WASHINGTON -- For all the hype surrounding social media sites as the next great marketing channel for advisors, a panel of industry leaders warned that the jury is still out on what role tools like Facebook and Twitter will ultimately play in financial-services firms.

Jim Weddle, a managing partner at Edward Jones, says his firm maintains a corporate Twitter handle but bars advisors from posting to it (they're welcome to follow). Similarly, the firm permits its advisors to maintain business profiles on Facebook and LinkedIn, but has strict controls over what they can post there.

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