Leveraging Social Media Amid the Changing
Regulatory Landscape

Joanna Belbey- Social Media and Compliance Specialist
Vict...
#TeamActiance
Facebook.com/Joanna.Belbey
Linkedin.com/in/belbey
@Belbey
About.me/JoannaBelbey

Facebook.com/VMGaxiola
Link...
About Actiance
We are the Market Leader
Compliance

Social

10 of 10

2 of 3

Top US Banks

Global Wealth Managers

8 of 1...
@
4

@belbey @victorgaxiola #BDI1
Public
Instant
Messaging

Industry
Networks

Social Networks

Collaboration
Unified
Communication

Wikis

Future

5

@belb...
Leads to Several Challenges

Security

• Feature Control
• Data Leakage
• Incoming
Threats

6

Governance

• Regulations
•...
Compliance Overview For Social Media for Financial Advisors
Regulation

Record
keeping

7

Definition
Preserve records of ...
Compliance Overview For Social Media for Financial Advisors
Regulation

Definition

Recommendation

Testimonials

Many fir...
Compliance Overview For Social Media for Financial Advisors
Regulation

Advertising

Definition
Social Network and Recomme...
10

@belbey @victorgaxiola #BDI1
Case Study: Wealth Management Firm (NJ)
•

•

11

LinkedIn – read only
– Listening is key, watching connections who matter...
Case Study: RW Baird
•

Situation
– LinkedIn already available to 1200+
– Veteran Advisers, tech savvy
– Authentic content...
Drive customer loyalty

A friend

13

sees an owie,

@belbey @victorgaxiola #BDI1

and sends
a cure.
Leverage your connections

In a company
town,

14

building a
network,

@belbey @victorgaxiola #BDI1

closes business
for ...
Close new business

At a marathon,

15

a supporter,

@belbey @victorgaxiola #BDI1

became a client.
And finally, will Social Media replace the cold call?

200

158
16
Thanks! Contact Information
•
•
•
•

17

info@actiance.com
@Actiance
@belbey @victorgaxiola
Further reading:
– FINRA 10-06...
Upcoming SlideShare
Loading in …5
×

Leveraging Social Business Amid The Changing Regulatory Landscape - BDI 12/4/13 The Future of Financial Services Communications: Case Studies and Roundtables

365 views

Published on

Presentation: Leveraging Social Business Amid The Changing Regulatory Landscape
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc & Victor Gaxiola, Subject Matter Expert - Social Media, 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 evolving regulatory landscape and gain an understanding how your firm can use social tools effectively while complying with these rules and regulations.

www.bdionline.com

Published in: Business, Economy & Finance
0 Comments
3 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
365
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
4
Comments
0
Likes
3
Embeds 0
No embeds

No notes for slide

Leveraging Social Business Amid The Changing Regulatory Landscape - BDI 12/4/13 The Future of Financial Services Communications: Case Studies and Roundtables

  1. 1. Leveraging Social Media Amid the Changing Regulatory Landscape Joanna Belbey- Social Media and Compliance Specialist Victor Gaxiola- Subject Matter Expert, Social Media @belbey @VictorGaxiola #BDI1 Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc.
  2. 2. #TeamActiance Facebook.com/Joanna.Belbey Linkedin.com/in/belbey @Belbey About.me/JoannaBelbey Facebook.com/VMGaxiola Linkedin.com/in/victorgaxiola @VictorGaxiola About.me/VictorGaxiola 2 @belbey @victorgaxiola #BDI1
  3. 3. About Actiance We are the Market Leader Compliance Social 10 of 10 2 of 3 Top US Banks Global Wealth Managers 8 of 10 60,000+ Top European Banks Finance Professionals on Socialite 5 of 5 13M+ Top Canadian Banks Social Network Connections 76% North American Financial Services Market Global Operations 3 Key Partners
  4. 4. @ 4 @belbey @victorgaxiola #BDI1
  5. 5. Public Instant Messaging Industry Networks Social Networks Collaboration Unified Communication Wikis Future 5 @belbey @victorgaxiola #BDI1 Web Today’s social business can’t use just one collaborative technology to keep its employees connected – it needs to use them all.
  6. 6. Leads to Several Challenges Security • Feature Control • Data Leakage • Incoming Threats 6 Governance • Regulations • Corporate Policies • Legal Hold @belbey @victorgaxiola #BDI1 Enablement • Complexity • Adoption • ROI
  7. 7. Compliance Overview For Social Media for Financial Advisors Regulation Record keeping 7 Definition 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 Recommendation 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. @belbey @victorgaxiola #BDI1
  8. 8. Compliance Overview For Social Media for Financial Advisors Regulation Definition Recommendation Testimonials Many firms prohibit “Recommendations” and “Skills” on LinkedIn, “Retweets” on Twitter and “Likes” on Facebook to avoid the appearance of an endorsement. Suitability 8 Testimonials are prohibited for Investment Advisors (IAs) and need to be qualified for Registered Representatives (RRs). “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. @belbey @victorgaxiola #BDI1
  9. 9. Compliance Overview For Social Media for Financial Advisors Regulation Advertising Definition Social Network and Recommendations Recommendation Content standards are the same as other communications. Firms are also responsible for both suitability and recordkeeping of third party content (links, posts). Firms must evidence Supervision that they are supervising communications. 9 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. Use similar written supervisory procedures already in place. Employ risk based principals for review. Limit access to social media unless supervised. Pre-approval of content is required in certain cases. Appropriate training is required. @belbey @victorgaxiola #BDI1
  10. 10. 10 @belbey @victorgaxiola #BDI1
  11. 11. Case Study: Wealth Management Firm (NJ) • • 11 LinkedIn – read only – Listening is key, watching connections who matter – Use to see “money in motion” events Real results – 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 @belbey @victorgaxiola #BDI1
  12. 12. Case Study: RW Baird • Situation – LinkedIn already available to 1200+ – Veteran Advisers, tech savvy – Authentic content • Real results – @MaryS_rwbaird • 51 followers • 93 Tweets (at the time) • $1m prospect, later closed 12 @belbey @victorgaxiola #BDI1
  13. 13. Drive customer loyalty A friend 13 sees an owie, @belbey @victorgaxiola #BDI1 and sends a cure.
  14. 14. Leverage your connections In a company town, 14 building a network, @belbey @victorgaxiola #BDI1 closes business for you.
  15. 15. Close new business At a marathon, 15 a supporter, @belbey @victorgaxiola #BDI1 became a client.
  16. 16. And finally, will Social Media replace the cold call? 200 158 16
  17. 17. Thanks! Contact Information • • • • 17 info@actiance.com @Actiance @belbey @victorgaxiola Further reading: – FINRA 10-06, 11-39 Matrix – FINRA Social Media Handbook – Belbey Blogs: FINRA Spot Checks Call for Social Planning

×