Implement Social Media Strategies in Regulated Environments

How to Implement
Successful Social Media
Strategies Within A
Regulated Corporate
Environment

April Rudin, The Rudin Group

Webinar ©2011 Family Office Exchange
Need Technical Support? Call 1-888-259-8414

April Rudin The Rudin Group
CEO

April Rudin is the founder of The Rudin Group, a wealth
marketing firm. Her firm specializes in creating customized
marketing solutions for family offices, wealth managers,
private banks and other financial service firms. She works
alongside clients to strategize and implement solutions for
attracting and retaining UHNW/HNW clients.

 Corporate Experience plus private banking background

 Skilled in structuring strategic alliances/social media marketing
producing successful campaigns for winning new business

 Seasoned professional in wealth marketing and frequently speaks in
front of groups such as IPI, Tiger 21 and other wealth management
industry conferences.

Frequent contributor/blogger on social media/marketing for
Huffington Post, Registered Rep, Fundfire, Family Wealth Report, etc.
1-800-263-6317

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©2010
1-800-263-6317

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Flintstones to Jetsons:

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Where Are We Now?
• Financial services notoriously slow to adopt new ideas

• Wealth management firms have not felt serious pressure until now
due to their best clients being their oldest clients and thus the least
likely to use new technology including mobile internet and social
networks

• Older FA’s are typically the ones with the biggest book of business

• BabyBoomers (ages 55 +) are the largest group of wealth holders

• Wealth Management is a person to person industry

• Wealth is being created at a younger age and succession planning is
contributing to this phenomenon .

....................

Making the Case:
Younger Generations Lead in the Adoption of….
Social Networks
Percent who have an account with at least one social networking site

Gen-Y (18-30) 87%
Gen-X (31-44) 77%
Younger Boomers (45-54) 66%
Older Boomers (55-65) 56%
Seniors (66+) 47%

Base : 26,749 Adults
Source: North American Technographics online Benchmark Survey, Q2 2010 US

....................

No More Sitting on the Sidelines!
Younger generations are:
– much more likely to use the mobile Internet
– much more likely to view and access accounts via mobile

Most importantly, younger generations are accumulating assets
at a faster pace either through their own efforts or via
succession planning.

FINRA/IILOC have communicated some common sense
guidelines which are clear and easy to follow.

71% of US adults are on social
networks like Facebook,
LinkedIn or Twitter.
Source: Forrester Research 2011

....................

Follow The Leaders
• E-Trade offers investors access to account data, prices, charts and
transactions through their own applications
• Commonwealth Financial Network--April 2011 – FB, Twitter,
LinkedIn and Blogs

• Morgan Stanley Smith Barney—LinkedIn and limited Twitter for
600 wealth managers and 18,000 by October 2011

• Merrill Lynch--LinkedIn for over 16,000 wealth advisors by
October 2011

• Wells Fargo –LinkedIn for over 15,ooo wealth advisors.

• LPL Financial 10,000 advisors with 2,500 social media accounts
including LinkedIn, Facebook and Twitter

....................

What Is A Brand?
• It’s a mental picture in someone’s mind that is associated with your offering

• Brands provide consumers with a way of distinguishing between offerings in
the marketplace

• Brands usually have two elements:

– Functional elements
– Emotional elements

....................

Branding In Financial Services
• Logos represent brands to people and help them
recall your corporate elements

• Financial services’ brands create the security,
consistency and trust with the target market and
are developed at the corporate level but must be
executable at the local level or the brand loses
value

• Strong corporate brands (especially in financial
services) lead future clients away from making
decisions based on price when other more
meaningful differences between brands are
communicated

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How Do You Create Your

....................

Extending the Brand and
Other Strategies
• Branding can be extended from one or more core
products to others. For example: one might offer
wealth management services and partner with other
service providers in insurance products, etc.

• Partnerships and strategic alliances are ways of extending your brand and
gaining access to ―warm leads‖ and pre-vetted future clients

• White-labeling is another brand extension strategy where additional
products or services are offered from the outside but under the same brand.

• Naturally, brand extensions must be logical and fit with the given brand and
business model but can provide additional revenue streams

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Discover your Differentiators
Be Visible and Communicate

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Variety of Social Media
Platforms

....................

Platforms and Content Types
Platform Unique Factors Number of Users Strategies and Best
Practices
LinkedIn Business networking and 115 Million Structuring your profile
relationship building, and joining groups
introductions
Facebook Small Business/Personal 750 Million B to C, Business pages
branding/Consumer
brands

Twitter Opportunistic, newswire, 200 Million Aggregating and
short burst in real-time curating content to
attract
YouTube Most Authentic 440 Million In five years, all
Teach and Learn websites will be video
Look + Listen
Google+ Feasting on SEO and 18 Million Struggling to be all
Adword content things
Blogging Thought-Leadership + POV, 156 Million Content + opinion
Complex ideas Commenting and
engaging with others

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Social Media Jargon

....................

Facebook Vs Twitter in
Financial Services
Year Facebook Twitter
2008 32% 15%
2011 59% 67%

Why the explosion?
Facebook is relationship-driven
Twitter is content-driven

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Source: Corporate Insight 2008 and 2011


ROI for Social Media

....................

Converting Chaos to Calm

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If I Can Do It…

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FINRA/ IIloc Regulations and
Guidelines

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Key FINRA Guidelines
Informational Only (Not Legal Advice) Regulations 10-06 and 11-39
• Main idea was to reinforce that as social media usage increases, investors are protected from false or misleading claims and
firms are prepared to effectively and appropriately supervise their associated persons participation on these sites. This
involves creating a written plan, policies and providing training to all users.

• All electronic communications shared over the internet are governed by the same rules covering communications with the
public that firms already follow: recordkeeping, suitability, supervision and content requirements

• Distinction between Static and Interactive Content
– Static is considered advertising and requires pre-approval
– Interactive is considered akin to a public appearance did not require pre-approval but does require supervision

• Blogs are considered static but comments are considered interactive

• Principal of firm or compliance department approves, retains and provides supervision over social media communications
including those made through mobile devices. Must be retrievable through archiving softward.

• Training must provided to FA’s to learn how to uses social media + how to not present undue risk to investors

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Key IIROC Guidelines

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Build Templates for Static
Profiles
• Uniform, professional photograph & branded background with ―Important
Reminders‖
• Branded, uniformly formatted biography

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What to Tweet About?

....................

Niche Your Posts and Tweets

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―The Well-Placed Whisper‖

....................

Creating a Prospect Pipeline
Real Estate
Attorneys

Matrimonial
T&E Attorneys
Attorneys

Wealth
Manager
Non-profits CPA Firms

....................

2011 Social Media Habits of the
Wealthy
6% of UHNWof UHNW
6%
50 % of UHNW 3% of HNW of HNW
3%
75% of HNW

33% of UHNW 20% of UHNW
20% of HNW 19% of HNW

Source: Social Media and the Affluent Household 2011 Report—Spectrum Group
UHNW = Net worth of between $5 million and $25 million

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HNW = Net worth of between $1million and $5 million


Your HNW Toolbox

Existing Client
Relationships +
Referrals

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HNW Social Media Miscues

• Abandoned attempts at social media

• No plan in messaging – not nichey

• Inconsistent posting or blogging

• Too much original content and not enough
curated content

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Key Points

1. Look at your brand, its elements and your own firm’s differentiators

2. Determine your own unique differentiators = messaging

3. Design a social media strategy which is detailed and assign responsibilities

4. Document a social media policy, archival, training and other FINRA/IIROC essentials

5. Execute the plan and monitor its progress. Make changes where necessary.

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LinkedIn Profile

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Thank You!
April Rudin
The Rudin Group
april@therudingroup.com
201-482-8369

Visit us at:
www.therudingroup.com
twitter: @TheRudinGroup


FINRA Regulations Pertinent to Social Media

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