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Positive Solutions launches social media strategy

Coleman-Peter-Positive Solutions-2013
Positive Solutions chief exec Peter Coleman

Positive Solutions has launched its new social media strategy which requires advisers to obtain a licence in order to engage with clients through social media.

PosSol partners must pass a social media and financial promotions test in order to obtain a PS Financial Promotions Licence. Once they have the licence, PosSol will approve their social media profiles.

PosSol confirmed in September it was reviewing its social media and internet blogging protocol after it was criticised for imposing tough restrictions on advisers.

The firm launched a pilot late last year and rolled the scheme out at its national conference in Gateshead this week.

A PosSol spokesman says: “PosSol is really positive about social media and the potential for partners to use it to interact with clients and potential clients but the licence means that partners will be properly equipped to avoid the potential pitfalls of social media in a financial regulatory climate.”

Money Marketing revealed this month Possol is being acquired by Intrinsic Financial Services from parent company Aegon.

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. No company should be allowed to sell a licence for employees of any company to use social media. Social media is about engagement and conversation you do not sell a product via social media you engage with social and listen then respond.

    If you are a positive partner I would urge you if you can afford it to seek a professional social media company that can help guide you with your brand on social and not take a licence for what is free in the first place to engage with clients.

  2. Once again PS has completely failed to understand the nature of social media. It is fast and reactive, not somethign that can be controlled with 14 days to get something approved which is so compliant it is completely ignored. The risk warning alone would take more characters than twitter would allow !!!

  3. Is that a picture of Joe Kinnear!!!!

  4. Still Positive 20th June 2013 at 4:39 pm

    Just to clarify the above two comments;

    Anon1: No PS Partner has to pay to use Social Media, not sure where that fabrication came from.

    Anon2: The idea of the Licence is so Partners do not have to request pre-approval for every comment and can get the best out of Social Media whilst adhering to the regulators guidelines.

    Seems you both have your wires crossed there.

  5. Gordon McNeill 20th June 2013 at 4:42 pm

    The answer to this issue is to stop using social media to promote specific products and services that fall within the FCAs definition of a financial promotions. If you don’t know what the rules are, you need to find them out before you start using social media within your business to targeted retail clients. Ignorance of the rules cannot be accepted as a defence for breaching them.

    You could always seek to change the Financial Promotion Rules! Good luck on that one.

  6. @Gordon McNeill

    I think PosSol are simply trying to help their advisers understand the rules. The test and license is to demonstrae that the adviser does understand what constitutes a financial promotion. It just gives advisers some freedom to enjoy social media without any unnecessary compliance issues.

    Just don’t see what’s not to like here.

  7. Paul Heathcote 20th June 2013 at 7:42 pm

    I think the PS stance on this is very sensible. The licensing test serves a dual purpose. Firstly it makes sure the partner is fully aware of what they can and cannot do, and gives guidance where appropriate. Secondly, if the partner does do anything stupid or against the rules, it allows PS to distance itself from the partner, rightly stating that the partner knew the rules and therefore it is he/she that is at fault and in trouble, not PS.

    Seems a sensible way to move forward.

  8. Great post. I just located your blog and wished to let you know that I have certainly loved reading your blogs. At any rate I’m going to be subscribing to your feed and I really hope you are writing again soon. HealthTips

  9. I think that’s a practical approach and I would be interested to know how they will manage the full risks that can still leave a network exposed with social media:

    1. How will they manage ongoing monitoring and moderation of adviser’s posts?
    2. How will they archive their activity for FCA spot checks?
    3. How will they police what advisers publish through their personal social media personas?

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