Social Trends in Wealth Management


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Presentation by Corporate Insight's Alan Maginn exploring social media best practices across the financial services industry. The presentation looks at industry trends and what financial service firms are doing for financial advisers.

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Social Trends in Wealth Management

  2. AGENDA About Corporate Insight Social Media & Financial Services: A Historical Perspective Social Media in Wealth Management Facebook: Measuring Success of Your Social Outreach 2
  3. ABOUT CORPORATE INSIGHT Competitive intelligence and user experience research firm serving the financial services industry Tracking social media since Spring 2008  Published two industry-wide reports in ‘08 and ‘10  Currently developing Social Media Leaders report  Due out in March  Ongoing updates   3
  4. BACK IN 2008… Only 15% of financial services firms had proprietary social media offerings Firms were just starting to claim their names on third -party communities  32% had Facebook pages  15% had Twitter profiles Few firms had a definitive social media strategy 4
  5. FACEBOOK PAGES: OCTOBER 2008 Brokerage Firms Banks and Card Issuers 45% 56% Annuity Firms Mutual Fund Firms 17% 13% % of Firms with Facebook Pages 5
  6. FACEBOOK PAGES: JANUARY 2012 Brokerage Firms Banks and Card Issuers 80% 82%Annuity Firms Insurance Providers Mutual Fund Firms 79% 86% 46% % of Firms with Facebook pages 6
  9. SOCIAL TRENDS IN WEALTH MANAGEMENT INDUSTRY Financial Advisors’ personal homepages are often used to stimulate social networking  Follow FA on Twitter, connect via LinkedIn, share the FA’s page on Facebook, etc. FAs at major wealth management firms are using LinkedIn  Useful for keeping up to speed on clients and their careers  Valuable for prospecting, finding professional groups that fit the FA’s target market (e.g., doctors)  No need to generate steady stream of interesting content like Twitter FA Twitter pages also becoming more common  The challenge is still compliance  How can the FA be interesting with canned messages? 9
  10. SOCIAL TRENDS IN WEALTH MANAGEMENT INDUSTRY Many retail brokerages and asset management firms now have corporate Facebook and Twitter profiles Most major self-directed brokerages offer their own communities to clients – no sign of similar efforts among wealth management firms 10
  11. ADVISOR-FOCUSED SOCIAL EFFORTS Ameriprise Financial Morgan Stanley Smith Barney Raymond James RBC Wealth Management 11
  12. AMERIPRISE FINANCIAL LinkedIn-powered advisor search tool  Launched November 2011  New spin on FA/branch locator tool Designed for prospects but also benefits advisors Still face several hurdles  60-70% of FAs are on LinkedIn but only 20% provide a link from their personalized website  Questions about user ’s willingness to sign into Linkedin via a third-party site 12
  13. AMERIPRISE FINANCIAL “Share This Advisor ” feature for Facebook on FA homepage 13
  14. MORGAN STANLEY SMITH BARNEY Pilot program with FAs on LinkedIn and Twitter  600 out of 18,000 Fas Links on advisor homepages lead to their social media profiles FA tweets are pre- approved by compliance, but content isn’t stale 14
  15. MORGAN STANLEY SMITH BARNEY Tweets focus on:  Current market events  Re-tweets of news organizations  Pre-approved product guides and MSSB research  Some personal observations, i.e., “lifestyle” 15
  16. RAYMOND JAMES All FAs can use Facebook, LinkedIn and Twitter through Actiance’s Socialite platform  Advisors no longer limited to static, pre-approved messages FAs post to Socialite rather than to the individual social networks  Socialite streamlines approval process  Distributes posts to major networks  Stores messages for later retrieval Raymond James supplements technology with training on how to use social media 16
  17. RBC WEALTH MANAGEMENT Springboard website launched in February 2011 Initially conceived as a resource to onboard new FAs Developed into a content promotion site for advisors  Videos feature first-hand, “real- world” accounts from leading FAs and branches  Links to related sales content  Ratings and comment features 17
  18. FACEBOOK: AdaptedMEASURING SUCCESS from our Social OF YOUR SOCIAL Media Leaders Report OUTREACH 18
  19. MEASURING SOCIAL SUCCESS Audience Content Engagement 19
  20. AUDIENCE Facebook Fans Industry AverageIndustry Average (w/out top 10) Annuity Firms Banks & Card Issuers Brokerages Insurance Providers Mutual Fund Firms - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 January 2012 20
  21. AUDIENCE Facebook Fans (without Banks & Card Issuers) Industry AverageIndustry Average (w/out top 10) Annuity Firms Brokerages Insurance Providers Mutual Fund Firms - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 January 2012 21
  22. CONTENT Page Objective Wall Posts Applications and Other Pages 22
  23. PAGE OBJECTIVE General company pages Company mascot or spokesperson  Discover’s Peggy  E*TRADE’s Baby  Progressive’s Flo Product-specific  Chase Slate  Geico Motorcycle Careers Other 23
  24. WALL POSTS Formal vs. informal tone Variation in content and style Website and other social property content Product or service promotions Calls to action  Direct questions  Surveys  Contests 24
  25. ENGAGEMENT Likes Comments Shares “ Talking About This” 25
  26. LIKES, COMMENTS & SHARES90807060 50 40 30 20 10 0 Industry Average Industry Average (w/out top 10) Annuity Firms Banks & Card Shares/Post Issuers Brokerages Insurance Comments/Post Providers Mutual Fund Firms Likes/Post 26
  27. “TALKING ABOUT THIS” Measures fan interactions  Likes (page, posts and other content)  Wall posts  Comments  Shares  Mentions  Check-ins Data from last seven days  Refreshes Daily 27
  28. Q&A 28