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Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
Social Media and Financial Services presentation to Financial Planners Association of NY
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Social Media and Financial Services presentation to Financial Planners Association of NY

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Presentation by Joyce Sullivan, founder / CEO of SocMediaFin, Inc. on February 13, 2013 to Financial Planners Association of New York.

Presentation by Joyce Sullivan, founder / CEO of SocMediaFin, Inc. on February 13, 2013 to Financial Planners Association of New York.

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  • 1. Exclusive  presenta;on  for  February  13,  2013   Social  Media  &   Financial  Services   Created  and  presented  by:   Joyce  Sullivan   Founder  and  CEO   SocMediaFin,  Inc.  
  • 2. Social  Media  &  Financial  Services  Agenda   •  Overview  and  introduc;ons   •  The  5  quesons℠   •  Social  media  tools  –  established  and  emerging   •  U.S.  compliance  and  regula;on  overview   •  GeMng  started  with  social  media  training  &  pilot  programs   •  Suggested  next  steps   •  Discussion  and  ques;ons  
  • 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  regula;ons  and  compliance  rules?     ▫  The  fun  stuff  -­‐  FINRA  and  SEC  regulatory  guidance  •  Where  can  you  get  training  to  learn  social  media  and  financial   services  basics?  
  • 4. Before  asking  “Which  social  media  tools  should  I  use?”     answer  these  5  quesons℠   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?  
  • 5. The  5  quesons℠   Employee,  business-­‐line  owner,   1.  Who  are  you?   industry  execu;ve,  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?   poten;al  new  customer,   industry  leaders,  compe;tors  
  • 6. The  5  quesons℠    Email  (home  or  work)   4.  How  do  they      Voicemail   WANT  to  be      Phone  text   reached?  ...  Or      Instant  message   not.      Twicer      LinkedIn      Facebook        (public  or  private  message)   5.  Once  you  are   How  do  you  develop   ready  to    connect,   meaningful  connec;ons   then  what?   while  complying  with   industry  regula;ons?  
  • 7. The  5  quesons℠-­‐  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?  
  • 8. Paper  and  electronic  communica;ons  must  be  archived  
  • 9. Social  media  communica;ons  Social media compliancesoftware needs to be in place tomonitor and archive socialmedia posts
  • 10. Social  Media  Tools  –  established  and  emerging   Launched:  2002   2004   2005   2006   2009   2009   2011   2011  And  many  more…  
  • 11. US  Regula;ons  and  Guidance:  Use  of  Social  Media   Investment  Advisors  and  Broker-­‐Dealers  Recordkeeping    it’s  the  content  that  ma2ers   All  business  communica;ons  whether  transmiced  by  desktop,  smart  phones  (Blackberry,  Android,  iPhone  etc),  tablets   (iPads)  etc.  must  be  retained   -­‐   lecers,  emails,  all  wricen  communica;on   -­‐   instant  messages,  social  media  messages  (LinkedIn  email,  Facebook  posts,  Tweets)   -­‐   social  media  ac;vi;es  (Likes  on  Facebook,  Retweets  on  twicer,  posts  on  LinkedIn)  Disclosures  proper  disclosures  for  relaonships  you  may  develop  e.g.  bloggers,  adver;sers,  affiliates  Adver;sing    stac  adversing  requires  preapproval    interac;ve  adver;sing  can  be  post  review  but  not,  “Days  ajer  the  fact”  Communica;on  with  the  public  must  adhere  to  exisng  content  standards   Suitability  –  know  your  customer,  only  make  recommenda;ons  suitable  for  your  clients  Supervision    firms  must  demonstrate  they  are  supervising  wri2en  communicaons  Training  registered  personal  be  trained  before  they  start  using  social  media  Similar  overall  for  -­‐    FINRA,  SEC  (US),  IIROC  (Canada),  SEBI  (India)  and  FAS  (UK)  
  • 12. Highlights  -­‐  US  Regula;ons  and  Guidance:     Record  Reten;on    Securi;es  and  Exchange  Commission  (SEC)  1934     Amendments  to  Books  and  Records  Requirements  for  Brokers  and  Dealers       May  2003       Na;onal  Examina;on  Risk  Alert  -­‐  Investment  Advisor  Use  of  Social  Media     January  2012    
  • 13. Highlights  -­‐  US  Regula;ons  and  Guidance:  Record  Reten;onSEC Rule 17a-4Amendments to Books and Records Requirements for Brokers and Dealers Under theSecurities Exchange Act of 1934http://www.sec.gov/rules/final/34-44992.htmEffective: May 2, 2003Same  recordkeeping  requirements  with  guidance  for  electronics  records  
  • 14. Highlights  -­‐  US  Regula;ons  and  Guidance:  Record  Reten;onhcp://www.sec.gov/about/offices/ocie/riskalert-­‐socialmedia.pdf  Same  recordkeeping  requirements  with  guidance  for  social  media  and  electronic  devices  
  • 15. Highlights  -­‐  US  Regula;ons  and  Guidance:     Electronic  Communica;ons  &  Social  Media  Use    Regulatory  No;ce  07-­‐59  Supervision  of  Electronic  Communica;ons  (2007)    Regulatory  No;ce  10-­‐06  Guidance  on  Blogs  and  Social  Media  Websites  (2010)    Regulatory  No;ce  11-­‐39  Guidance  on  Electronic  Devices  (2011)    Regulatory  No;ce  12-­‐29  New  Rules  Governing  Communica;ons  With  The  Public   (effec;ve  Feb  4,  2013)  
  • 16. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf
  • 17. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
  • 18. hcp://www.finra.org/web/groups/industry/@ip/@reg/@no;ce/documents/no;ces/p124186.pdf  
  • 19. hcp://www.finra.org/web/groups/industry/@ip/@reg/@no;ce/documents/no;ces/p127014.pdf  
  • 20. Five  basic  principles  What  Registered  Investment  Advisors  (RIA)  Need  to  Know  About  Social  Media  Use   First,  treat  all  social  media  networking  as  adver&sing.   meet  the  broad  defini;on  of  “adver;sement”  under  the   Investment  Advisors  Act  of  1940  (the  Act).     Second,  an  advisor  must  avoid  tes&monials,  which  are  strictly  prohibited  under   Rule  206(4)-­‐1.   LinkedIn:  an  advisors  should  not  accept  a  recommenda;on   from  a  client  or  write  a  recommenda;on  for  them.   Facebook:  Advisors  should  not  “Like”  someone  or   accept  “Likes”    TwiMer:  an  advisor  should  also  not  repost  (retweet)  or   “FAV”  (favorite)  anyone’s  tweets. . Blogging  –  an  advisor  should  pre-­‐approve  all  visitor  comments  on  RIA   established  blogs  before  allowing  the  comments  to  post.     http://www.primerus.com/business-law-articles/what-registered-investment- advisors-need-to-know-about-social-media-use-622201.htm
  • 21. Five  basic  principles  (cont’d)  What  Registered  Investment  Advisors  (RIA)  Need  to  Know  About  Social  Media  Use   Third,  an  advisor  must  be  aware  of  its  record  keeping  obliga&ons  under  the  Act.       o Every  public  adver;sement  reaching  10  or  more  people  must  be  documented   and  retained  in  the  advisor’s  files  for  a  minimum  of  5  years   Fourth,  when  using  social  media  and  networking  sites,  a  RIA  must  ensure  that  it   maintains  confiden&ality   o   of  its  clients’  and  prospects’  financial  and  personal  informa;on.     FiOh,  a  RIA  must  create  and  implement  a  wri4en  social  media  policy  and  provide  training.       o   Such  a  policy  is  an  absolute  “must  have”  in  this  social  media  saturated  environment.   o The  advisor  must  provide  for  employee  training  and  educa&on  regarding  the  policy   o   The  policy  needs  to  address  supervision  and  monitoring  of  social  media  usage     o   Social  media  usage  must  be  regularly  and  ac;vity  supervised  and  monitored   o   Monitor  third  par;es’  use  of  advisor  social  media  outlets   http://www.primerus.com/business-law-articles/what-registered-investment- advisors-need-to-know-about-social-media-use-622201.htm
  • 22. Before  asking  “Which  social  media  tools  should  I  use?”     answer  these  5  quesons℠   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?  
  • 23. The  5  quesons℠    Email  (home  or  work)   4.  How  do  they      Voicemail   WANT  to  be      Phone  text   reached?  ...  Or      Instant  message   not.      Twicer      LinkedIn      Facebook        (public  or  private  message)   5.  Once  you  are   How  do  you  develop   ready  to    connect,   meaningful  connec;ons   then  what?   while  complying  with   industry  regula;ons?  
  • 24. 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  func;onal  groups  for  a  pilot  Keep  up  with  the  compe;;ve  landscape    Par;cipate  in  and  acend  industry  events  to  stay  current  
  • 25. 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  
  • 26. Thank you! Please connect with me. I would enjoy hearing from you. JoyceLinkedIn  hcp://linkedin.com/in/joycemsullivan  About.me  hcp://about.me/joycemsullivan  Twicer  hcp://twicer.com/joycemsullivan  Website  hcp://socmediafin.com  email:        joyce@socmediafin.com   26
  • 27. Social  Media  Strategy  and  Program   Management  Services   o Social  media  seminars  for  regulated   industries,  specializing  in  financial  services   o Program  management  services  –  enterprise   business  and  technology  reengineering   o Social  media  training  and  staff  development   o Industry  execu;ves  and  senior  leadership   programs  in  social  media   o Keynote  speaker  for  company  events  and   industry  conferences  Visit us >  SocMediaFin.com  
  • 28. Exclusive  presenta;on  for  February  13,  2013   Social  Media  &   Financial  Services   Created  and  presented  by:   Joyce  Sullivan   Founder  and  CEO   SocMediaFin,  Inc.  

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