HIRING INFLUENCERS TO POST ON SOCIAL MEDIA? THINK AGAIN….
A BCSC hearing panel approved a settlement that includes a $35,000 penalty to resolve allegations related to social media posts. Specifically, a firm paid for online advertisements and posts on social medial platforms such as Twitter, Facebook and LinkedIn, but none of them disclosed they were issued on behalf of the company. While the details of this matter (see Paid social media posts result in BCSC sanctions | Advisor's Edge) did not include financial services, with the burgeoning use of social media in all aspects of the investment industry business, IIAC Members would be wise to consider that hiring any social media service provider should be managed similar to any outsourced arrangement: within a documented framework and with all appropriate disclosures.