In the memo, the firm touts itself as the first major wealth management firm to announce a solution that will allow advisers to use key social networking sites to market themselves, while also complying with regulatory requirements.
A major issue in the brokerage industry has been how to utilize social networking sites while also complying with industry regulations that say all electronic messages must be retained for several years.
In the coming weeks, Morgan Stanley Smith Barney will implement a technology that will capture and retain all communications on approved social networking sites to comply with regulations, the memo says.
The initiative begins in late June and will initially include about 600 advisers, who will have access to LinkedIn and partial use of Twitter. The company said it aims to open the initiative to the rest of the field within six months.