Communicating In A Hyperconnected World

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The way financial planners are communicating with client, prospects and one another is changing at a dramatic pace. Here a review of some of that change.

As presented at the FPA Northeast Wisconsin Annual Symposium 2011-10-06 by Nathan Gehring.

Published in: Economy & Finance, Technology
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  • Communicating with clients, prospects and other professionals had changed very little over the past three decades. Other than the introduction of email, we continued to communicate in the past decade no different than in the 80s. The past 5 years have brought dramatic change to the way we communicate, change that offers tremendous opportunity for those who chose to embrace it.
  • Even email is beginning to wane in importance. It is being replaced by newer, more instant, shorter form communication. IM & texts, particularly for younger individuals.
  • This is the new paradigm. Gen X and Gen Y want to communicate instantly and in real-time. Electronic communications are becoming more similar to face-to-face discussions than long written communications.
  • Facebook is the biggest, most ubiquitous social media communication platform right now with over 700M users. Facebook can make a great marketing and advertising platform. Creating a fan page for your company is a great place to begin on Facebook. It is very simple to create an instant presence, can offer you space to write and engage prospects and help legitimize your firm. Anecdotally, Facebook ads can be tremendously powerful. Facebook ads can point to either your Facebook page or to any other external URL e.g. your website or blog. Two caveats to Facebook 1) Facebook has recently rolled out major changes to its platform. It’s not quite clear what the impact of these changes will be & 2) Facebook has a poor privacy track record. It may not be an ideal platform for actually communicating with clients and prospects directly.
  • Twitter…high impact, high engagement and highly leveragable platform. It may be ultimate networking platform. Personally, it has been the highest impact platform. Twitter has 4 basics forms of communication, 1) Public messages (show up with in other’s timelines who follow you) 2)RTs (retweets) are the basic sharing mechanism and the tool that makes something go viral. When someone sends a public message, anybody else can retweet that message on to all their followers 3)DMs (direct messages) are private messages from one person to another. Individuals must follow one another, & 4)#hashtagsYes…you can get clients! As an example, I personally know one planner who uses Twitter as his primary lead generation tool. He spends a good amount of time tracking local discussions and following local individuals. When someone asks a question about anything he can answer (financial or not), he offers his input. He is not actively pitching his services in this process, but simply building a network of people interested in things he is also interested in.
  • Communicating In A Hyperconnected World

    1. 1. Communicating In A Hyperconnected World<br />Working With Gen X/Y Clients<br />
    2. 2. We Are Hyperconnected!<br />Huge Opportunities<br />Giant Risks<br />Lots of “blue ocean”<br />
    3. 3. HyperconnectedOpportunites<br />The risks are large…why bother?<br />What do you enjoy most about what you do?<br />You’ll be able to giver better advice, more quickly, at a lower cost and with a greater degree of accuracy!<br />Allows computers to do what they do well: crunch numbers, reconcile, calculate<br />We get to do what humans are designed to do – communicate and relate with one another!<br />
    4. 4. Hyperconnected Opportunities<br />Claim your niche – be the expert<br />Network like never before<br />Attend conferences from your desk<br />
    5. 5. Communication In The Financial Planning Practice – The Past 30 Years<br />Telephone<br />Post<br />Email<br />Printed materials<br />Large, printed plans<br />
    6. 6. Communication At Light Speed<br />Email still exists…but on life support<br />Instant messaging and text messaging<br />Facebook<br />Twitter<br />LinkedIn<br />Google+<br />Blogs & Vlogs<br />Electronic newsletters<br />Skype, Google Chat, etc…<br />
    7. 7. Communication At Light Speed<br />The new paradigm – instant, real-time communication<br />Source - Pew Internet & American Life Project http://www.pewinternet.org/Reports/2011/Social-Networking-Sites/Report.aspx?view=all<br />
    8. 8. The New Paradigm<br />Facebook<br />Personal profile<br />Company pages<br />Facebook ads<br />Major changes<br />Facebook has a poor transparency & privacy track record!<br />
    9. 9. The New Paradigm<br />Twitter<br />@nathangehring<br />RT<br />DM<br />#hashtags<br />YES…YOU CAN GET CLIENTS!!!<br />
    10. 10. The New Paradigm<br />LinkedIn<br />The advisor’s network of choice<br />Follow companies<br />LinkedIn targeted ads<br />
    11. 11. The New Paradigm<br />Instant Messaging<br />Millenials & Gen Y<br />Automated meeting confirmation<br />
    12. 12. The New Paradigm<br />Blogs & Vlogs<br />Wordpress<br />Blogger<br />YouTube<br />
    13. 13. The New Paradigm<br />Electronic Newsletters<br />MailChimp<br />Constant Contact<br />
    14. 14. Paper? Not For Gen Y<br />Game Changers<br />Mobile devices and tablets<br />High-speed wireless access<br />
    15. 15. Paper? Not For Gen Y<br />Electronic Signature Solutions<br />DocuSign<br />Others<br />
    16. 16. Paper? Not For Gen Y<br />Cloud-based solutions<br />CRM<br />Financial planning software<br />Investment management software<br />
    17. 17. The C Word…Compliance<br />Archiving & Monitoring Solutions<br />Archovi<br />Smarsh<br />Backupify<br />
    18. 18. The C Word…Compliance<br />Due Diligence<br />Data security<br />Client privacy<br />
    19. 19. The C Word…Compliance <br />FINRA Reg. Notice 11-39<br />SEC remains fuzzy<br />
    20. 20. The Payoff… It’s All Integrated!<br />You’ll be able to giver better advice, more quickly, at a lower cost and with a greater degree of accuracy!<br />New marketing opportunities at lower cost.<br />Claim your space as an expert<br />Networking happens continuously<br />
    21. 21. The Payoff – A Small Example<br />
    22. 22. Fin<br />Communicating In A Hyperconnected World as presented at the FPA Northeast Wisconsin Annual Symposium 2011-10-06<br />Nathan Gehring, CFP®<br />@nathangehring<br />www.myfirstfinancialplanner.com<br />

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