Social media can be a curse as well as a blessing, as people are now realising.

It was no surprise this week that the Chartered Insurance Institute felt obliged to publish a new guide warning CII and PFS members about the dangers of toxic Tweets, flawed Facebook posts and lapses of judgment on LinkedIn.

With the Online Safety Bill around the corner, the CII’s move is timely and should give some important pointers to the industry’s Twitterati and Facebook fans.

Social media is here to stay but it must be a benefit to the profession, not a place to slug it out with fellow professionals.

As anyone who follows Twitter will know, a slightly mis-placed or misunderstood comment can easily get the Tweeter into hot water and this is as true of Financial Planning as any other sector.

I’ve seen more than my fair share of silly and pointless arguments on Twitter between people who should know better. I often wonder what the public thinks because all this is played out on a public forum.

The problem with social media is that it can often descend into anti-social media. With few rules everyone can have a go. 

The CII is rightly concerned in its guidance with the damage all this does to professional reputations.

If someone on Twitter who describes themselves as a Chartered or Certified Financial Planner engages in online verbal fisticuffs those of us who know the sector well may see a lively debate; others less used to the exchanges may see a less than savoury online punch-up.

The problem here is that people often Tweet their personal stories and comments and their professional views from the same account. It can all be very confusing. Some will say that the public can work that out but can they? Every time? Just not sure.

There will also be a greater risk when the Online Safety Bill and other regulations come along. The FCA and other bodies have already questioned misuse of social media, particularly to promote dodgy investments. Indeed there is a view that social media is now the source of many financial scams and that is pretty anti-social in itself. It cannot remain the Wild West of the internet for much longer.

Financial Planners, as regulated professionals, have a great opportunity here to lead the Twitter debate and raise standards with entertaining but reasoned and sensible posts. The opportunity to rebuild trust with the public is significant.

Social media can be a great tool for planners if used wisely. Despite its name Twitter is no place for twits.

• The guide can be found here: https://www.cii.co.uk/media/10127251/cii-using-social-media.pdf

Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and mainstream news. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days. Follow @FPT_Kevin