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Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
Social media through a financial lens webinar presentation
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Social media through a financial lens webinar presentation

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How investors in a regulated world can make use of social media platforms while remaining compliant.

How investors in a regulated world can make use of social media platforms while remaining compliant.

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  • 700 million users across Facebook, Twitter & LinkedIn.Consumers spend an average of 50 minutes/day on these platforms.Consumers who are exposed to a brand in a social media setting are 2.8x more likely to search for the brand’s products & services.85% of financial service professionals under 50 use social media & 40% said it has led to more business.
  • 700 million users across Facebook, Twitter & LinkedIn.Consumers spend an average of 50 minutes/day on these platforms.Consumers who are exposed to a brand in a social media setting are 2.8x more likely to search for the brand’s products & services.85% of financial service professionals under 50 use social media & 40% said it has led to more business.
  • Last January, FINRA released release Notice 10-06, which clarifies some of the issues around social media adoptionFirms operating without a policy are in direct violation of FINRA’s guidance on social network usageSurveys found that it’s almost impossible to keep 100% of financial reps from using social media, so therefore firms are anxious to find a way to supervise them.This becomes more complex in the social networking environment with features that enable actions like “favorite”, “re-tweeting”, “recommendations”40% directly violating a firms policy in using FB, LI and T
  • Training is critical for regulated firms and spelled out in FINRA 10-06 – Training must happen before you activate your employees on social mediaAutomating policies is putting controls into place that track, monitor and archive, and open doors for optimization and changes that allow you to redefine your policy later onThe only way firms can open up access to these social networking sites and ensure they are protected from compliance issues is to deploy an automated solution to manage access to social networks, archive the data, support content supervision, make everything discoverable and deliver real insights around how reps are using these sites and refine policies based on that factual data.
  • Consider scanning the content in real time to detect possible issues, archive everything and complete spot-audit post-reviews to ensure complianceRecommendations on LinkedIn is “static” content and considered advertisements, triggers Rule 206(4)-1 of the Investments Advisers Act of 1940 prohibiting inclusion of testimonials in advertisements; Companies should consider blocking access to accepting recommendations
  • Firms may allow reps to have LI page, but can’t do anything elseThe reality is if you have LI page the content should be pre-approved and archived and must have mechanism to archiveBecause LI profile pages are static content it makes them an advertisement, and you’re not allowed to have testimonials and advertisement; need ability to disable this functionalityIf you have no mechanism to monitor or disable the activity you or your firm could potentially be at riskImportant to understand what the risks are, asses where you stand, assess what your business needs are as it relates to social networks, if it’s a priority move forwarding understanding how you would enbablesocical networks in a compliant fashion
  • Transcript

    • 1. Social Media Through a Financial Lens
    • 2. Social Trivia
    • 3. Social Trivia
      • If Facebook were a country, it would be the 3rd largest behind China and India
    • Social Trivia
      • If Facebook were a country, it would be the 3rd largest behind China and India
      906millionhours/month spent on social networks and blogs
      (Source:Nielson Net View)
    • 4. Social Trivia
      • If Facebook were a country, it would be the 3rd largest behind China and India
      906millionhours/month spent on social networks and blogs
      (Source:Nielson Net View)
      600millionpeople on Facebook
      (Source: AllFacebook.com)
    • 5. Social Trivia
      • If Facebook were a country, it would be the 3rd largest behind China and India
      906millionhours/month spent on social networks and blogs
      (Source:Nielson Net View)
      600millionpeople on Facebook
      (Source: AllFacebook.com)
      over100million
      people on Twitter
      (Source:ClickZ)
    • 6. Social Trivia
      • If Facebook were a country, it would be the 3rd largest country in the world
      906millionhours/month spent on social networks and blogs
      (Source:Nielson Net View)
      600millionpeople on Facebook
      (Source: AllFacebook.com)
      100millionvideos viewed on YouTube every day
      (Source: AllFacebook.com)
      over100million
      people on Twitter
      (Source:ClickZ)
    • 7. 70% of the world’s population have mobile phones57% of people talk more on-line than in real life
    • 8. Who is using social media
      50% of users log on each day
      48% of users are over 35
      45-54 age group fastest growing on Facebook
      A new member joins LinkedIn every second
      Twitter has more searches than Bing or Yahoo
      Socialware: How Advisors are Using Social Media for Business
    • 9. Why engage in social networking
      2010 Social Media Marketing Industry Report: How Marketers Are Using Social Media to Grow Their Business
    • 10. Advisors are turning to social networks
      47% of respondents report having identified one or more referrals from their social media activity
      36% have acquired new customers through social media
      10% stated they identified over 21 new referrals
      Socialware: How Advisors are Using Social Media for Business
    • 11. FINRA Regulatory Notice 10-06
      Firms must have a policy in place
      Firms are required to capture and retain social networking content (SEC 17a-3 and 17a-4), whether generated inside or outside the office
      Firms are required to supervise social networking content under NASD rule 3010
      Firms must make reasonable efforts to ensure their employees do not violate standing policies for endorsements and advertisements
    • 12. Defining a social media policy
      Need to consider:
      How will you or your firm adopt social media
      What are the policies that you’ll put into place
      Who will supervise users
      Training users
      Automating policies and procedures
    • 13. Static and interactive content
      • Static content
      • 14. e.g. Facebook Info Tab, LinkedIn Profile & Twitter Bio
      • 15. Text that is published and remains unchanged
      • 16. Requires pre-approval 3
      • 17. Interactive content
      • 18. e.g. Facebook Post, LinkedIn Network Update, Tweets
      • 19. Text that is updated or changes frequently
      • 20. Does not need to be pre-approved
      • 21. Accepting 3rd party posts
      • 22. e.g. “Like,” comments from others or recommendations
      • 23. LinkedIn recommendations are “static” content, considered advertisements and trigger Rule 206(4)-1 of the Investments Advisers Act of 1940 prohibiting inclusion of testimonials in advertisements
      • 24. Companies should block access to accepting recommendations
    • You may not be compliant according to FINRA 10-06
      You are your firm may be at risk if you are:
      Editing your profile on LinkedIn or Facebook
      “Favoriting” or “Liking” 3rd party posts
      Displaying LinkedIn recommendations
      Posting status updates or comments to Facebook/LinkedIn, tweets without reviewing and retaining content
      Using social media without a risk management policy in place
    • 25. Jonathan Oleisky
      Founder & CEO
      joleisky@media924.com
      LinkedIn.com/in/joleisky
      www.media924.com
      Twitter: @media924
      410.382.4017
      Gerri Baum
      Director Social Media& Internet Marketing
      gbaum@media924.com
      LinkedIn.com/in/gerribaum
      www.media924.com
      Twitter: @media924
      410.409.7061

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