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Hootsuite Executive Sales Training: Financial Services and Social Media
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Hootsuite Executive Sales Training: Financial Services and Social Media

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Joyce Sullivan, Founder and CEO of SocMediaFin, Inc. designs and delivers exclusive executive sales training to the Hootsuite global sales team

Joyce Sullivan, Founder and CEO of SocMediaFin, Inc. designs and delivers exclusive executive sales training to the Hootsuite global sales team

Published in: Business, Economy & Finance
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  • 1. Exclusive Presentation for: Hootsuite Sales Team Vancouver, BC, Canada Friday, July 13, 2012 2pm PDT / 5pm EDT Financial Services and Social Media Knowing Compliance + Rules of Engagement = Sales Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com
  • 2. Exclusive Presentation for: Hootsuite Sales Team Vancouver, BC, Canada Friday, July 13, 2012 2pm PDT / 5pm EDTFinancial Services and Social MediaConversationAGENDA:- overview and introductions- financial services and social media use- industry trends- compliance and regulation updateSelling Social Media to Financial Services- Research- Know your Audience- Pilot- Next Steps Created and Presented by:Discussion and questions Joyce Sullivan CEO | Founder SocMediaFin.com
  • 3. Top Questions for Today:(1) What does compliance mean to you?(2) Who should we be targeting as users of an SMMS(Hootsuite) tool?(3) What should we talk about with prospects?(4) Where to find and connect with people that will use/beinfluential in making the decision to bring in a tool? 3
  • 4. Visit us > SocMediaFin.com 4
  • 5. SXSW 2012 Financial Se Five global women – NZ, UK, US - who work in financial services and use social media for work Sketchnotes by Alexis Finch http://GraphiteMind.comhttp://schedule.sxsw.com/2012/events/event_IAP9392 5
  • 6. Social Media Tools: How Do IKnow Which App I Should Use? Who are you? What do you have to say? Who are you trying to reach? How do THEY want to be reached? Once you connect, then what? 6
  • 7. US Industry Trends: Shrinking and Growing Industries 2007 - 2 Council of Economic Advisors, February 2012 report 7
  • 8. Social Media Strategy for Financial Services for US Firms Can you use social media in financial services? What are the rules? The Fun stuff: FINRA, SEC and other regulatory guidance How do firms use social media compliantly What should social media management systems (SMMS) organizations (Hootsuite) know about working with financial services firms 8
  • 9. Who are you? Social Media and Financial Services New graduate joining a financial services firm Moving from another industry that used social media extensively Public Relations firm with financial services clients Advertising firm working with financial services Software provider of services to financial services organizations External Legal or Compliance firm working with financial services firms Internal Legal or Compliance firm supporting line of business Sales or Marketing department who want to use social media to increase sales Senior Leaders wondering if you should get into social media Your new hires have ideas to grow the business using social media 9
  • 10. Banking and Online CommunicationsTelephone – OK; may have recorded lineMemos – OK; as copies are saved and archivedEmail – originally not OK since electronic communications call under samerules as hard copy memos; all correspondence must be saved up to 7 yearsInstant Messaging – may be used only internally; no external use unlesscompliance software captures all messagesSocial Media – LinkedIn: some firms allow but have disabled externalmessaging featureTwitter – not allowed unless compliance software in place to monitor msgsFacebook – not allowed unless compliance software in place 10
  • 11. 11
  • 12. FINRA Regulatory Notice 10-06 12
  • 13. FINRA Regulatory Notice 11-39In August 2011, The Financial Industry Regulatory Authority (FINRA) providedclarification of 10-06 guidance for social media activities forinvestment broker dealer firms with focus on:- Social media websites- Use of Personal Devices for Business Communications11-39 Summary Highlights Communication content is determinative; not the communication channel A Firm is subject to the “adoption” and “entanglement” theories regardingthird party posts (Retweets, LIKES, of others’ content) Business communications through personal devices must be supervised andrecorded 13
  • 14. 14
  • 15. FINRA Regulation 11-39 15
  • 16. Securities & Exchange Commission (SEC) National Examination Risk AlertIn January 2012, The SEC issued their observations related to the use ofsocial media by registered investment advisersKey Takeaways: Investment advisers that use or permit the use of socialmedia by their representatives, solicitors and/or third parties shouldconsider periodically evaluating the effectiveness of their complianceprogram as it relates to social media. Factors that might be consideredinclude usage guidelines, content standards, sufficient monitoring,approval of content, training, etc. Particular attention should be paid tothird party content (if permitted) and recordkeeping responsibilities. 16
  • 17. SEC Investment Adviser Use of Social Media 17
  • 18. Types of Financial AdvisorsRegistered Representatives Investment Advisors(Broker-Dealer)* (Registered Investment Advisor)*Regulated by FINRA and the SEC Regulated by SEC or state regulatorsPaid via commission Paid fee by clientSuitability – recommendation must Fiduciary responsibility – mustbe consistent with best interest of place clients interest above ownclientEthics LegalityTransactions Advice*Dually registered firms must adhere to both SEC and FINRA rules 18
  • 19. Best Practices for Financial Services Employees If a financial services firm has approved social media use:DO4.Discuss macro economic concepts5.Discuss various sectors or industries6.Discuss retirement concepts7.Educate the public on financial markets and products8.Post company non-product or services related announcements9.Post messages that have a broad appeal (i.e. charity events or good will activities)10.Post generic responses to third-party postingsDON’T13.Mention individual stocks or investment names14.Provide investment advice15.Promote your products and services16.Make provocative or promissory statements regarding direction of the markets or price ofcommodities17.No retweets on Twitter18.No ‘Likes’ on Facebook19.No unauthorized employee postings 19
  • 20. Top Questions for Today:(1) What does compliance mean to you for financial services?- Having a social media policy in place- Following company social media policy in practice and spirit-Know the rules and regulations for the industry-Have a coordinated effort across the firm to ensure consistentmessaging-Have a central community management area between internal andexternal-Transparency across the firm in messaging 20
  • 21. Top Questions for Today:(2) Who should we be targeting as users of an SMMS (Hootsuite) tool? - Do your research first Does a firm have an existing social presence? Check for official Facebook / LinkedIn / Twitter, etc presence Research industry conferences for financial services firms - Finding an internal advocate / champion is best - Top of the House CEO CMO CTO - Follow the Money Sales and Marketing - Keep Compliance in the Loop 21
  • 22. Top Questions for Today:(3) What should we talk about with prospects?- Let them know you know they have regulatory and compliancehurdles-Ask about their social media policy. If they don’t have one, help them write one- Help educate on the rules; most don’t know the specifics- Engage the buy side / decision makers as soon as possible- Offer to do a pilot of limited duration with small group- Find out their pain points and how your solution could help 22
  • 23. Top Questions for Today:(4) Where to find and connect with people that will use/beinfluential in making the decision to bring in a tool? - Online search - Industry Forums - LinkedIn or other niche specific groups - Your own networkIn person events may be the most valuable for connecting,since all written communications must be supervised / reviewed/ archived 23
  • 24. Thank you! Connect with me!LinkedIn: http://linkedin.com/in/joycemsullivanWebsite: http://socmediafin.comTwitter: http://twitter.com/joycemsullivanFacebook: SocMediaFin, Inc on FacebookCNBC TV:Joyce Sullivan on WSJR with Maria Bartiromo 24
  • 25. Exclusive Presentation for: Hootsuite Sales Team Vancouver, BC, Canada Friday, July 13, 2012 2pm PDT / 5pm EDT Financial Services and Social Media Knowing Compliance + Rules of Engagement = Sales Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com

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