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Social media - it's changing our world - especially that of financial advisors, asset managers and other financial professionals. Some 70% of wealthy investors have altered their investments because of social media. Leadership teams around the globe are grappling with the rapid adoption of, increasing reliance on and relationship dynamics fueled by social platforms. Facts called out in the soon-to-be released book, The Socially Savvy Advisor, may have bordered on blasphemy in board rooms years ago. But, as author Jennifer Openshaw clearly points out, these behaviors are setting new rules of engagement. During this webinar, Jennifer Openshaw will moderate a conversation to answer your biggest questions about social media, along with Stuart Fross, Dan Swift and Amy McIlwain. Topics covered include: How to create a compliant social media policy (template in book). Best practices for using LinkedIn & Twitter for marketing and client servicing (with real case studies). How to create great content; how to use social media for PR & event promotion - Plus, strategies to save time and create a unified approach.
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Building Your Reputation and Business with Social Media (while remaining compliant)
Presented by:Jennifer Openshaw
With:Stuart Fross Amy McIlwain
Jennifer Openshaw
• A nationally known expert
• MarketWatch columnist
• Author, The Socially Savvy Advisor
• Executive Director, Financial Women’s Association (www.fwa.org)
• Advisor, Microsoft
• Author, “The Millionaire Zone”
@jopenshaw
Stuart Fross
• Partner, Foley & Lardner, LLP
• Former Fidelity International General Counsel
• US Securities Counsel, Social Media & Mutual Funds
Amy McIlwain
• President, Financial Social Media
• Marketing for the financial industry
• National speaker
@amymcilwain
Dan Swift
• Head of Financial Services, LinkedIn Sales Solutions
• Leading social selling business for LinkedIn
• LinkedIn Sales Navigator Program for Financial Advisors
• 12 years in compliance industry
Why Social Media? First
Sources: (1) ING Direct’s USA’s Sharebuilder Survey 2012; (2) Social Media's Growing Influence Among High Net Worth Investors, Cognet Research and LinkedIn
of advised SM users interact with their advisors via SM
4%
4%
52% of advised SM users WOULD like to interact with their advisors via SM
Sources: (1) ING Direct’s USA’s Sharebuilder Survey 2012; (2) Social Media's Growing Influence Among High Net Worth Investors, Cognet Research and LinkedIn
52%
Sources: (1) ING Direct’s USA’s Sharebuilder Survey 2012; (2) Social Media's Growing Influence Among High Net Worth Investors, Cognet Research and LinkedIn
Nearly of wealthy investors reallocated investments, altered relationships with investment providers based on content found through SM
70%
2/3 of millionaires surveyed said they will use electronic media with their advisors
Sources: Fidelity Investments survey 2011
Are your marketing challenges going to be harder or easier in the next two years?
Harder Easier
Taking Your Pulse:
Get StartedSecond
What if you did NOTHING with social media? Would it matter to you, firms?Q:
• Opportunity Cost
• Visibility
• Allow Competitors to Define You
What Really is Social Media?Q:
What do you wish you knew when you got started using social media?Q:
• Regulators aren’t prescriptive
• Capture email address
• Need a system
• Easier than you think
What are risks of using social media?Q:• Providing advice?
• SEC or State regulator
• Compliance policies & procedures
Defense: Have a documented process!
How Do You Measure ROI? Q:
• Engagement: reads/views
• Registrations to a tool
• ROI? Who Cares!• “A new family a
week!”• David Edwards, Heron
• Use analytics on social platforms
When Should Advisors Expect to See Some Pay-Off?Q:
• Advisor Brittney Castro• 6 months• Holistically vs. just # of clients
• Advisor David Edwards• Be #1 with search – Time to
populate
• Michael Kitces• 12 months to ramp• Very satisfied
12
What are Key Steps to Get Started?Q:
• Know your goals
• Choose your platform
• Measure results
PlatformThird
3 Ways to Use LinkedInQ:The Business Trade Show
• Prospect-View before meetings
• Live Events – Jobs, Baby
• Community
• Humanize your voice
Be an InfluencerQ:
How It’s UsedQ:• Participate in Groups (93.4%)• Researching New Clients (86.3%)• Marketing themselves (80.9%)• Communicating with wholesalers (76.5%)• Interacting with clients (68.8%)• Sharing content with clients (54.7%)• Research products (19.3%)
Source: Kasina Research & LinkedIn
3 Ways to Use TwitterQ:Cocktail Party Real-time
• Influencers, Press• Share photos, thoughts,
comments• Interact and comment real-time• Follow businesses, competitors,
centers of influence, media
Use a Disclaimer, FootnoteQ:
Is Facebook Worth the Time?Q:The Pub
• More personal• Connect with clients and
prospects• Share photos, thoughts,
comments• Interact and comment• Shopping mall analogy• Follow media, partners,
competitors
What are New Platforms to ConsiderQ:
• 70MM users• Women• 25% of Fortune 1000 firms
What are New Platforms to ConsiderQ:
• Create infographics
• Post a photo
• Share interests
How About SlideShare?Q:The YouTube for for presentations
• NICSA’s PPT on New Hedge Fund Rules drew 12,000 views
How Can Social be Used to Reach NextGen clients?Q:
“If you’re not on social media, you don’t exist.”
Jeremy Ransom, Texas Tech, Financial Planning candidate
ContentFourth
How Much Content is Needed?Q:• Twitter: 2-3 times/day at least
• LinkedIn: 2-3 times/day at most
• Blog weekly (2x/month min)
Where Can I Get Content?Q:• Yourself
• Your most passionate employees
• Already created: research, newsletters, a speech
What Types of Content Work Best?Q:• Education focused – not product
focused
• Ask Questions
• Visual
• Video – Blue Sky, Google SEO
What Types of Content Work Best?Q:Example: Women
• Audience is busy prof women
• Short & Sweet - Short, digestible
• Visuals
Original or pre-approved?Q:Case: Raymond James• 70% is pre-approved• 30% original
Finding: Original garners 4x the engagement
Tool: Approve & Remove Content
1 Set up Role Permissions
2 CCOs can Approve or RejectContent3 COOs can Remove
Inappropriate Content
Compliant social media, simplified Presented by
How Can You Analyze Content to Build Business?Q:
Case: Putnam• Trending content, CEO Bob on LinkedIn• Monitors analytics
• Key words• Most engaged content• Registrations to FundVisualizer
By monitoring analytics, “we can determine where to spend
the next dollar…. Better to meet someone who’s already
engaged with us online and expressed interest than to meet
someone who hasn’t.” CMO Mark McKenna
How Can Advisors Leverage Content?Q:
Case: Speech or TV appearance• Write an article
• Take photos and Tweet it
• Tape for Youtube
• Picture on Pinterest
• PPT on SlideShare
What are 5 Ways to Get PR?Q:• Connect with journalists
• Post an event on relevant groups
• Conduct a survey through social media
• Have a webcast press conference
• Consider a Tweet-up
How can you create a social media policy?Q:
• Simple, 1-2 pages
• Identify• Platforms permitted• Who can post• Guidelines for personal• Posting/content process• Protocols for crises
• Provide training • See template in Socially Savvy
Advisor
Available now.Final
Any Questions?Final
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