Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of ...
2
• Joanna Belbey
• Social Media and Compliance Specialist
• FINRA Education Department
• Running training firm
• I help f...
3
@
@belbey #BDI1
4
Wikis
Public
Instant
Messaging
Public
Instant
Messaging
Industry
Networks
Industry
Networks
WebWeb
Unified
Communication...
5
Leads to Several Challenges
• Complexity
• Adoption
• ROI
Enablement
• Feature Control
• Data Leakage
• Incoming
Threats...
6
Compliance Overview For Social Media for Financial Advisors
Record
keeping
Preserve records of written
business communic...
7
Compliance Overview For Social Media for Financial Advisors
Testimonials
Testimonials with “material
Connection” are pro...
8
Compliance Overview For Social Media for Financial Advisors
Advertising
Content standards are
the same as other
communic...
9 @belbey #BDI1
10
• LinkedIn – read only
– Listening is key, watching connections who matter
– Use to see “money in motion” events
• Real...
11
Drive customer loyalty
A friend sees an owie,
and sends
a cure.
@belbey #BDI1
12
Leverage your connections
In a company
town,
building a
network,
closes business
for you.
@belbey #BDI1
13
Close new business
At a marathon, a supporter, became a client.
@belbey #BDI1
14
And finally, will Social Media replace the cold call?
200
158
15
Compliance
10 of 10
8 of 10
Top US Banks
Top European Banks
About Actiance
Key Partners
76%
2 of 3
Global Wealth Manage...
16
• info@actiance.com
• @Actiance, @belbey
• Further reading:
– SEC Guidance on Testimonial Rule and Social Media
http://...
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Leveraging Social Business Amid The Changing Regulatory Landscape - BDI 4/24 Wealth Management Social Business Leadership Forum

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Presentation: Leveraging Social Business Amid The Changing Regulatory Landscape
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
Learn how the latest forms of electronic communications can help your firm become a social business. Hear case studies that show how social media is being used by Financial Advisors and others to build awareness, attract leads and generate revenues. Learn about the rapidly evolving regulatory landscape and gain an understanding how your firm can use social tools effectively while complying with these rules and regulations.

Published in: Business, Economy & Finance
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Leveraging Social Business Amid The Changing Regulatory Landscape - BDI 4/24 Wealth Management Social Business Leadership Forum

  1. 1. Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc. Leveraging Social Media Amid the Changing Regulatory Landscape Joanna Belbey- Social Media and Compliance Specialist @Belbey #BDI1
  2. 2. 2 • Joanna Belbey • Social Media and Compliance Specialist • FINRA Education Department • Running training firm • I help firms use social media while complying with the regulations. • Twitter: @belbey • LinkedIn: http://www.linkedin.com/in/belbey • About.me/belbey • My biggest challenge? Why are we presenting to you today?
  3. 3. 3 @ @belbey #BDI1
  4. 4. 4 Wikis Public Instant Messaging Public Instant Messaging Industry Networks Industry Networks WebWeb Unified Communication Unified Communication FutureFuture Social NetworksSocial NetworksCollaborationCollaboration Today’s social business can’t use just one collaborative technology to keep its employees connected – it needs to use them all. @belbey #BDI1
  5. 5. 5 Leads to Several Challenges • Complexity • Adoption • ROI Enablement • Feature Control • Data Leakage • Incoming Threats Security • Regulations • Corporate Policies • Legal Hold Governance @belbey #BDI1
  6. 6. 6 Compliance Overview For Social Media for Financial Advisors Record keeping Preserve records of written business communications for specific time periods. (If you write it out, it’s “written”.) LinkedIn - Updates, InMail; Twitter - Tweets, Direct Messages; Facebook – Posts, Messages. Regulators only are interested in business communications. Includes Third Party content. Includes personal devices, as content, not source, is determinative Work with third party to capture, archive and make e-discoverable all written communications. Many firms prohibit retweets to avoid appearance of “adoption and entanglement” with resulting recordkeeping and advertising requirements. Regulation Definition Recommendation @belbey #BDI1
  7. 7. 7 Compliance Overview For Social Media for Financial Advisors Testimonials Testimonials with “material Connection” are prohibited for Investment Advisors (IAs) and need to be qualified for Registered Representatives (RRs). Many firms prohibit “Recommendations” and “Skills” on LinkedIn, “Retweets” on Twitter and “Likes” on Facebook to avoid the appearance of an endorsement. Suitability “Know Your Customer”. Recommendations must be suitable for every investor. Most firms prohibit product recommendations and investment strategies unless preapproved by a registered principle of the firm. Regulation Definition Recommendation @belbey #BDI1
  8. 8. 8 Compliance Overview For Social Media for Financial Advisors Advertising Content standards are the same as other communications. Firms are also responsible for both suitability and recordkeeping of third party content (links, posts). Most firms prohibit retweets, favorites and likes to avoid appearance of “adoption and entanglement”. Static content, such as a LinkedIn Profile that contains more than business card information, is an advertisement and requires pre-approval. Interactive communications do not require pre-approval. LinkedIn, Facebook and Twitter have both. Supervision, recordkeeping apply. Supervision Firms must evidence that they are super vising communications.) Use similar written supervisory procedures already in place. Employ risk- and principle- based principals for review. Limit access to social media unless supervised. Pre-approval of content is required in certain cases. Appropriate training is required. New FINRA Rule 3110(b)(4) includes supervision of internal communications to comply with FINRA and MSRB rules. Regulation Social Network and RecommendationsDefinition Recommendation @belbey #BDI1
  9. 9. 9 @belbey #BDI1
  10. 10. 10 • LinkedIn – read only – Listening is key, watching connections who matter – Use to see “money in motion” events • Real results – Warm lead resulted in new $50M deal – LinkedIn Connection retirement status change = $2.75m account acquisition – Job Change noticed on Status Update = 401k rollover – FA obtains 400 new prospects in Energy market – New commercial account opportunity through colleague’s LinkedIn connections Case Study: Wealth Management Firm (NJ) @belbey #BDI1
  11. 11. 11 Drive customer loyalty A friend sees an owie, and sends a cure. @belbey #BDI1
  12. 12. 12 Leverage your connections In a company town, building a network, closes business for you. @belbey #BDI1
  13. 13. 13 Close new business At a marathon, a supporter, became a client. @belbey #BDI1
  14. 14. 14 And finally, will Social Media replace the cold call? 200 158
  15. 15. 15 Compliance 10 of 10 8 of 10 Top US Banks Top European Banks About Actiance Key Partners 76% 2 of 3 Global Wealth Managers 60,000+ Finance Professionals on Socialite 5 of 5 Top Canadian Banks Social We are the Market Leader 13M+ Social Network Connections Global Operations North American Financial Services Market
  16. 16. 16 • info@actiance.com • @Actiance, @belbey • Further reading: – SEC Guidance on Testimonial Rule and Social Media http://www.sec.gov/investment/im-guidance-2014-04.pdf – FINRA 10-06, 11-39 Matrix – FINRA Social Media Handbook – Belbey Blogs: 2013 Social Media Compliance Roundup http://blog.actiance.com/2014/01/06/belbey-blogs-2013-social- media-compliance-roundup/ Contact Information

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