IFA Life to introduce social media guidance

IFA Life has revealed it is putting together a statement of best practice and guidelines to help advisers make the most of social media.

Produced with the help of providers and IFAs, the set of guidelines will address the use of online networking tools such as Twitter and LinkedIn.

Taking a wiki-style form that can be edited and updated by users, it will cover a broad range of issues, from initially setting up social media accounts to ensuring it is compliant.

Philip Calvert, founder of IFA Life, says: "Without exception, everyone is looking a social media but very few know how to do it and they are also concerned about the FSA's view on it.

"However, there are some advisers that are successfully using social media so if they are able to share the best practices it will give the people that are a little nervous some reassurance and guidance."

IFA Life recently held its inaugural Social Media in Financial Services Awards, rewarding advisers and firms who have made the best use of social media.

The winner in the Social Media IFA/Financial Adviser of the Year category was Pete Matthew of Jacksons Financial Services.

Meanwhile, Howard Bullock won the Financial Services Twitter Personality of the Year award and Jaime Steele of Fleming Steele was named Social Media Provider/Supplier of the Year.

Calvert adds: "The winners of our first awards proved that ‘people buy people' online just as much as they do face-to-face, and effective use of social media in Financial Services is not about selling - but about interacting and engaging with your target market."