Morgan Stanley joins the virtual cocktail party… with chaperones
Morgan Stanley’s ears must have been burning! I was talking about their social media use just last week, with an international consultancy that currently trains their consultants to tweet from a library of pre-written messages.
The conversation reminded me of Morgan Stanley’s Green Light for Social Media – Bankers or Bots? because Morgan Stanley were heavily criticised for adopting the same approach when they approved 17,000 financial advisers to use Twitter and LinkedIn back in June 2012. If every tweet that you share is scripted and pre-approved, how can the contacts that you’re trying reach know that there’s a real person tweeting?
It’s taken two years, but this week Morgan Stanley finally gave their brokers freedom to tweet self-authored messages. Advisers who have at least 15 followers are now allowed to create their own tweets… if they attend an online training course, and get each message approved before posting, which “could take several hours”.
It is a step forward, but can you imagine going to an event and every time that you wanted to start or participate in a conversation you had to stop and ask a chaperone to approve what you were about to say?
Having spent 15 years in the City, 13 of those with Morgan Stanley, I’m fully aware of the challenges. Of course there are compliance issues and regulatory requirements to manage, but professionals know what they can and cannot say publically, and technology can ensure that appropriate records are kept.
The speed and reach of social media can exacerbate fears, but I have yet to discover a concern that does not also apply to emails and calls. I had a recorded telephone line at Morgan Stanley. I knew that my email account was monitored. But I did not need to ask for permission before making a call or writing an email.
Social media is just another way to talk. As with telephone/fax and email before, you will need training if it is new to you. After that, if you’re trusted to attend and speak appropriately at real life cocktail parties, you should be trusted to do the same at the virtual one!