The Virtual Handshake:
    How Financial Advisors Can Win Clients and
    Accelerate Sales
    with Social Media




     ...
Intro   Social Media   Tells   Network   Next Steps




                                   • Introduction
                ...
Intro   Social Media   Tells    Network   Next Steps




    David Teten Biography
 • Independent investment banker (Teten...
Intro               Social Media                    Tells                Network               Next Steps




  Why should...
Intro               Social Media                    Tells                Network               Next Steps




 But I don’t...
Intro   Social Media   Tells   Network   Next Steps




                                   • Introduction
                ...
Intro              Social Media                     Tells                Network              Next Steps




  Firms Fail ...
Intro               Social Media                       Tells                 Network               Next Steps




  “Socia...
Intro   Social Media   Tells              Network               Next Steps




  Benefits of Online Networks

            ...
Intro   Social Media   Tells             Network               Next Steps




  The Future of Online Networks

        • O...
Intro    Social Media   Tells     Network   Next Steps




  Sales Cycle and Social Media
                   Sales Cycle  ...
Intro              Social Media                      Tells                Network               Next Steps




  Transitio...
Intro   Social Media   Tells   Network   Next Steps



        The Virtual You
            • Corporate
            • Perso...
Intro   Social Media   Tells             Network                Next Steps




        Search Engine Optimization
        ...
Intro   Social Media   Tells   Network                Next Steps




        Toolkit
            • Email groups file
     ...
Intro   Social Media   Tells             Network               Next Steps



        Powerful Emails

 • Direct E-
   mail...
Intro   Social Media   Tells   Network   Next Steps




                                   • Introduction
                ...
Intro   Social Media   Tells   Network   Next Steps



  Your Clients’ Interests

                 • Industry
            ...
Intro   Social Media   Tells           Network            Next Steps




  Growing Companies




Teten Advisors, LLC 2009....
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Intro         Social Media            Tells           Network                 Next Steps
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Intro         Social Media            Tells            Network                Next Steps
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Intro   Social Media   Tells   Network   Next Steps




                                   • Introduction
                ...
Intro   Social Media   Tells      Network   Next Steps




  Social Media is a better platform

                 Parameter...
Intro   Social Media   Tells   Network   Next Steps




  Step 1: Google Yourself




Teten Advisors, LLC 2009. More at Te...
Intro   Social Media   Tells               Network               Next Steps




  Step 2: Choose the Center of your Online...
Intro   Social Media   Tells        Network                Next Steps




  Step 3: Be a Data Hound




Teten Advisors, LL...
Intro   Social Media   Tells   Network   Next Steps




  Step 4: Join the Right Club




Teten Advisors, LLC 2009. More a...
Intro   Social Media   Tells   Network   Next Steps




  Step 5: Find People to Meet




Teten Advisors, LLC 2009. More a...
Intro   Social Media   Tells   Network   Next Steps




  Step 6: Reduce Email Use




Teten Advisors, LLC 2009. More at T...
Intro   Social Media   Tells        Network                Next Steps




  Common Mistakes

       • Confusing profession...
Intro   Social Media   Tells   Network   Next Steps




  Continuous Learning




                                        ...
Intro   Social Media   Tells   Network   Next Steps




                   Any questions ?

                   Slides at w...
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How Financial Advisors Can Accelerate Sales to High Net Worth Clients with Social Media

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How Financial Advisors Can Accelerate Sales to High Net Worth Clients with Social Media

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How Financial Advisors Can Accelerate Sales to High Net Worth Clients with Social Media

  1. 1. The Virtual Handshake: How Financial Advisors Can Win Clients and Accelerate Sales with Social Media David Teten Teten Advisors, LLC Teten.com info @ teten.com New York, NY Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/23905174@N00/2438005410/
  2. 2. Intro Social Media Tells Network Next Steps • Introduction • Social Media • Tells of People You Want to Know • Growing Your "Network 2.0" • Next Steps Teten Advisors, LLC 2009. More at Teten.com
  3. 3. Intro Social Media Tells Network Next Steps David Teten Biography • Independent investment banker (Teten.com), specializing in advising private equity and venture capital funds on: accelerating deal flow, portfolio company executive optimization, corporate training, and due diligence • Currently Acting CEO, Attendees.com . • Managing Director, Evalueserve, through September 2008. 2,500-person research firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve • Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500 • Founder and CEO, GoldNames, domain name investment bank, based in Israel • Technology M&A, Bear Stearns • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA, Yale BA, both with honors • Contact: info @ teten.com Teten Advisors, LLC 2009. More at Teten.com
  4. 4. Intro Social Media Tells Network Next Steps Why should I care about social media? •Because 3 out of 4 Americans use social technology. (Forrester, The Growth Of Social Technology Adoption, 2008) •2/3 of global internet population visit social networks (Nielsen, Global Faces & Networked Places, 2009) •Visiting social sites is now the 4th most popular online activity—ahead of personal email. (Nielsen, Global Faces & Networked Places, 2009) •Visitors spend 5 million minutes per day on Facebook. (Facebook) Teten Advisors, LLC 2009. More at Teten.com http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
  5. 5. Intro Social Media Tells Network Next Steps But I don’t use social media, and neither do my (old, rich) clients! • The reality: you and your clients are in the matrix whether you like it or not. • Your clients search for you on Google before doing business with you. • You are already a member of gated online communities, which you may or may not be fully leveraging: your alumni network, your local “Moms” or “Dads” mailing list, your church/synagogue/mosque, etc. • You can accelerate your sales process by leveraging potential clients’ digital footprints. These help you to source leads, filter them, and then run a better educated sales process. •Tomorrow’s high net worth clients are today’s Facebook users. Teten Advisors, LLC 2009. More at Teten.com http://www.slideshare.net/mzkagan/what-is-social-media-2005829 . http://www.flickr.com/photos/sreejithk2000/2385193167/sizes/l/
  6. 6. Intro Social Media Tells Network Next Steps • Introduction • Social Media • Tells of People You Want to Know • Growing Your "Network 2.0" • Next Steps Teten Advisors, LLC 2009. More at Teten.com
  7. 7. Intro Social Media Tells Network Next Steps Firms Fail to Capitalize on Their Internal and External Networks • Knowledge is not readily searchable • Knowledge is not retained when employees leave • Relationships are not visible • Relationships are primarily tied to colocated people • Millennials expect and embrace social technologies Teten Advisors, LLC 2009. More at Teten.com Research/David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online. http://www.flickr.com/photos/pagedooley/2494191157/sizes/l/ Forrester
  8. 8. Intro Social Media Tells Network Next Steps “Social media is a communications medium that relies on its audience to create, modify, or distribute the medium’s content - Nick Gonzalez, SocialMedia.com Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/briansolis/2735401175/sizes/l/, http://blog.socialmedia.com/how-should-we-define-social-media/. /
  9. 9. Intro Social Media Tells Network Next Steps Benefits of Online Networks • Searchable • Cheap • Crosses boundaries of time and space • Passive presence • Ease of forming groups • Reduced time and expense • Greater visibility Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/
  10. 10. Intro Social Media Tells Network Next Steps The Future of Online Networks • Online business relationships mainstream • Technology available now • Early adopters reap maximum benefits • Technology required to overcome some barriers, but education is solution • Systems that address privacy and time concerns will be leaders Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/extraketchup/748452643/sizes/o/
  11. 11. Intro Social Media Tells Network Next Steps Sales Cycle and Social Media Sales Cycle How Social Media is an Accelerator Marketing • Become more attractive online • Become a searchable magnet for potential clients who need your services Identify leads • Systematically update CRM system • Identify clients who have changed status and are now potential buyers Background • Review professional and personal lives check • Talk with client’s network: customers, competitors, suppliers Reach out • Identify commonalities Negotiate deal • Gain insight into counterparty’s negotiating style, motivations Close sale • Exploit all of the advantages you’ve built Teten Advisors, LLC 2009. More at Teten.com
  12. 12. Intro Social Media Tells Network Next Steps Transition: Web 1.0 Social Media Parameters Web 1.0 (Read) Social Media (Read-Write) Governance Top-down Bottom-up Machine to Machine and People to Communication Channels People to Machine People Information Discovery Search and Browse Publish and Subscribe Information Retrieval Transactional Relationships Portal, Commercial Information Aggregation Micro-Aggregation Aggregators Marketing, Selling Push, Contextual Conversational, Personal Content Control Publishers, Aggregators Content Authors Content Structure Documents, Pages Tagged Objects Applications Closed, Proprietary Open, Standard-based XML, AJAX, RSS, PHP, MySQL, Technology HTML, Solaris, Oracle XQuery Teten Advisors, LLC 2009. More at Partially sourced from: “Web 2.0 the Living Web and Putting “We” in the Web”, Bebo White, University of San Francisco (http://www.rthk.org.hk/mediadigest/20060915_76_121128.html) Teten.com
  13. 13. Intro Social Media Tells Network Next Steps The Virtual You • Corporate • Personal • Your digital trail Teten Advisors, LLC 2009. More at Teten.com
  14. 14. Intro Social Media Tells Network Next Steps Search Engine Optimization • Use keywords INconsistently • Name what you’re selling (e.g., ‘financial advisor’) • Optimize top of the page Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/olibac/2894715308/sizes/l/
  15. 15. Intro Social Media Tells Network Next Steps Toolkit • Email groups file • Profiles file • Standard emails Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/neilt/2517652/sizes/o/
  16. 16. Intro Social Media Tells Network Next Steps Powerful Emails • Direct E- mail • E-mail Signature http://www.flickr.com/photos/misbehave/2352753067/sizes/l/ Teten Advisors, LLC 2009. More at Teten.com
  17. 17. Intro Social Media Tells Network Next Steps • Introduction • Social Media • Tells of People You Want to Know • Growing Your "Network 2.0" • Next Steps Teten Advisors, LLC 2009. More at Teten.com
  18. 18. Intro Social Media Tells Network Next Steps Your Clients’ Interests • Industry • Geography • Charitable activities Teten Advisors, LLC 2009. More at Teten.com
  19. 19. Intro Social Media Tells Network Next Steps Growing Companies Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/laserstars/908946494/sizes/o/
  20. 20. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity • Introduction • Social Media • Tells of People You Want to Know • Growing Your "Network 2.0" • Next Steps Teten Advisors, LLC 2009. More at Teten.com
  21. 21. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Network Valuation Formula Ch = Character Co = Your Firm’s Competence R = Relevance of the contact S = Strength of your relationship I = Information N = Number of people D = Diversity N = D * ∑ (Chn*Con *Rn* Sn*In) n=1 Teten Advisors, LLC 2009. More at Teten.com David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
  22. 22. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Balance of Strength and Numbers Average Strength = Minutes Available / Person Number = # People therefore… Average Strength * Number = Total Minutes Available vs. Teten Advisors, LLC 2009. More at Teten.com
  23. 23. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Biography Analysis Software Teten Advisors, LLC 2009. More at Teten.com
  24. 24. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Your Virtual Presence Teten Advisors, LLC 2009. More at Teten.com
  25. 25. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Relationship Capital Management Software Relationships See which colleagues ranked by have best Strength relationships to target Email traffic patterns, address books, billing Privacy Access systems, employment Layer configured history, etc. for firm’s culture Leverage Software, Contact Network Corp., others…. Contact Network Corporation (ThomsonReuters) Teten Advisors, LLC 2009. More at Teten.com
  26. 26. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Corporate Analysis Software Teten Advisors, LLC 2009. More at Teten.com
  27. 27. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Multiple Media • Phone • Email • Instant messaging • Internet telephony (Skype) • Web conferencing • SMS • Twitter Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/re-ality/41676755/sizes/o/
  28. 28. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Socialtext Wiki Case Study: Dresdner Kleinwort Investment Banking problem • Heavy dependence on email communication & meetings for decision-making solution • 5,000 wiki users benefits • Reduced meeting times by 50% • Reduced email traffic by up to 75% • Adoption outpaced corporate intranet usage within six months • Wiki today: 6,000 pages & 100,000 hits per month Teten Advisors, LLC 2009. More at Teten.com Socialtext
  29. 29. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity From Cold Calling to Warm Cold Calling http://www.flickr.com/photos/23439761@N03/3258313816/sizes/l/ Teten Advisors, LLC 2009. More at Teten.com
  30. 30. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Business Cards Teten Advisors, LLC 2009. More at Teten.com
  31. 31. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from Email and Files Teten Advisors, LLC 2009. More at Teten.com
  32. 32. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Data from the Cloud Teten Advisors, LLC 2009. More at Teten.com
  33. 33. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Targeting • Directly-relevant companies • Fast growth companies Teten Advisors, LLC 2009. More at Teten.com
  34. 34. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Executives • IERGOnline.com • INMobile.org • Sermo.com Teten Advisors, LLC 2009. More at Teten.com
  35. 35. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Gated Communities for Investors Private Equity Focus Public Markets Focus • ACG Network • FT Alphaville Long Room • Angelsoft.net • SumZero.com • Village.Albourne.com • ValueInvestorsClub.com • Finemrespice.com • Village.Albourne.com Teten Advisors, LLC 2009. More at Teten.com
  36. 36. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Virtual Community Platforms / Social Network Sites • Groups.Yahoo.com • Groups.Google.com • Grouply • LinkedIn • Xing (c) 2008 Anderson Analytics, Linkedin, SPSS, http://www.marketingcharts.com/interactive/linkedin-users-have-high-personal-financial-success-6743/linkedin-anderson-analytics-busy-decision-makers-august-2008jpg Teten Advisors, LLC 2009. More at Teten.com
  37. 37. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Mailing Lists and Discussion Forums • Customize standard intro • Lurk before you leap • Dive in, but don’t splash Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/kaibara/1231278142/sizes/o/
  38. 38. Intro Social Media Tells Network Next Steps Character – Competence – Relevance – Strength – Information – Number – Diversity Take One Step • By industry • By geography • By personal characteristics Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/extranoise/169187125/sizes/l/
  39. 39. Intro Social Media Tells Network Next Steps • Introduction • Social Media • Tells of People You Want to Know • Growing Your "Network 2.0" • Next Steps Teten Advisors, LLC 2009. More at Teten.com
  40. 40. Intro Social Media Tells Network Next Steps Social Media is a better platform Parameters Face-to-Face Social Media Judge by a Character SEC filings handshake Competence Personal resources Enterprise resources Relevance Semi-random Focused, searchable Strength Limited channels Multi-media Detailed, current Information Poor visibility data Number Small Large Restricted by time, Crosses time & Diversity space space Teten Advisors, LLC 2009. More at Teten.com
  41. 41. Intro Social Media Tells Network Next Steps Step 1: Google Yourself Teten Advisors, LLC 2009. More at Teten.com
  42. 42. Intro Social Media Tells Network Next Steps Step 2: Choose the Center of your Online Life Teten Advisors, LLC 2009. More at Teten.com http://www.flickr.com/photos/pathfinderlinden/157712296/sizes/l/
  43. 43. Intro Social Media Tells Network Next Steps Step 3: Be a Data Hound Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/misterdna/49841409/sizes/l/
  44. 44. Intro Social Media Tells Network Next Steps Step 4: Join the Right Club Teten Advisors, LLC 2009. More at Teten.com
  45. 45. Intro Social Media Tells Network Next Steps Step 5: Find People to Meet Teten Advisors, LLC 2009. More at Teten.com
  46. 46. Intro Social Media Tells Network Next Steps Step 6: Reduce Email Use Teten Advisors, LLC 2009. More at Teten.com
  47. 47. Intro Social Media Tells Network Next Steps Common Mistakes • Confusing professional and personal • Not converting online to face to face • Not linking / adding widgets between sites • Failing to search engine optimize • Spamming • Looking needy • Searching for companies instead of people Teten Advisors, LLC 2009. More at Teten.com http://flickr.com/photos/misterdna/49841409/sizes/l/
  48. 48. Intro Social Media Tells Network Next Steps Continuous Learning Free copy of the book available at TheVirtualHandshake.com Teten Advisors, LLC 2009. More at Teten.com
  49. 49. Intro Social Media Tells Network Next Steps Any questions ? Slides at www.Teten.com Contact: info@teten.com Free book download at TheVirtualHandshake.com Teten Advisors, LLC 2009. More at Teten.com
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