Social media:Morgan Stanley Smith Barney will allow its 18,000 financial advisers to use Twitter and LinkedIn, the social media platforms, in a move likely to be closely watched by its Wall Street competitors.

Morgan Stanley’s risk-management committee has given the go-ahead for all of the retail brokerage’s financial advisers to use the two sites. The approval follows a year-long trial in which 600 Morgan Stanley Smith Barney advisers were allowed to use the sites.

Retail brokers and other financial firms have been grappling with how they can use social media to boost their businesses.

Broker-dealers must keep records of their business and external messages.

Morgan Stanley Smith Barney will allow its advisers to tweet from a library of pre-written messages – a concession that has been criticised by some commentators for going against the spontaneous spirit of social media.

A small trial group of 20 financial advisers has been given the ability to write their own tweets, and Morgan Stanley Smith Barney is considering whether to expand that capability to a wider group.