Who needs Facebook?

For the majority of advisors, Facebook is simply a social site designed for soft sells.

While playing games and messaging friends, clients and even colleagues aren’t often willing to discuss complex investments and strategies.

Read: Hone your conversation technique

Twitter and LinkedIn present the same dilemma; while they are still the most popular platforms among advisors, they are best suited for quickly and concisely sharing ideas. Unless you have the time to host a live Twitter forum, you won’t be able to seriously discuss and analyze investments.

And more to the point, you risk being tailed by regulators if you do. Advisors have to be careful not to show bias toward any one product, and need to ensure consumers don’t misconstrue their tweets as advice.

Read: Overcoming social media barriers and Regulation doesn’t stifle social media

But what if there was an alternative? More specifically, what if there was a private site where you could quickly connect with other professionals and get down to the details?

Turns out, there is. The Winklevoss twins, aka Zuckerberg’s nemeses, have created a site called SumZero.com, reports The Wall Street Journal. The site is four-years-old and has about 7,500 members, who all had to apply and be approved for membership.

The twins’ partner, Divya Narendra, told Wall Street Journal reporters, “The key to ensuring high-quality ideas was exclusivity. The site only lets professionals at hedge funds, mutual funds, and private-equity firms, for example, gain access.”

All three men are positioning the site as an alternative to product research. Investors can freely discuss research, strategies and new products, as well as talk about industry trends. It also offers a weekly newsletter, available to both members and non-members.

Read: Maximize your online potential

Users can follow one another and can set up alerts for material posted about stocks they track. Further, the site monitors member activity; all members have to contribute and submit ideas at least twice a year to retain full site access. Read more.

Also read:

Let advisors speak their minds

10 tips on building your network

Social media: Good or bad for business?

LinkedIn profile crucial: media expert