Ubs may23,2012 joyce-sullivan

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Learn about the evolution of Social Media from Joyce Sullivan, social media leader and innovator. You will get a high-level view of industry regulations and where to find clear and concise direction in this area, and will learn about the big three: LinkedIn, Twitter and Facebook. You can apply this to your work, your career, and your personal life.

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Ubs may23,2012 joyce-sullivan

  1. 1. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDT Financial Services and Social Media What it Means to You in Your Career Success Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com
  2. 2. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDTFinancial Services and Social MediaWhat it Means to You in Your CareerSuccessAGENDA:- overview and introductions- financial services and social media use- industry trends- compliance and regulation updateYour Personal Brand and Online Identify- LinkedIn- Facebook- Twitter Created and Presented by:What’s next- discussion and questions Joyce Sullivan CEO | Founder SocMediaFin.com
  3. 3. Visit us > FWA.org 3
  4. 4. Visit us > SocMediaFin.com 4
  5. 5. 5 Five global women – NZ, UK, US - who work in financial services and use social media for work SXSW 2012 Financiahttp://schedule.sxsw.com/2012/events/event_IAP9392
  6. 6. Social Media Tools: How Do I 6Know 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?
  7. 7. US Industry Trends: Shrinking and Growing Industries 2007 - 2 Council of Economic Advisors, February 2012 report 7
  8. 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 you use social media compliantly at your firm and in your own personal career development
  9. 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 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
  10. 10. FINRA Regulatory Notice 10-06In January, 2010, The Financial Industry Regulatory Authority (FINRA)provided its first high level industry guidance for social media activities forinvestment broker dealer firms.10-06 provided no specific rule changes, but offered clarification in a Q & Aformat.Summary Highlights Record Keeping Responsibilities Suitability Responsibilities Types of Interactive Electronic Forums Supervision of Social Media Sites Third Party Posts
  11. 11. @JoyceMS ullivan@SocMedi aFin
  12. 12. FINRA Regulatory Notice 10-06 @JoyceMS ullivan @SocMedi aFin
  13. 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
  14. 14. FINRA Regulation 11-39
  15. 15. 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. 16. SEC Investment Adviser Use of Social Media
  17. 17. 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. 18. Best Practices If your firm has approved business use of social mediaDO4.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 @joycemsullivan
  19. 19. Financial Services and Social Media What it Means to You in Your Career Success Your Personal Brand and Online Identity: - LinkedIn - Facebook - Twitter
  20. 20. LinkedInFounded in 2002As of May 2012:- 162 million members- 200 countries- World’s largest professional network on the internet
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  22. 22. Mashable.com 27
  23. 23. Founded February 4th 2004As of May 2012:900 million members
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  27. 27. First “tweet” March 26, 2006 by Jack Dorsey @jackAs of May 2012:500 million registered users
  28. 28. http://twitter.com/about
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  40. 40. 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 46
  41. 41. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDT Financial Services and Social Media What it Means to You in Your Career Success Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com

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