Schwab digital marketing @schwab4rias

1,681
-1

Published on

Presentation given for clients of Schwab Advisor Services in Philadelphia on November 30, 2011

Published in: Business, News & Politics
0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,681
On Slideshare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
54
Comments
0
Likes
2
Embeds 0
No embeds

No notes for slide
  • In Ed Session – add “other ways” Advisors are capitalizing on this. In Ed Session – add “other ways” Advisors are capitalizing on this.
  • Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
  • Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
  • Introduce the relationship life cycle
  • Window to audience intent
  • Why should you AS AN Advisor careGet into specifics – Something about Alex – the Advisor – and his strategy that led into the use of Social mediaBusiness reason – needs to tie to your strategy.Tie together – may not need too much detail on the specific tools (refer to lounge)Times
  • More than one-half of financial services product searches in the United States begin online, according to Accenture research, and that figure is likely to increase. Indeed, customers rank the online channel as the single most important way of interacting with their banks.
  • Several findings from Cisco IBSG’s study support these perspectives:● Wealthy Under-50s spend more time managing their investments and interactmore frequently with their advisors: 39 percent of Wealthy Under-50s spend atleast eight hours a month managing investments (versus 27 percent of olderinvestors), and 38 percent interact with their advisors at least weekly (versus only 7percent of older clients).● Despite being in frequent contact with their financial advisors, Wealthy Under-50s are much more likely than older investors to switch advisors: 27 percent ofWealthy Under-50s switched advisors in the past two years, versus 7 percent of olderwealthy investors; 32 percent of Wealthy Under-50s say they will switch advisors inthe next year, compared to 8 percent of wealthy boomers and 5 percent of wealthysilvers.● Wealthy Under-50s are restless in part because financial services firms do notdeliver the appropriate mix of interactions. They want faster, more convenientoptions for interacting with their advisors and firms—beyond in-person meetings,phone conversations, and email.● The interactions and services desired by Wealthy Under-50s can be enabled bya range of technologies:– Wealthy Under-50s are much more likely than older investors to consult otherprofessionals such as accountants or lawyers when making investment decisions.Thus, they are far more interested in using high-definition video meetings to meetwith multiple financial experts at the same time: 63 percent of Wealthy Under-50swere interested, versus 30 percent of boomers and 21 percent of silvers.– Wealthy Under-50s were about twice as likely as wealthy boomers and silvers tobe interested in using the six technologies Cisco IBSG tested (see Figure 2). Thedifference in interest was greatest in the area of mobility.– Using social networking for investment advice is also becoming more common,especially with Wealthy Under-50s: 55 percent of these clients have used socialnetworking for investment advice, and 34 percent have contributed to aninvestment blog or message board concerning financial investments. Given theircurrent use of social networking for investing, it is not surprising that 66 percent ofWealthy Under-50s are interested in joining an online investor community (socialnetwork) to discuss strategies, ideas, and stock picks with other investors, versus23 percent of boomers and 14 percent of silvers.– Especially for Wealthy Under-50s, these capabilities can serve as incentives forclients to stay with their current firm or shift assets to a new firm: 63 percent ofWealthy Under-50s said they would shift some of their assets to a firm thatoffered high-definition video meetings to meet with multiple financial experts (seeFigure 3). IBSG estimates that the willingness of Wealthy Under-50s to moveassets to access technology-enabled capabilities translates into an $18.6 billionrevenue opportunity for North American financial services firms. When olderinvestors are included, the figure jumps to $28.6 billion.7
  • 42% of the RIAs in the study make some use of LinkedIn.45% of RIAs surveyed use Facebook, but only 6% of them say they use it for professional use, compared to 39% who use it only personally.Twitter gets no respect with 3% saying they use it professionally and 7% saying they use it only personally.14% of RIAs saying that they keep a public journal or Blog. This includes 8% who only blog professionally and 2% who consider their blogging efforts both a personal and professional endeavorReference: Study conducted by Koski Research published July 2010 by Schwab Advisor Services. http://www.riabiz.com/a/2042013
  • FINRA Regulatory Notice 10‐06NASD 2210 (public communications)NASD 2310 (suitability)NASD 3010 (supervision)NASD 3110 (books & records)SEC Rule 17a‐3 & 17a‐4 (record retention)Rule 206(4)‐1 (advertising & testimonials / “fraudulent, deceptive, or manipulative.” )Rule 204‐2 (books & records, record retention)
  • Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
  • - over 500 millions monthly active users- 50% of active users logging in on any given day with 130 friends on average- more time on the site than on Google, Yahoo, YouTube, Microsoft, Wikipedia and Amazon combined
  • NotificationsUse Facebook as…No more automatic – Sept 30Curation
  • DILO(Day in the Life of) is a high-level conceptualization of a financial Advisor using social media to build cross-generation relationships. The personas represented in the DILO are fictional and for illustrative purposes only.
  • Alex, a financial Advisor in Boston checks the news and sees coverage of the earthquake in Chile. Realizing his friend and client, Jim is there, he uses his Outlook Xobni plugin to quickly scan Jim’s social networks.
  • Alex, a financial Advisor in Boston checks the news and sees coverage of the earthquake in Chile. Realizing his friend and client, Jim is there, he uses his Outlook Xobni plugin to quickly scan Jim’s social networks.
  • While visiting Greg’s page he sees the business page - a fan page for Jazz Farms – makers of fine cheeses. On the page, he notices a recent award - World Champion Cheese Contest!
  • From the Twitter page, Alex re-tweets the news about the big award to his own network of followers. Soon after, Greg replies with a “Thanks for the re-tweet” message and a conversation ensues…
  • From the Twitter page, Alex re-tweets the news about the big award to his own network of followers. Soon after, Greg replies with a “Thanks for the re-tweet” message and a conversation ensues…
  • Following the conversation on Twitter, Greg links to Alex’s LinkedIn page and sees the site offers a professional profile along with links to recently published articles. One item about tax solutions piques his interest.
  • Greg links out to Alex’s web site and sees more relevant content and valuable resources including events and webinars. He bookmarks the page using Delicious for social bookmarking.
  • To develop new relationships, Alex had set up an integrated marketing program with his affiliate CPA partner, Joanne. The program deals with a range of executive compensation topics and includes webinars, events, articles, PR and digital video.
  • Greg watches a short YouTube video about tax planning on the Alex’s web site then clicks to read about the upcoming webinar.
  • Greg has been trying to recover over $100,000 in AMT from some ISO transactions back in in 2000 and 2001!! He registers for the webinar.
  • Seeing Greg’s registration come through, Alex connects with Jim and his wife, Jane to let them know of the connection. At the web conference, Jim and Jane shed some more light on financial considerations in the family and are pleased that Greg made the connection with Alex.
  • Greg attends the webinar which answers some of his initial questions. He is eager to learn more about how he can recover the AMT as well as address a broader set of financial planning goals.
  • Alex and Greg later meet in Vermont and Greg introduces his brother James and together they give Alex a tour of the farm. The scale of the operation is impressive! They also sit down to discuss financial planning.However impressive the farm is, there is still a need for comprehensive planning. Solid financial advice is what allows the farm to be successful.
  • After a few months and with the overall financial picture of the family emerging, Alex coordinates an integrated Advisory team to support a multi-generation strategy and address the family’s growing range of financial needs.
  • Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
  • Schwab digital marketing @schwab4rias

    1. 1. Web Presence and Social Media:For Financial AdvisorsHow web presence and social media fuels business growthJohn C. Stone III Dan A. BernsteinPresident & CEO Director of Professional ServicesRevenue Architects, LLC Market Counsel
    2. 2. Person and firm are not affiliated with noremployed by Charles Schwab & Co., Inc.("Schwab"). The views of independent third-party speakers and their materials are theirown and do not necessarily represent theviews of Charles Schwab & Co., Inc. Schwabmakes no representations about the accuracyof the information in the publication or itsappropriateness for any given situation.
    3. 3. Discussion Agenda Web Presence and Social Media How can we How do we Why should use this in ensure we care? our firm? compliance?
    4. 4. Discussion Agenda Web Presence and Social Media How can we How do we Why should use this in ensure we care? our firm? compliance?
    5. 5. A fundamental shift toward digital The web has transformed the way we communicate, spend money and invest Clients are increasingly ―digital‖ and expect their advisors to be as well According to the ―World Wealth Report‖, clients increasingly favor real-time digital media for communications and transactions and expect choice in the means of communication, including tools such as digital media and mobile applications.
    6. 6. New buyer stepsEngaging an advisor remains a highly personal process, butdigital engagement is playing an increasingly important role. Aware Research Compare Evaluate Advocate Word of mouth  Social Media  Download  Services  Post Traditional  Blogs, Forums  Tools  Access  ―Like‖ media  Articles  Research  Reference  ReTweet Friend  Forums  Webinar  Meeting networks―One out of five advisors said they had used social mediasites to introduce themselves to at least one prospect sofar in 2011.‖ – SEI Advisor Network
    7. 7. We usually begin here…With the right web and social media strategy,advisors can increase visibility, and growtheir practice.
    8. 8. Yet, many advisors remain uncertain.. Is our web presence important to our current clients and targeted prospects? Do we have the capability to engage social media and web presence effectively? Would an integrated marketing strategy help us reinforce our value proposition? Can social media and web presence help us accelerate referrals? Can we employ these strategies while remaining compliant?
    9. 9. Some of the myths…. Debunked
    10. 10. 1. Social media is for kids.
    11. 11. More Americans … with influence % Americans with a social  Yes Millennials, but over 55 media profile 51% driving growth – esp. mobile 48%  4 in 5 active Internet users 34% visit blogs and social daily 24%  25% time on Internet is blogs and social  Email still most popular Search is 2nd  Women view video more, men watch longer 2008 2009 2010 2011  Active social media userssource: Edison Research & Mashable, Nielsen influence offline
    12. 12. The web and financial decision making―More than one-half of financial services productsearches in the United States begin online, according toAccenture research, and that figure is likely to increase.‖They are comfortable using the Internet as part of theirdecision making process.
    13. 13. Wealthy under-50s are poised to moveCisco IBSGresearch shows thatWealthy Under-50sare poised to moveto firms that providea new approach tofinancial advice—and to leave thosethat don’t. Percentage of Wealthy U.S. Investors Interested in Using Different Technologies To Interact with Their Financial Advisor or Investment Firm, by Age
    14. 14. 2. Social media is forpersonal use not business use.
    15. 15. Social Media spans business and personal More Personal More Business
    16. 16. LinkedIn – a new member per second More than 100 million members 18M Group Members More than 2 million companies have LinkedIn Company Pages Executives from all 2010 Fortune 500 companies Affluent & influential membership
    17. 17. 3. Regulation prevents me from using it.
    18. 18. You must establish guidelines and policies Recommendations & Testimonials Archiving Content Static content = advertisements Real‐time communications Personal use & publishing Controls and systems.
    19. 19. Advisor adoption is growing 85% of financial services professionals under 50 are utilizing social media 73% of the advisors who use social media have a profile or account with one or more of the social media types mentioned; 55% use Facebook and 46% use LinkedIn 71% of advisors say they have one or more future business uses planned for social media 46% of financial advisors are interested in learning how to harness social networking platforms for securing new clients http://www.socialware.com/resources/research/social-media-industry-statistics/
    20. 20. Discussion Agenda Web Presence and Social Media How can we How do we Why should use this in ensure we care? our firm? compliance?
    21. 21. The ―A-E-I-O-U‖ for Digital Marketing Aquire audience from the web and direct Optimize Understand Engage the website for with experience behaviors, values, p conversions design and content erformance Influence visitors to share with others
    22. 22. ACQUIRE audience from the web PR AD SEO BLOG SEM EMAIL ARTICLETWEET mywebsite.com SHARE GROUP SLIDE- COMMENT SHARE
    23. 23. Using On and Off Page Strategies SEO Strategies • Easily identifiable tags • Identification of key words • Integration of key words 42% of search users click the top-ranking link. 8% click theCredit: newwebmarketing.com second-ranking link 62% of search users click a link on the first page of search results Link to blog and website in social media | Link to social media in blog and website
    24. 24. Twitter and Hashtag Strategies A Twitter hashtag is #RIASmithDiscussion used to increase #retirement conversation #401k visibilityUse trending tags to increase you conversation visibility andfollower base. Be authentic in your tweeting and don’t try tosell on twitter. Use it as an opportunity to expose yourthought leadership on a specific topic.
    25. 25. ENGAGE with experience design and content mywebsite.com BRAND DESIGN MESSAGE ARTICLES TOOLS BLOG VIDEOS OFFERS
    26. 26. Effective Branding and Design Imagery that relates to the local area…not stock imagesBranding Easyand navigation andmessaging a blog withties together dynamic contentValueProposition Opportunitiestailored to to dive deeperme… This advisor is current with technology…
    27. 27. INFLUENCE visitors to share with others mywebsite.com GREAT CONTENT EMAIL/ SHARE WIDGETS
    28. 28. Influence content sharingQuality blogcontentaccelerates LinkedIn profilesharing views reinforce professional credentials Social widgets provide links for readers to share content with others
    29. 29. OPTIMIZE website for conversions SHARE FOLLOW WIDGET WIDGET mywebsite.com REGISTRATION FORM NEWSLETTER APP DOWNLOADS EVENT BLOG RSS WEBINAR
    30. 30. Example: Conversion PointsSincerely, links to companyBill Jones website and Twitter inxyzcompany.com signature@billjonesLinkedin/us/billjones Website blog attracts readerBlog post sharedthrough SocialMedia
    31. 31. Landing Page for targeted value propositionMicrosites/LandingPages areconversion-orientedweb pages thatmay functionseparately from anexisting website.Conversion formsfacilitateregistrations for avalue exchange
    32. 32. Social Media velocity based on interest Clients Interest = Opt-inDiscussions posted on Newsocial media are easily Contactsfollowed by friends of Clients’friends of friends. NetworksInterested parties willself-select..
    33. 33. UNDERSTAND behaviors, values, performance
    34. 34. A quick deep dive into leading social media platforms
    35. 35. Blogs: A Dynamic Source of Content Why? • Dynamic content • Bring people back • Convert ideas to action • Communicate expertise How? • Original, Curated & Relevant • Creative • Snackable • RSS Feeds • Planned
    36. 36. Facebook: Personal Engagement Why? • Extend Personal Network • Awareness, Referrals • Publishing Outlet How? • Rich Profiles • Natural and Authentic • Personal • Use Audience Selector • Follow, Publish, Share
    37. 37. Facebook Business Profiles - Presence Why? • Visibility/ SEO • Building Following • Publicize Events • Cross-connecting How? • Content, Location, Events • Stream & Curate • Link your Blog • Custom Apps • Follow
    38. 38. LinkedIn: Business Engagement Why? • Enhancing Credibility • Being Found • Connecting Professionally • Publishing • Facilitate Referrals/ Intros • Jobs & Recruiting • Client Intelligence How? • Profile, photo and key words • Group & 1:1 engagement
    39. 39. LinkedIn Business Profile - Outpost Why? • Brand Outpost, Offerings • Team and connections • Publishing Platform • Focused Content • Following How? • Value proposition • Logo • Team consistency Image Source; http://simonverrall.wordpress.com/2011/03/04/how-to-create-a-company-profile-on-LinkedIn/
    40. 40. Twitter: Long Tail Exposure Why? • Micro blog • Global reach • Research / Follow • Expertise focus How? • Branded page • Tools – e.g. Hootsuite • Content / strategy • Join/ Access Lists • Publish, share, engage • Hashtags #
    41. 41. Branded Outpost
    42. 42. Google+: new and compelling channel Why? • Another publishing platform • Better control of ―circles‖ • Rapid adoption – watch this space How? • Set up circles • Streams – pages • Publish • Sparks, hangout, huddle
    43. 43. YouTube: Searchable, Embeddable Video Why? • Presales • Educational Content • Sharable, Free How? • Branded Channel • Snackable Content • Entertaining • Imbed code
    44. 44. YouTube: Embedded videos YouTube Channel  Big search engine  Entertainment value Imbedded YouTube  Educational video  SharableVideos | resources | http://www.acrinv.com/resources/video | Screen clipping  Sales Enabler
    45. 45. Publishing and Management Tools
    46. 46. Day-in-the-Life[of an Advisor using social media]
    47. 47. Alex Joanne FrancoiseLead Financial Advisor CPA AttorneyMeet the Players….Tim Jane Greg Emily InaClient Tim’s Wife Tim’s son Greg’s Wife Greg’s Friend
    48. 48. Alex – Registered Investment AdvisorAlexFinancial Advisor  $350M AUM  Comprehensive wealth management services • Family Wealth • Women • Business Owners • Retirement Resource Strategies • Tax And Estate Planning
    49. 49. Situation and Challenges • Steady Growth for 15 years • Semi-urban demographicSituation • HNW Professionals, business owners • Good COI Network • Target growth of 10% AUM/ 20-30 clientsChallenge • Aging client base • How to reach the new generations in an authenticIssue and natural way? • Develop a clear value proposition • Authentic and aligned content strategyStrategy • Establish a strong web presence • Engage Social Media
    50. 50. Let’s get started….
    51. 51. Alex scans the news and sees coverage of an earthquake in Peru IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    52. 52. Remembering that his client, Tim Jones, is in Peru for the Winter, he looks to Facebook to see if there is any updates. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    53. 53. While on Facebook, Alex links easily to Tim’s son Greg’s Page. St. Supéry Vineyards and Winery produces fine wines. On the Facebook Page, he notices links to a range of positive press about the wine – including some recent awards! IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    54. 54. From the Twitter page for the winery, Alex retweets a press clipping with positive news.Illustrative For illustrative purposes. Confidential, do not reproduce.
    55. 55. Greg later replies with a ―Thanks for the retweet‖ and a Twitter conversation ensues. @alexAdvisor thanks for the mention! @gregwineguy you are welcome, congratulations! I was pleased to see your parents are well. @alexAdvisor yes thanks, it was scary when it happened – we were relieved. @gregwineguy Agree. Great that the vineyard is doing so well! @alexAdvisor yes thanks, it is great very exciting @gregwineguy Perhaps we will see you in Napa – I will be up in a few weeks @alexAdvisor Great, let’s plan that. Email me if you want to visit the wineryIllustrative For illustrative purposes. Confidential, do not reproduce.
    56. 56. Greg visits Alex’s Twitter and LinkedIn Profile and views some articles and events. One piques his interest. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    57. 57. Because Alex’s website has relevant content and services, Greg bookmarks the site using Delicious. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    58. 58. Alex and his affiliates launched a multi-touch campaign featuring events, articles, PR and videos. Illustrative A range of SEO, SEM, and Digital PR strategies helped the team publicize the events and drive registrations.For illustrative purposes. Confidential, do not reproduce.
    59. 59. Greg views a campaign video, and reads about the upcoming webinar. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    60. 60. Greg hopes to recover AMT from earlier ISO transactions so he registers for the webinar. He also shares a link to the event. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    61. 61. Ina notices Greg’s post on Twitter and because she trusts Greg,she also registers for the webinar.
    62. 62. While attending the webinar Greg uses the hashtag #taxwebinar and shares thoughts with his Twitter network. Illustrative Greg’s To Dos:  College savings plan  Roth IRA?  Tax Planning?  Investment choices?  Allocation?  Insurance?  Trust or no Trust? He refines his priorities and needs.For illustrative purposes. Confidential, do not reproduce.
    63. 63. Alex and Greg later meet at the winery and discuss a range of financial issues. IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    64. 64. With the families’ financial picture emerging, Alex forms a team to support a range of financial and investment goals. Estate Tim Jane Tim Client Jane Tim’s Wife Planning Francoise Client Tim’s Wife Attorney Alex Bank Accounts Advisor Financial for Children Joanne CPA Investment Accounts Emily Greg James Emily Greg’s Wife Greg Jim’s son James Greg’s Brother Greg’s Wife Jim’s son Cheese Maker Greg’s Brother Cheese Maker IllustrativeFor illustrative purposes. Confidential, do not reproduce.
    65. 65. Greg introduces Ina to Alex and the two meet to discuss topicsfrom the Webinar. Greg Ina Jim’s son Greg’s Friend Cheese Maker New Client Alex Financial Advisor
    66. 66. Success….
    67. 67. What we saw - using digital and social mediaA-E-I-O-U Strategies in action Multi-touch Campaigns, SEO, PR, Social PresenceAcquire Compelling website, branding and design, clearEngage value proposition, good content LinkedIn Profile, Twitter Engagement, FacebookInfluence Presence, Sharing Widgets, RSS Feeds Event and Webinars, landing page registrationsOptimize Google Analytics and Measurement Scorecards,Understand relationship intelligence tools
    68. 68. Your Strategy: Getting Started
    69. 69. Put together your planCraft your Build your Launch yourStrategy Systems Programs• Your Target • Compelling • Content Audience Website Programs• Your • Marketing • Creative Capability Technologies Campaigns• Value • Social Media • Promotion Proposition • Measurement• Strategy and tracking
    70. 70. Understand your audience and capabilities YES Accelerate Innovate Our clients are digital? Engagement Digitally Maintain Target Status Quo Segments NO Our firm is digital? YES
    71. 71. Define your ambition Level 1 Level 2 Level 3 Level 4 Level 5 Traditional Presence Networked Leader CelebrityClean, More modern Active Big active Globalbranded website, following and following, following, dailywebsite – no branded social group leading publishing,social media outposts, participation, publisher, branded blog,presence. regular active media dynamic blog, Big personalTraditional updates. publishing. 3- media visible. brand, 200kpositioning. 5k followers 5k-20k plus followers followers Level of Time and effort
    72. 72. Top 3 ―Must Haves‖?1. Professional Website • Clean professionally branded • Relevant, current content • Conversion options2. Relevant Content • Produce, sharing relevant material Compliance • Curation and Authoring • Regular publishing and sharing3. Core Social Presence • LinkedIn first • Keyword aligned, current, descriptive • Activated network / connections
    73. 73. An Offer: Web Presence ―Healthcheck‖ Digital Diagnostic • Brand Review • Website Performance • Social Media Presence • Content and Value Proposition Facilitated Review Session • Review Findings • Outline Opportunities
    74. 74. Summary Message Your digital presence is increasingly important as an element of an integrated marketing strategy The A-E-I-O-U process can help you enhance visibility and deepen and extend relationships Follow three steps to get started: 1) craft your strategy, 2) build your systems, 3) launch your programs.
    75. 75. Thank You John C. Stone III Founder & CEO Revenue Architects www.revenuearchitects.com jcstone@revenuearchitects.com w – 877.738.3276 c – 617.686.7305 @jcstone3
    76. 76. Discussion Agenda Digital and Social Media MarketingWhat is it and How can we How do we why should use this in ensure we care? our firm? compliance?
    77. 77. Roundtable & Q&A

    ×