Industries that associate with customers and clients with up to the minute online journalism – Facebook included – will have to be watchful of how they conduct it with the enforcement of the Online News Act in Canada, but for wealth firms and the advisors they back, it is clear as ever “why” it’s needed.
The president at Carte Wealth Management Maria Flores, informed that social media is increasingly impactful for individuals, advisors and the clients they support. Regardless of the sector, a lot of the news and information is sourced by social media or just browsing online.
The president of The Gryphin Advantage Kirk McMillan says the Ontario based MGA provides value to advisors through the association with a social media consultant. This has proven critical in determining the firm’s messaging approach that integrates practice management insights for advisors and applicable topics for their clients.
McMillian informs that knowledge is an influential tool and an obligation lies in allowing our advisors with the precise and timely material they require, controlling the online news resources that are essentially targeted to the financial advisor community.
The introduction of The Online News Act by the federal government as a path to assist sustain the actions of Canadian news providers, allegedly by convincing tech providers to pay news publishers for any information that appears or shared on their platforms. However, in the aftermath of the new legislation, Meta and Alphabet – the parent companies of Facebook and Google, respectively – retaliated with moves to restrict Canadian users from observing news stories on their platforms.
McMillan informs the recognition of the difficulty faced by organizations, and acknowledge the arguments from both sides surrounding the Online News Act. However, a better refined insurance client or investor benefits all parties involved, making it important to continue allowing access to pertinent news information.
Although the outcome is yet to be seen, Flores believes Meta could ultimately follow a Netflix – like subscription model for Facebook, where users who require to share information on the platform would be mandatory to pay a premium.
She says, Facebook accounts will still be free, however, if an individual require to share news on the platform, a monthly subscription would have to be paid. If this is the final result, the advisors will not stop it.
