There are 10,000 registered users of linkedFA, a social networking site for financial advisors which is compliant with SEC regulations, and users are now able to access the latest corporate earnings releases, comment on them and distribute them to their clients and prospects.
[pullquote]linkedFA is the social network for Financial & Insurance Professionals and Investors to collaborate, grow business, and increase profits.[/pullquote]
This is due to a recent deal with Businesswire, a press release distributor with a database of content on Fortune 1,000 companies which includes earnings reports and other company information.
A lot of advisors see this as a valuable business development tool, but harbor some concerns about the regulatory headaches which require financial services firms to document and save any communications with clients for six years.
linkedFA membership has grown steadily since it was started in 2009, especially in the independent market where advisors have more freedom in choosing how to market themselves.
CEO Jason Bishara recently predicted that the site would have 80,000 members by the end of the year…now THAT’s a huge jump, so it will be interesting to see how this plays out in the next three months.