Presentation by Corporate Insight's Alan Maginn exploring social media best practices across the financial services industry. The presentation looks at industry trends and what financial service firms are doing for financial advisers.
2. AGENDA
About Corporate Insight
Social Media & Financial Services: A Historical Perspective
Social Media in Wealth Management
Facebook: Measuring Success of Your Social Outreach
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3. ABOUT CORPORATE INSIGHT
Competitive intelligence and user experience research firm
serving the financial services industry
Tracking social media since Spring 2008
Published two industry-wide reports in ‘08 and ‘10
Currently developing Social Media Leaders report
Due out in March
Ongoing updates
http://www.corporateinsight.com/blog.html
http://twitter.com/cinsight
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4. BACK IN 2008…
Only 15% of financial services firms
had proprietary social media
offerings
Firms were just starting to claim
their names on third -party
communities
32% had Facebook pages
15% had Twitter profiles
Few firms had a definitive social
media strategy
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5. FACEBOOK PAGES: OCTOBER 2008
Brokerage Firms Banks and Card Issuers
45%
56%
Annuity Firms Mutual Fund Firms
17%
13%
% of Firms with Facebook Pages
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6. FACEBOOK PAGES: JANUARY 2012
Brokerage Firms Banks and Card Issuers
80% 82%
Annuity Firms Insurance Providers Mutual Fund Firms
79% 86% 46%
% of Firms with Facebook pages
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9. SOCIAL TRENDS IN WEALTH
MANAGEMENT INDUSTRY
Financial Advisors’ personal homepages are often used to
stimulate social networking
Follow FA on Twitter, connect via LinkedIn, share the FA’s page on
Facebook, etc.
FAs at major wealth management firms are using LinkedIn
Useful for keeping up to speed on clients and their careers
Valuable for prospecting, finding professional groups that fit the FA’s
target market (e.g., doctors)
No need to generate steady stream of interesting content like Twitter
FA Twitter pages also becoming more common
The challenge is still compliance
How can the FA be interesting with canned messages?
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10. SOCIAL TRENDS IN WEALTH
MANAGEMENT INDUSTRY
Many retail brokerages and asset management firms now have
corporate Facebook and Twitter profiles
Most major self-directed brokerages offer their own
communities to clients – no sign of similar efforts among
wealth management firms
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12. AMERIPRISE FINANCIAL
LinkedIn-powered advisor
search tool
Launched November 2011
New spin on FA/branch locator
tool
Designed for prospects but
also benefits advisors
Still face several hurdles
60-70% of FAs are on LinkedIn
but only 20% provide a link
from their personalized
website
Questions about user ’s
willingness to sign into
Linkedin via a third-party site
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14. MORGAN STANLEY SMITH BARNEY
Pilot program with FAs
on LinkedIn and Twitter
600 out of 18,000 Fas
Links on advisor
homepages lead to
their social media
profiles
FA tweets are pre-
approved by
compliance, but
content isn’t stale
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15. MORGAN STANLEY SMITH BARNEY
Tweets focus on:
Current market events
Re-tweets of news organizations
Pre-approved product guides and
MSSB research
Some personal observations, i.e.,
“lifestyle”
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16. RAYMOND JAMES
All FAs can use Facebook,
LinkedIn and Twitter through
Actiance’s Socialite platform
Advisors no longer limited to static,
pre-approved messages
FAs post to Socialite rather than
to the individual social networks
Socialite streamlines approval
process
Distributes posts to major networks
Stores messages for later retrieval
Raymond James supplements
technology with training on how
to use social media
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17. RBC WEALTH MANAGEMENT
Springboard website launched in
February 2011
Initially conceived as a resource
to onboard new FAs
Developed into a content
promotion site for advisors
Videos feature first-hand, “real-
world” accounts from leading FAs
and branches
Links to related sales content
Ratings and comment features
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18. FACEBOOK: Adapted
MEASURING SUCCESS from our
Social
OF YOUR SOCIAL
Media
Leaders
Report
OUTREACH
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20. AUDIENCE
Facebook Fans
Industry Average
Industry Average (w/out top 10)
Annuity Firms
Banks & Card Issuers
Brokerages
Insurance Providers
Mutual Fund Firms
- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000
January 2012
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21. AUDIENCE
Facebook Fans (without Banks & Card Issuers)
Industry Average
Industry Average (w/out top 10)
Annuity Firms
Brokerages
Insurance Providers
Mutual Fund Firms
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000
January 2012
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23. PAGE OBJECTIVE
General company pages
Company mascot or spokesperson
Discover’s Peggy
E*TRADE’s Baby
Progressive’s Flo
Product-specific
Chase Slate
Geico Motorcycle
Careers
Other
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24. WALL POSTS
Formal vs. informal tone
Variation in content and style
Website and other social
property content
Product or service promotions
Calls to action
Direct questions
Surveys
Contests
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26. LIKES, COMMENTS & SHARES
90
80
70
60
50
40
30
20
10
0
Industry Average
Industry Average
(w/out top 10) Annuity Firms
Banks & Card
Shares/Post Issuers Brokerages
Insurance
Comments/Post Providers Mutual Fund
Firms
Likes/Post 26
27. “TALKING ABOUT THIS”
Measures fan interactions
Likes (page, posts and other content)
Wall posts
Comments
Shares
Mentions
Check-ins
Data from last seven days
Refreshes Daily
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