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Pershing LLC officials are warning their broker-dealer and investment advisor clients about new upcoming regulations, some of which may come as a surprise to them.  At Pershing’s annual conference in Hollywood, Florida attended by broker dealer and RIA custody clients, the company outlined how broker dealers will face new suitability rules and much broader trade reporting rules.

Morgan Stanley Smith Barney will allow financial advisors to utilize the social networking sites LinkedIn and Twitter to market themselves and share ideas with clients.  The plan will start in late June with about 600 advisors before expanding within six months to the rest of the firm’s 17,800 brokers, according to an internal memo from Andy Saperstein, head of the brokerage’s U.S. operations.

“This will be a significant competitive advantage,” Mr. Saperstein said.  “We are the first major wealth management firm to announce a vendor solution for our advisors to use key social networking sites to market themselves and share the firm’s intellectual content.”