regulation, found out earlier this month that while close to half of its RIAs are using social media, only 31% who do have written policies in place.

Furthermore, of the firms using social media, only 43% archive their Tweets and other messages for compliance purposes.

To improve these practices, the state regulator has formed a working group and plans to get new guidelines out by the end of the year.

Wondering how Massachusetts advisors communicate? Most (42%) use LinkedIn. Beyond that, 20% use their own site to post updates, 14% are on Facebook, 8% use Twitter, and another 8% blog somewhere else.