Not so long ago, financial companies paid enormous sums of money to get the most up-to-date, live news feeds to keep on top of shifts in the market, changes in world events, and so on. Now, breaking news is available on Twitter in real-time, for free. Financial news related tweets can be verified instantly through the many news organizations that are also on Twitter.
There is a lot of potential power and leverage to be gained by being the first to hear about news that affects the financial markets. With Twitter, private individuals now have the same access to this powerful, real-time information as any of the financial institutions. Use this information to make informed and timely choices about your own financial position or the portfolios of your clients.
Leverage Additional Sources of Information
Not only is access to news and information on Twitter immediate, it’s also global. You can “connect the dots” from a variety of sources on Twitter to get a better picture of how your finances are being impacted.
For example, you can use hashtags like #finance or #investing to find tweets containing specific topics you’re interested in. You can also create or participate in Twitter chats to join in conversations about the finance industry or other topics that can impact your personal or professional financial interests.
Leverage Twitter lists from Twitter accounts like @YahooFinance, Wall Street Journal (@WSJ), and so on, to find individuals who specialize in your type of financial interests. If you prefer a more traditional approach to your financial management, you can connect with major banks, like Bank of America and Citibank, through their accounts on Twitter. In fact, the Back of America even measures the public’s customer satisfaction when dealing with the bank on Twitter!
Build Trusted Relationships
As evidenced after the U.S. financial crisis, many people — even some of those who work inside the financial industry — now mistrust some of the financial institutions they once considered rock solid.
As a financial professional, Twitter allows you to rebuild that foundation of trust, one person at a time. Interactions between people on social networks tend to be amplified, so as you build trust with an individual, this goodwill can grow exponentially. Conversely, if you are an individual interested in finding trustworthy financial professionals to manage your finances, you can turn to your trusted networks for positive referrals.
Given the sensitive and impactful nature of financial information discussed online, the financial services industry is regulated by agencies like the Securities Exchange Commission, FINRA and others, as to what its members are permitted to talk about online.
If you are a financial services professional, check with your respective regulatory agency to find out the exact parameters of what you can and cannot tweet about. If you are a individual using Twitter to help manage your finances, exercise caution and judgment when dealing with any information you find online. If you are uncertain of any information you come across, consult with a licensed financial professional to make sure the data you’re accessing is reliable.