In wealth management, insurance, and lending industries, regulations stipulate that any “content” that is publicly accessible is considered to be advertising and as such, subject to strict compliance oversight. For example, US-based Financial Advisors are subject to a rule called FINRA 2210(b) which stipulates that:
Given that an advisor’s website, professional bio, social media account(s), and blog posts would of course be ‘made available’ to more than 25 “potential investors” (which is defined as anyone who is not a current investor), this regulation is a major issue.
Now, for a truly independent Financial Advisor or a compliance officer for a small firm with only a few advisors, the impact isn’t too severe as the number of requests shouldn’t be too great (unless some of your advisors are actively building their digital presence, which is certainly a possibility).
Unfortunately, the majority of Financial Advisors are registered / licensed affiliates of a large Broker-Dealer or Wirehouse which can have thousands or even tens of thousands of advisors in their network. It’s these large organizations for which advertising regulations have become so problematic in the digital age.