Wedbush wants its employees to be part of the “ongoing dialogue” of social media, and go further than supplying readymade corporate statements, which will instead be used to supplement conversations with necessary information, the firm said.

To address compliance issues it is working with Socialware, a company that provides a middleware platform for wealth management firms to review, monitor and archive social networking communication. Socialware will also provide training resources for users on any regulatory or social networking developments.

Wedbush says it wants its employees to show their personalities and “connect with people” using social networking. “Each area of our firm markets a different service to a different audience. Limiting customization only prevents the Wedbush brand from accelerating into a market with a communication reach that spreads faster and further than we’ve ever seen,” said Natalie Taylor, vice president of marketing at Wedbush Securities.

In 2010, the firm launched a private shares trading group that focuses on the research and trading of social media companies for accredited investors

In a recent interview with Family Wealth Report marketing guru Stacey Haefele, of HNW Inc, advised that to reach “Gen Y” interacting on online forums is important but advisors need to be saying “something real, smart.”