Build Your Business with Compliant Social Media
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This document summarizes a presentation about using social media to build reputation and business while remaining compliant. It introduces the presenters which include experts in social media, compliance, and the financial industry. It then addresses common questions around getting started with social media, platforms like LinkedIn and Twitter, creating engaging content, and developing a social media policy. The presentation provides financial advisors with strategies and best practices for leveraging social media successfully.
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Build Your Business with Compliant Social Media
- 1. Building Your Reputation and Business with Social Media (while remaining compliant) Presented by: Jennifer Openshaw With: Stuart Fross Amy McIlwain
- 2. 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
- 3. Stuart Fross • Partner, Foley & Lardner, LLP • Former Fidelity International General Counsel • US Securities Counsel, Social Media & Mutual Funds
- 4. Amy McIlwain • President, Financial Social Media • Marketing for the financial industry • National speaker @amymcilwain
- 5. 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
- 6. First Why Social Media?
- 7. of advised SM users interact with their advisors via SM 4% 4% 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
- 8. 52% of advised SM users WOULD like to interact with their advisors via SM 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
- 9. 70% Nearly of wealthy investors reallocated investments, altered relationships with investment providers based on content found through 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
- 10. 2/3 of millionaires surveyed said they will use electronic media with their advisors Sources: Fidelity Investments survey 2011
- 11. Taking Your Pulse: Are your marketing challenges going to be harder or easier in the next two years? Harder Easier
- 13. What if you did NOTHING with social media? Would it matter to you, firms? Q: • Opportunity Cost • Visibility • Allow Competitors to Define You
- 14. Q: What Really is Social Media?
- 15. 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
- 16. Q: What are risks of using social media? • Providing advice? • SEC or State regulator • Compliance policies & procedures Defense: Have a documented process!
- 17. Q: How Do You Measure ROI? • Engagement: reads/views • Registrations to a tool • ROI? Who Cares! • “A new family a week!” • David Edwards, Heron • Use analytics on social platforms
- 18. 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
- 19. Q: What are Key Steps to Get Started? • Know your goals • Choose your platform • Measure results
- 20. Third Platform
- 21. Q: 3 Ways to Use LinkedIn The Business Trade Show • Prospect-View before meetings • Live Events – Jobs, Baby • Community • Humanize your voice
- 22. Q: Be an Influencer
- 23. Q: How It’s Used • 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
- 28. Q: 3 Ways to Use Twitter Cocktail Party Real-time • Influencers, Press • Share photos, thoughts, comments • Interact and comment real-time • Follow businesses, competitors, centers of influence, media
- 29. Q: Use a Disclaimer, Footnote
- 30. Q: Is Facebook Worth the Time? The Pub • More personal • Connect with clients and prospects • Share photos, thoughts, comments • Interact and comment • Shopping mall analogy • Follow media, partners, competitors
- 31. Q: What are New Platforms to Consider Pinterest • 70MM users • Women • 25% of Fortune 1000 firms
- 32. Q: What are New Platforms to Consider Pinterest • Create infographics • Post a photo • Share interests
- 33. Q: How About SlideShare? The YouTube for for presentations • NICSA’s PPT on New Hedge Fund Rules drew 12,000 views
- 34. 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
- 35. Fourth Content
- 36. Q: How Much Content is Needed? • Twitter: 2-3 times/day at least • LinkedIn: 2-3 times/day at most • Blog weekly (2x/month min)
- 37. Q: Where Can I Get Content? • Yourself • Your most passionate employees • Already created: research, newsletters, a speech
- 38. Q: What Types of Content Work Best? • Education focused – not product focused • Ask Questions • Visual • Video – Blue Sky, Google SEO
- 39. Q: What Types of Content Work Best? Example: Women • Audience is busy prof women • Short & Sweet - Short, digestible • Visuals
- 40. Q: Original or pre-approved? Case: Raymond James • 70% is pre-approved • 30% original Finding: Original garners 4x the engagement
- 41. Compliant social media, simplified Presented by Tool: Approve & Remove Content 1 Set up Role Permissions 2 COOs CCOs can can Remove Approve or Reject Content 3 Inappropriate Content
- 42. 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
- 43. Q: How Can Advisors Leverage Content? Case: Speech or TV appearance • Write an article • Take photos and Tweet it • Tape for Youtube • Picture on Pinterest • PPT on SlideShare
- 44. Q: What are 5 Ways to Get PR? • Connect with journalists • Post an event on relevant groups • Conduct a survey through social media • Have a webcast press conference • Consider a Tweet-up
- 45. Q: How can you create a social media policy? • 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
Notas do Editor
- New study: Only 4% of those on social media interact with their advisors but…
- 52% would LIKE to! And that’s the opportunity for advisors. You can stay focused on the old way of marketign or you can jump into this wide ocean
- And 70% of wealthy investors reallocated investments b/c of info found on SM according to a survey conducted by Cogent Research of 4,000 investors with more than $100,000 in investable assets. Cogent Research
- And… 2/3 of mm say… So right now, there’s a bit of a race – it’s a race to get out there, be relevant, and have valuable content on SM – that’s what we’re going to help you with.Those who understand how to use these new tools will win – right Dan?
- So let’s take a quick poll: Amy:
- Stu: if customers over 80, it’s OK. Amy: oppty cost Jen: visibility-leveraging what you’re doing, allow competitors – Boston firm story David Edwards of Heron Financial: I have to assume my clients are also googling me if I'm googling them” Edwards: we can go head to head with the big guys b/c of social media
- What is social media? Jen: amplifying a converastion 1:1 and now 1:many BUT when you have a conversation, what’s the key? A relatioship. Amy, what does that look like on each major social channel? Amy (graphic)
- Jen/Stu: regualtors – Stu: it seems one of the big myths is that you should wait to get some giant green light right? Amy: emails, system Jen: easier – WOM: think
- Stu: is it really that risky to use SM? Attorneys use it! Key things… Securities recommendations – can’t blast a recommendation on T b/c it’s not suitable for all Fross says the difference with social media is that the securities laws penalize misstatements and omissions of material fact. Material omissions (or even the risk of material omissions) “are what bury people with social media,” he says. So how can you convey the potential for risk in social? Fross suggests including footnotes in static content online; blog postings can include disclaimers that say, Jen Q: Stu: isn’t a defense if you have a process? last thing you want is to be liable. Big key is havig a process in place – that’s where you want to avoid failing to plan; Regulators aren’t looking for the ‘gotcha’; barely have time to do regular things Twitter: short – 140 characters; but you can link to disclosures (BlackRock) Testimonials – be able to approve or remove content (real-time ok) Spot checking & record keeping – archive, monitoring, reporting Jen: we’ll talk later about how you can reduce your worry about even having policies and procedures (if you talk hobbies, and interests
- How measure ROI: Amy: engagement Jen: registration, Who cares Amy: analytics Jen: Cost savings – it’s free except for the time to cre ate and share: firms spend $10K on a PT PR person Search engine rankings—Google is the number-one search engine tool in the world and is an integral part of many people’s day-to-day lives. Think of social media as the vehicle to increased search engine rankings and, ultimately, Worldwide exposure. Putnam: Putnam is focused less on the traditional “share of voice” measurement than they are on things like enga gement, site visits, time on site, time on specific content , and registrations to their online tool, FundVisualizer. All social platforms have tools on metrics, including demographics Google allows you to track the source of leads (new s site); can even track a campaign
- Amy…. Jen: Brittney: it takes time, followers are real people; time to connect Dave: Tags or key words matter: “Every time David Edwards or Heron is mentioned elsewhere or posted—in a blog, a tweet or a retweet—it adds to the thousands of links. This is an important lesson: You might start your social media and SEO efforts and see very little over the next few months. You’re thinking, ‘Oh my gosh, I’m wasting my time,’ ” says Edwards. “But it takes time for those high-quality links to propagate in the online world.”
- Goals: building brand, getitng clients, what type of cilents, how many when? As wealt advisor says: w/o goals, dead: New accounts? Increase engagement like # of times content is read/viewed? Heron’s David Edwards: $500K min; $1-10MM; time stressed exec; life change Adding one family/week; doubling assets every 2 yrs That termsin s your platform – Measuare rsults – visits to hme page, downloads, appointments? Stu: MUST have policy to get started? Coming up
- OK. So now, let’s get into the platforms. We’ll talk abaout some of the big players and some of the new ones. Then onto content and maximizing it.
- Amy: Trade show Jen View someone’s profile before you walk into a client or prospect meeting; know something about their interests Power of Social Listening -- We all know that when people change jobs, 401(k) rollovers or other financial needs often arise. With LinkedIn, you can actually be notified when any of those money in motion events occur. Make it a habit to click on your Network tab daily and see who in you network has been promoted or is changing jobs Raymond James: if advisor is connected, he/she can congratulate on new baby and suggest the 529
- Influencer platform – to build brand, which will now be available to anyone… Had been approached; Sally Krawcheck said 100K followers. Did first piece, personal voice is key; 400 comments – way to engage
- Jen: How else is LinkedIn used? Dan – you’ve spent all this time with advisors – is this true? What is LinkedIn doing to help advisors? Talk about sales navigator?
- How about finding new clients, Dan?
- Amy: cocktail party Jen: you become a news source; contributing to the value of others and therefore they want to follow/know you. Jen: Influencers – look at those by key words, follow press. Not about following but being followed; being a thought leader/an expert Who follows you can say a lot about who you are Strategy: comment on someone’s, they comment back, reply you’d like to meet Create a list
- Jen to Stu: how use twitter to avoid getting in trouble? Stu: “Remember that all investing brings with it risks.” Platforms with limited space for such techniques, such as Twitter, require different approaches. Authors must take care that Tweets aren’t promissory; you can’t link from a Tweet to a disclaimer, he says, because a warning requires equal prominence with a promise. You can, however, link to a piece that tells more, and have the Tweet be an invitation to learn more about the subject of the Tweet, so long as the Tweet is not promisory. You may also include a link to a disclosure in your profile as seen here by BlackRock:
- Amy…
- Was getting my haired blown out – great braid: Pinterst! Do the networks beyond the big 3 really matter? Pinterest? Slideshare? If you were going to focus on one new one, which and why? Jen – Pinterest: in 2013, fastest growing content sharing platform; demo=women; allows users to keep track of favorite things – hair styles Over 70MM users; 25% of F100s have acct How use? Get visual: Infographics Brittney Castro/Financially Wise Women Posts items on health, fitness – financial fitness Like Facebook, can track pins and usage
- Stu – isn’t this a way to avoid fears about commentng on investments… Advisor Brittney uses Pinterest to connect with her female audience by posting boards on topics such as heatglth and fitnness, fashion and money
- Jen… Amy: others?
- What about reaching that next generation? Look at the left bars here and you can see the younger people DO conect with their advisors on SM. So it’s happening. Dan? What are you seeing? Best practices in LInkedIn?
- Amy?
- Amy… Jen
- Amy… Jen (bullets Putnam: hired journalists, trendign content, turns out content tied to key events
- Brittney Castro’s youtube videos get 12K on interviews of prof women
- RJ: 6K advisors serving 2.5mm accounts: Their platform provies Approved content Advisor created content: seen and approved by compliance Metrics: # of connections thru diff social palatforms changes vs prior week, social listening Marketing: advisors get tipped off to an event:
- RJ: 6K advisors serving 2.5mm accounts: Their platform provies Approved content Advisor created content: seen and approved by compliance Metrics: # of connections thru diff social palatforms changes vs prior week, social listening Marketing: advisors get tipped off to an event:
- RJ: 6K advisors serving 2.5mm accounts: Their platform provies Approved content Advisor created content: seen and approved by compliance Metrics: # of connections thru diff social palatforms changes vs prior week, social listening Marketing: advisors get tipped off to an event: Appearances and Live Events—If you or someone in your firm spoke at an event, chances are there’s no reason you wouldn’t want many more to hear the message. So: Tape it for YouTube and then share it. Take photos and tweet it out and write an article with a visual. Post the PowerPoint onto SlideShare. Consider a “Tweetup”, bringing a group of Twitter followers to your event. (Learn more with How Tweetups Work.) Online Events—Are you thinking of hosting a webinar? Consider partnering to expand your audience, maybe with your local newspaper. Share the invitation link through the various social platforms (profiles, groups and an article). Then follow some of the same suggestions as above. Leverage a tV appearance
- Jen - Since economies are the name of the game today, you’ll want to consider these other ways of expanding your social media efforts. RJ: 6K advisors serving 2.5mm accounts: Their platform provies Approved content Advisor created content: seen and approved by compliance Metrics: # of connections thru diff social palatforms changes vs prior week, social listening Marketing: advisors get tipped off to an event:
- Address the purpose of social media—Here is where strategy ought to be scrutinized, with a clear description for the firm’s employees. Why is your business using social media? What should the reader/user take away after reading the policy? These are all important questions that need to be addressed in the introduction of your policy. In essence, you need to set the stage and make sure everyone is clear on the “why’s.” Define “social media”—After the “why” comes the “what.” What is social media? And with what social media platforms does your business participate? Again, this is important for building the foundation of your social media policy. Don’t assume that the employees at your firm who need to know your policy are well-versed in social media. Personal accounts on social sites—Employees are assumed to be representative of their organization, so it’s wise to set up guidelines for how they should conduct and present themselves on their personal social media presence—their Facebook page, their Twitter account, etc. Ensure that their communications are transparent, ethical and accurate, and establish guidelines for how employees should engage with clients on their websites. Establish “best practices” for the various platforms. How should your associates conduct themselves on social media? What are the compliance regulations set forth by FINRA and the SEC? Topics that should be addressed here can include commenting, posting, handling controversial issues, managing confidential information responsibly, and exercising best judgment and ethics. Protocols for crises. Many companies fail to include this element in their social media policy. Let’s face it: people are fallible – and it’s better to prepare for a crisis than get caught with your pants down when one shows up on your doorstep. Consider the example of NatWest, the bank owned by Royal Bank of Scotland, which faced a barrage of criticism in 2012 after hundreds of thousands of depositors were unable to withdraw funds due to computer malfunctions.