The founder of Social Advisers has launched AdviserPost, software that generates compliant tweets, posts, blogs and videos to help advisers engage with potential clients through multiple social media platforms.
Advisers can choose from a range of options depending on the level of engagement they want, and will receive free social media training as part of the service.
Mr Ryan said: “Switched-on financial advisers are generating more new business from social media every day. They are enhancing their customer service and client engagement by using it.
“However, there are still many adviser firms that have a website but are simply not fully using it as part of their customer service, marketing or new business activity because they have not yet committed to using social media.”
Mr Ryan said low confidence “due to a lack of expertise” was a common reason for advisers not getting involved with social media and he added this was being compounded by “compliance anxiety”.
The FCA confirmed it is currently reviewing its rules for advisers using social media and hopes to publish an update towards the end of Q2 this year. As it stands, the most recent rules from an industry update in 2010 state that the financial promotions rules apply whatever medium is used.
Philip Bray, marketing manager for Nottingham-based advisers Investment Sense, said: “With my compliance hat on, automatically generated tweets sounds like a good thing. But in practice I’m not convinced it’ll work. Social media is all about engagement, not broadcasting. And my sense would be that compliant content like this could end up being a bit dry.”