Financial Services & Social Media                February 20, 2013 2:00pm              New York Institute of Technology   ...
Social Media & Financial Services           Agenda•   Overview and introductions•   The 5 questions℠•   Social media tools...
Social Media Strategy for Financial Services                           for US Firms   •   Can you use social media in fina...
Before asking “Which social media tools should I use?”                        answer these 5 questions℠             1. Who...
The 5 questions℠                                    Employee, business-line owner,        1. Who are you?             indu...
The 5 questions℠                                      Email (home or work)      4. How do they                  Voicemai...
The 5 questions℠- with your answers 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 4. How do ...
Paper and electronic communications must be archived@JoyceMSullivan   @SocMediaFin #smwFINSERV #smwnyc
Social media communicationsSocial media compliance softwareneeds to be in place to monitorand archive social media posts @...
Social Media Tools – established and emerging  Launched: 2002          2004               2005      2006       2009       ...
US Regulations and Guidance: Use of Social Media                                   Investment Advisors and Broker-Dealers ...
Highlights - US Regulations and Guidance:                            Record Retention Securities and Exchange Commission ...
Highlights - US Regulations and Guidance: Record Retention  SEC Rule 17a-4  Amendments to Books and Records Requirements f...
Highlights - US Regulations and Guidance: Record Retentionhttp://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdfS...
Highlights - US Regulations and Guidance:         Electronic Communications & Social Media Use      Regulatory Notice 07-...
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf@JoyceMSullivan          @SocMediaF...
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf @JoyceMSullivan      @SocMediaFin ...
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p124186.pdf@JoyceMSullivan      @SocMediaFin #...
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p127014.pdf@JoyceMSullivan      @SocMediaFin #...
Before asking “Which social media tools should I use?”                        answer these 5 questions℠             1. Who...
The 5 questions℠                                      Email (home or work)      4. How do they                  Voicemai...
When meeting with financial services firms,                   What should I know about:                                 Wi...
Should I say: How do I connect to your wifi?                                                               Hmm, probably n...
Should I say:            “I’ll send you this file through: (examples)                           Dropbox, Google Docs, or  ...
Should I say: “Let me set up a webinar with you using (examples: )”  You could, or better yet..Recommended approach:Ask pr...
For Financial Services Employees                          Suggested Next Steps   Learn the social media regulatory basics ...
For Financial Services Employees                          Suggested Next Steps    Social media policy    Become familiar ...
Social Media Strategy and Program                                 Management Services                                 oSoc...
Thank you!                                Please connect with me.                            I would enjoy hearing from yo...
Financial Services & Social Media              February 20, 2013 2:00pm            New York Institute of Technology       ...
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Joyce sullivan smwnyc_2013-02-20

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Social media adoption within the highly regulated financial services industry appears to move at a snail’s pace. Given the vast opportunities to develop business leads, deepen client relationships and increase company revenues, what’s the issue?

In an easy to understand format, this talk will help to explain the challenges financial services firms face to incorporate social media into their business. Answers to those challenges on how to put a social media strategy and program in place will be covered.

The presentation will include:

The Five Questions: How to effectively engage your financial services audience
US regulation highlights: social media for financial services
How financial advisors and financial firms can compliantly use social media
Social media & financial services “Fun facts to know” and how to engage working with firms
This talk is targeted for anyone interested in the topic and issues surrounding the use of social media in financial services. Information will be especially useful for independent financial advisors, large financial firm employees, and, service organizations working with the financial industry sector including, public relations, digital media and finance technology startups.

Participants will gain an understanding how to:

implement a compliant social media program
use social media for business lead generation
grow online presence for business development, industry leadership
work with financial services firms with social media restrictions

Joyce Sullivan is founder and CEO of SocMediaFin, a social media consulting firm for financial services, specialty firms and industry executives. With over 20 years experience as Vice President with firms including, Citi, Credit Suisse, JPMorgan Chase, and Wells Fargo/First Fidelity, Ms. Sullivan brings a seasoned industry perspective to the emerging world of social media. As an advisory board member of the Financial Women’s Association, she serves as their Chief Digital Strategist.

Ms. Sullivan holds an MBA from the Zicklin School of Business, Baruch College, City University of NY in International Finance and Marketing, a BA in Education from University of Saint Joseph, Connecticut, and the Project Management Professional (PMP) designation from the Project Management Institute.

Joyce enthusiastically participates in NYC “Silicon Alley” activities including beta testing mobile applications for startup companies, along with live tweeting social media events, including the highly regarded New York Tech Meeting NYTM.org.

She has spoken at numerous industry conference and events including 2012 South by Southwest (SXSW) on a panel she curated and organized discussing global financial services and social media challenges.

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Joyce sullivan smwnyc_2013-02-20

  1. 1. Financial Services & Social Media February 20, 2013 2:00pm New York Institute of Technology @NYITManagement @JoyceMSullivan@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  2. 2. Social Media & Financial Services Agenda• Overview and introductions• The 5 questions℠• Social media tools – established and emerging• U.S. compliance and regulation overview• When meeting with financial services firms: – What should I know? What should I say? What should I not say?• Getting started with social media training & pilot programs• Suggested next steps• Discussion and questions@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  3. 3. Social Media Strategy for Financial Services for US Firms • Can you use social media in financial services? • Are there certain social media tools that are recommended? • What are the regulations and compliance rules? – The fun stuff - FINRA and SEC regulatory guidance • Where can you get training to learn social media and financial services basics?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  4. 4. Before asking “Which social media tools should I use?” answer these 5 questions℠ 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 4. How do they WANT to be reached?... or not 5. Once you connect, then what?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  5. 5. The 5 questions℠ Employee, business-line owner, 1. Who are you? industry executive, wealth manager, private banker Great skills, great products, 2. What do you have excellent company to work with, to say? outstanding service 3. Who are you Your current customer, trying to reach? potential new customer, industry leaders, competitors@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  6. 6. The 5 questions℠  Email (home or work) 4. How do they  Voicemail WANT to be  Phone text reached? ... Or  Instant message not.  Twitter  LinkedIn  Facebook  (public or private message) 5. Once you are How do you develop ready to connect, meaningful connections then what? while complying with industry regulations?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  7. 7. The 5 questions℠- with your answers 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 4. How do they WANT to be reached? 5. Once you are ready to connect, then what?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  8. 8. Paper and electronic communications must be archived@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  9. 9. Social media communicationsSocial media compliance softwareneeds to be in place to monitorand archive social media posts @JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  10. 10. Social Media Tools – established and emerging Launched: 2002 2004 2005 2006 2009 2009 2011 2011And many more… @JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  11. 11. US Regulations and Guidance: Use of Social Media Investment Advisors and Broker-Dealers Recordkeeping it’s the content that matters All business communications whether transmitted by desktop, smart phones (Blackberry, Android, iPhone etc), tablets (iPads) etc. must be retained - letters, emails, all written communication - instant messages, social media messages (LinkedIn email, Facebook posts, Tweets) - social media activities (Likes on Facebook, Retweets on twitter, posts on LinkedIn) Disclosures proper disclosures for relationships you may develop e.g. bloggers, advertisers, affiliates Advertising static advertising requires preapproval interactive advertising can be post review but not, “Days after the fact” Communication with the public must adhere to existing content standards Suitability – know your customer, only make recommendations suitable for your clients Supervision firms must demonstrate they are supervising written communications Training registered personal be trained before they start using social media Similar overall for - FINRA, SEC (US), IIROC (Canada), SEBI (India) and FAS (UK)@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  12. 12. Highlights - US Regulations and Guidance: Record Retention Securities and Exchange Commission (SEC) 1934  Amendments to Books and Records Requirements for Brokers and Dealers  May 2003  National Examination Risk Alert - Investment Advisor Use of Social Media  January 2012@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  13. 13. Highlights - US Regulations and Guidance: Record Retention SEC Rule 17a-4 Amendments to Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 http://www.sec.gov/rules/final/34-44992.htm Effective: May 2, 2003 Same recordkeeping requirements with guidance for electronics records@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  14. 14. Highlights - US Regulations and Guidance: Record Retentionhttp://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdfSame recordkeeping requirements with guidance for social media and electronicdevices
  15. 15. Highlights - US Regulations and Guidance: Electronic Communications & Social Media Use  Regulatory Notice 07-59 Supervision of Electronic Communications (2007)  Regulatory Notice 10-06 Guidance on Blogs and Social Media Websites (2010)  Regulatory Notice 11-39 Guidance on Electronic Devices (2011)  Regulatory Notice 12-29 New Rules Governing Communications With The Public (effective Feb@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  16. 16. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  17. 17. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf @JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  18. 18. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p124186.pdf@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  19. 19. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p127014.pdf@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  20. 20. Before asking “Which social media tools should I use?” answer these 5 questions℠ 1. Who are you? 2. What do you have to say? 3. Who are you trying to reach? 4. How do they WANT to be reached?.. Or not? 4. How do they WANT to be reached?.. Or not? 5. Once you connect, then what?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  21. 21. The 5 questions℠  Email (home or work) 4. How do they  Voicemail WANT to be  Phone text reached? ... Or  Instant message not.  Twitter  LinkedIn  Facebook  (public or private message) 5. Once you are How do you develop ready to connect, meaningful connections then what? while complying with industry regulations?@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  22. 22. When meeting with financial services firms, What should I know about: Wifi Cloud Computing Webinar Services@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  23. 23. Should I say: How do I connect to your wifi? Hmm, probably not…Recommended approach:Have non-wifi materials for presentation e.g. PowerPointBring your own Mi-Fi (mobile hot spot)- many regulated firms do not allow wifi access without prior approval- many firms are network / hard-wired only• Prior day approval for wifi or network access by outsiders• Employees may not be allowed to connect to wifi (recordkeeping requirements) @JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  24. 24. Should I say: “I’ll send you this file through: (examples) Dropbox, Google Docs, or any other cloud service?” Hmm, probably not…Recommended approach:Ask prior to your visit:• Is there a firm-approved service I may use for file forwarding to you?• How do you prefer to receive information?• Regular email with attachments may be preferred, and only method allowedBring presentation materials in a non-wifi / non-cloud format (e.g. PowerPoint)@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  25. 25. Should I say: “Let me set up a webinar with you using (examples: )” You could, or better yet..Recommended approach:Ask prior to your visit:• Is there a firm-approved webinar service I may use for setting up a demo with you• Do your research and find out what approved webinar services they use beforeaskingBring presentation materials in a non-wifi / non-cloud format (e.g. PowerPoint)@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  26. 26. For Financial Services Employees Suggested Next Steps Learn the social media regulatory basics  Get to know your legal and compliance department  Discuss how together you can come up with a pilot program  Engage senior stakeholders and functional groups for a pilot Keep up with the competitive landscape  Participate in and attend industry events to stay current@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  27. 27. For Financial Services Employees Suggested Next Steps Social media policy Become familiar with your firm’s social media policy Get to know the group working on social media training Volunteer to partner with a team working on social media planning Social media training  Include social media training for employees and staff  Types of social media training you’re looking for  Eventually empower employees to support and protect your brand@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  28. 28. Social Media Strategy and Program Management Services oSocial media seminars for regulated industries, specializing in financial services oProgram management services – enterprise business and technology reengineering oSocial media training and staff development oIndustry executives and senior leadership programs in social media oKeynote speaker for company events and industry conferences Visit us > SocMediaFin.com@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
  29. 29. Thank you! Please connect with me. I would enjoy hearing from you. JoyceLinkedIn http://linkedin.com/in/joycemsullivanAbout.me http://about.me/joycemsullivanTwitter http://twitter.com/joycemsullivanFacebook http://facebook.com/socmediafinGoogle+ http://gplus.to/joycemsullivanStorify http://storify.com/joycemsullivanSlideshare http://www.slideshare.net/joycemsullivanWebsite http://socmediafin.comEmail joyce@socmediafin.com 29
  30. 30. Financial Services & Social Media February 20, 2013 2:00pm New York Institute of Technology @NYITManagement @JoyceMSullivan@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc
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