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Webinar: Social Business and Financial Services, with @DachisGroup @Socialware
 

Webinar: Social Business and Financial Services, with @DachisGroup @Socialware

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Like their peers in retail and media, banks and insurance providers are going through a remarkable transition in how they engage with customers and partners through social channels like Twitter and ...

Like their peers in retail and media, banks and insurance providers are going through a remarkable transition in how they engage with customers and partners through social channels like Twitter and Facebook.

How are they performing?

In this webinar, we'll dive into the social performance of the financial services industry, including unique challenges related to compliance and privacy.

We'll look at the "Financial Health Index," a data-driven snapshot into the social performance of global financial services brands, first presented In October at Sibos Innotribe in Osaka, the world’s largest financial services conference.

Speakers:
- Michael (MJ) Jones, VP Technology, Dachis Group
- Randy Jacops, VP of Customer Success, SocialWare

For the full replay, see the link below:
http://social.dachisgroup.com/webinar-social-and-financial-services-replay

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  • Social is a remarkable opportunity for brands in two respects. First, it provides the ability to directly reach a massive audience.
  • Social is a remarkable opportunity for brands in two respects. First, it provides the ability to directly reach a massive audience.
  • And today, social campaigns are part of a brand’s daily programs. Here are a few social campaigns and brands that the Dachis Group has worked with.
  • •Social Media Network Update and Trends•Regulatory Landscape•Trends from Socialware Customers
  • For every 1,000 Advisors, this is $240 MM in AUM. $4.8 MM in Operating MarginAdditional article (that has the percentages referenced)…Financial TimesJune 24, 2012Morgan Stanley green light for TwitterBy Tracy Alloway in New YorkMorgan Stanley Smith Barney will allow its 17,000 financial advisers to use Twitter and LinkedIn, the social media platforms, in a move likely to be closely watched by its Wall Street competitors.Morgan Stanley’s risk management committee has given the go-ahead for all of the retail brokerage’s financial advisers to use the two sites. The approval follows a year-long trial in which 600 Morgan Stanley Smith Barney advisers were allowed to use the sites.Retail brokers and other financial companies have been grappling with ways to use social media to boost their businesses.“It’s a new thing for the industry and it’s a new thing for our company,” said Lauren Boyman, director of digital strategy at Morgan Stanley Smith Barney. “It just takes time to get this done and make sure that we are supervising it in a way that’s up to the standards of the firm.”Stringent rules governing what and how financial advisers and bankers can communicate are believed to be a key concern for financial companies wishing to use social media. Broker-dealers must keep records of their business and external messages typically require approval from within the company.“Two years ago social media was kind of the Wild West on Wall Street, there wasn’t a lot of direction from regulators” said Ms Boyman. Since then the Financial Industry Regulatory Authority has published guidelines for brokers’ use of social media but the companies are still proceeding with caution.Morgan Stanley Smith Barney, for instance, will allow its advisers to tweet from a library of pre-written messages – a concession that has been criticized by some commentators for going against the spontaneous spirit of social media. A small trial group of 20 financial advisers has been given the ability to write their own tweets, and Morgan Stanley Smith Barney is considering whether to expand that capability to a wider group.Still, Ms Boyman says that the response so far has been very “positive.” Of the 600 advisers involved in the trial, 40 per cent said they had brought in new clients through their social media use. Of those 240, about 60 per cent said they had won new customers with more than $1m of assets.Morgan Stanley Smith Barney’s social media rollout will begin in July, when the company is also scheduled to complete the integration of its two broker units. Citigroup and Morgan Stanley agreed to combine their brokerage businesses in 2009, during the depths of the financial crisis.
  • SPECIFIC EXAMPLE #1If you’re serving these people—and you are—you need to understand how people are operating & how you can serve them better.2012 is the year that smart advisors realize that social media is oxygen – not optional.Social is the unfair advantage of 2012.And it’s more unfair in 2012 than it will be in 2013 or 2014.Mark in WSJWhy: differentiator in a sea of sameness. At some point, social media will no longer differentiate you; you can’t afford to play catchup then . . . but you can reap exponential benefits now. Mark Scribner in the WSJ — that exposure is good for his business.Successful guy, but social media’s the only way he could have showed up in the WSJ in 2012.We’ve spoken to Mark and, guess what, this has been great for Mark’s business. How do you catch up on a lost relationship opportunity? (You don’t.)What’s the opportunity cost of a lost relationship?Baby announcement . . . vs. seeing the baby in a stroller.Gaxiola — lands daughter of client. Everybody’s talking about ROI . . . let’s not over-think the situation. Tell me, is there value in this data? Is there value to your business? What would it cost if you didn’t have it?

Webinar: Social Business and Financial Services, with @DachisGroup @Socialware Webinar: Social Business and Financial Services, with @DachisGroup @Socialware Presentation Transcript