As you enter the blogosphere, one important ally you must have on your side is your compliance department, says Stephanie Holmes-Winton, CEO of the Money Finder in Halifax.
Getting compliance on your side will require a little more work at the beginning of the process — and some strategic thinking.
“You must have a plan before you go to your compliance department,” says Holmes-Winton. “Asking whether you can write a blog likely won’t get you quick approval.”
Holmes-Winton offers the following advice to help you get a compliant blog off the ground:
> Show, don’t tell
Instead of asking your compliance department for permission to blog, show them a sample of what your blog will look like. Your compliance officers will be able to see the content you plan to cover, your writing style and the voice you want to use.
This approach means investing a little more time and effort at the beginning of your blogging endeavor, Holmes-Winton says. But it will be worth it in the end.
“If you don’t show them, they will probably just say no,” she says, “because that is easier than thinking about what you are [or are not] allowed to do.”
> Plan ahead
Develop a schedule of topics you would like to blog about, and the frequency with which you would like to post before you meet with your compliance officers.
“Having a plan that spells all that out is the No. 1 weapon you have in your arsenal,” says Holmes-Winton. “With it, you already have half the battle won.”
For example, in addition to your first sample blog post, include another document or spreadsheet that will spell out your blogging commitments for the near-term. As well, you if you want to post various media — such as videos, infographics or other external links — this would be a good time to establish those parameters. Just be sure to explain why it would be a good idea.
> Know the taboos
Whether you are licensed under the Investment Industry Regulatory Organization of Canada or the Mutual Fund Dealers Association of Canada will affect the pattern of scrutiny to which your blog will be subjected.
Either way, the big “landmines” that exist for you in the blogosphere are: giving financial advice; or commenting on specific investment products.
Tread carefully in this area and clearly differentiate between stating your opinion in a hypothetical scenario and making precise recommendations.
> Work together
Don’t think of your compliance officers as ogres; they are your allies. Regard them as a second set of eyes, Holmes-Winton says, to ensure your activities remain within the rules and prevent serious regulatory problems.
Finally, Holmes-Winton advises: “Have a deadline, to help ensure you get everything in and approved on schedule.”