Any other business: There may indeed be such a thing as too many tweets. Last week, UK police forces revealed there had been investigations into 828 breaches of social media guidelines, with many ending the individual’s career in the force.
As part of a financial services industry that is increasingly focused on alternative media, how can schemes make the most of the tools available while avoiding the risks associated with instantaneous and public communication?
Making the most of social media
Keep it updated: Make sure you are posting regularly to keep your audience engaged.
Understand your medium: Twitter can be useful for posting short messages, but clarity is important. LinkedIn has a narrower audience but may be better for in-depth posts.
Mind your audience: Once something has been posted it may be publicly available forever, so monitor your posts accordingly.
For all the industry’s vocal and active users of social media such as Twitter, most schemes are not active users, focusing on more traditional communications to interact with their members.
Richard Butcher, managing director of independent trustee company PTL, said the issue of social media was not often discussed at trustee meetings, partially due to a perceived lack of interest among trustees and members.
“The lion’s share of our older trustees don’t tend to engage with social media,” he said, adding: “I suppose it is something that should be considered.”
Mastertrusts such as Nest and Now Pensions are prolific users of Twitter, tweeting facts and statistics, as well as engaging with members and industry figures.
Heather Tilston, head of corporate communications and engagement at Nest, said the mastertrust maintained a number of social media accounts, including two Twitter profiles, each with a part-time editor and dedicated target audience.
“We have two Twitter accounts – @nestpensions, which is aimed at consumers and members, and @nestinsider, which aims to promote news about Nest to interested journalists, intermediaries, pension professionals and commentators,” she said.
“We also use LinkedIn to engage with intermediaries and employers, and have a Facebook page which is aimed at consumers.”
Tilston added that Nest’s main aims were to publicise announcements and events, promote the scheme and its features, and to share articles related to pensions policy.
Mastertrust Now Pensions uses a similar approach, working with its legal team to ensure its guidelines reflect the latest regulatory approach.
Amy Mankelow, communications manager at Now Pensions, said: “While the immediacy of a channel like Twitter does not easily lend itself to preapproving every tweet, we are working closely with our legal and compliance team on guidelines that reflect the latest thinking from the Financial Conduct Authority.”
The FCA’s views are encapsulated in its recent guidance consultation on social media and customer communications, which warns against promoting a company’s regulated activities outside the “course of business”.
Mankelow added that schemes looking to make use of social media should consider their approach carefully. “Social media engagement needs to be actively managed, monitored and maintained. It shouldn’t be entered into lightly,” she said.
“However, if used correctly it can improve transparency, enhance reputation and build brand profile.”
Dawid Konotey-Ahulu, founder of Mallowstreet, which provides a social media platform aimed specifically at the pensions industry, said: “Social media connects like-minded professionals and, used properly, can allow trustees and their advisers to find answers to almost any investment-related question – no matter how unique or specialised.”
He added: “When you plug into social media you harness the wisdom of a highly informed, wise crowd.”
