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Social media

  2. 2. IT’S ALL ON THE WEB Social Media Revolution for Financial Advisors Social Media for Financial Advisors The Challenges of Social Media for Financial Advisors 1
  3. 3. POWER & IMPACT OF SOCIAL MEDIATHE POWER OF SOCIAL MEDIA- Online content that has fundamentally shifted how people communicate.• To get to 50 million listeners it took radio over 30 years.• To get to 50 million viewers it took television 13 years.• To get to 50 million users it took the internet 4 years.• FACEBOOK had 100 million users in 9 months and there are 1 billion using Iphone Apps in the same period of time 2
  4. 4. POWER & IMPACT OF SOCIAL MEDIA • 700 million users across Twitter, LinkedIn, and Facebook • Consumers spend an average >55 minutes/day on these platforms • 85% of financial services professionals under 50 use social media and 40% said it has led to more business • Fundamental shift in how we communicate • Today there are 75 Million twitters, over 500 million Facebook users and 60 million using LinkedIn. 3
  5. 5. FACEBOOK •From the Press Room of Facebook (Source: •More than 500 million active users •Of those 500 million 50% log into Facebook daily if not more. •The Average FB (Facebook) has 130 friends •Facebook spend and accumulated 700 billion minutes per month on FB- That’s a total of 84,000,000,000 •Mobile (Smartphone) online user •200 million active users •Thisusers are 2x more active then just login on computer users 4
  6. 6. WHY USE SOCIAL MEDIA? To Build Relationships! We are in the business of engaging in relationships, gathering information, providing value in the relationship and get feedback from our clients and prospects. Gathers info: Facebook can help you to get to know your customers and prospects and build deeper RELATIONSHIPS; their likes, dislikes, hobbies, vacations, family. Provide Value: LinkedIn helps in connecting people and this can lead to referrals and recruiting. Be engaged with clients/prospects: Twitter provides the venue for immediate, efficient (140 characters only) and quick feedback. The ultimate goal of social media is to build relationships not PITCH yourself or product. 5
  7. 7. WHY USE SOCIAL MEDIARecruiting• Social media can also be a great way to find out additional information about candidates as well as weed out those that that are unsuitable for the position. • For Example: Alex could log into Facebook and check out possible candidates to get a better understanding of who they are and if they are appropriate for consideration.• Have you Googled yourself? I am sure you would be surprised to find out what information is out there about you. • The same could be said about people we are asking to come on board. 6
  8. 8. WHO IS USING SOCIAL MEDIA? • It’s not just for the younger generation! • Baby boomers have always been good communicators, so it was inevitable that boomers would check out social media sites. • Boomers expect that technology will help them live longer and better lives and keep them connected to family, friends, co-workers and, eventually, healthcare providers 7
  9. 9. SOCIAL MEDIA AND CONNECTIONS • 43% buy financial services based on recommendations from social networking friends • The research also found that compared with a range of other products that are recommended by social networking friends, financial services is the most trusted referral, leading to the most frequent purchases. • In addition, 21% pass on information and advice about financial services they receive via social networks, overlooking Financial Advisers and Bank Staff in favor of reaching out to friends as the experts • Social networks help people to share honest feedback and information that, in the current environment, consumers feel is lacking 8
  10. 10. MORE EVIDENCE ABOUT SOCIAL MEDIASocial Media Sharply Influences Investment Decisions According to New Study from Cogent Research• Social media plays a rapidly growing and influential role in individual investors’ financial decision-making.• The impact of social media on investment-related decisions, reveals trends: o Investors are highly engaged in social media; o Peer opinion influences a majority of investment decisions; and Financial services firms that fail to keep up with, and engage in, this emerging media are basically putting the fate of their brand into the hands of consumers. 9
  11. 11. MORE EVIDENCE ABOUT SOCIAL MEDIAWhile it’s no secret that nearly 80 percent ofU.S. adults are online, the Cogent Researchstudy reveals that:•One out of every four U.S. online adults is engaged insocial media that deals specifically with personal financeand investing.•High net-worth online adults’ usage of social media forinvesting outpaces that of the general population.•More than half of high net-worth investors havequestioned the accuracy of information received from“official” sources due to social media, including more thana third of investors who question information from theiradvisors due to social media 10
  12. 12. THE RESULT? The question firms should be asking is not “if,” but “how quickly” they can engage in social media.” 11
  13. 13. INDUSTRY RESOURCES • Advisors Today • Offering podcast as well as articles about the power of social media • LAMP • 2011 Conference offering a session on Social Media ―Don’t Get Left Behind: Social Media for the Agencies‖ Tuesday, March 22, 2011 • NAIFA • Articles such as :Seven Reason’s Why Social Media matters by Matt Anderson • Facebook and Twitter are worthwile if you really enjoy spending tiem on social media, activley look for people who can open doors for your business and trying to help and add value to others. • LinkedIn helps to identify others that your contact knows • Since sales is often a numbers game, using social media can facilitate nowing a lot of people • Everyone needs their own brand – and it’s free • You can networkf from home (but only to a point) • People sharing personal trivia about themselves is not everyone’s cup of tea • Some of the best networking and brand building is done in non-threatening environments 12
  14. 14. REGULATIONS • FINRA Rule 10-06 • In September 2009, FINRA organized a Social Networking Task Force composed of FINRA staff and industry representatives to discuss how firms and their registered representatives could use social media sites for legitimate business purposes in a manner that ensures investor protection. • The goal oft his Notice is to ensure that—as the use of social media sites increases overtime — Investors are protected from false or misleading claims and representations, and firms are able to effectively and appropriately supervise their associated persons’ participation in these sites 13
  15. 15. REGULATIONS • Penn Mutual • Patty Flack: ―Linked in is something that IS allowed.. because Linked in runs through your email address ( so agents need to use their business email address for it). And therefore we have a way to capture that. • We have looked at some programs that have some potential to capture the other sites But these programs are very expensive. To obtain the programs you would need a certain number of producers to sign up before you would reach the breakeven point.. • When you hear other Broker Dealer’s talk about allow these things.. they don’t tend to tell you how much they are charging their producers • All of this is being looked at.. but again.. it’s fairly new, not always reliable and very expensive. 14
  16. 16. SOCIAL MEDIADemo’s• Facebook • Facebook is a social utility that connects people with friends and others who work, study and live around them. Facebook is the largest social network in the world with more than 500 million users.• LinkedIn • LinkedIn is a business-oriented social networking site. Founded in December 2002 and launched in May 2003, it is mainly used for professional networking. As of June 2010, LinkedIn had more than 70 million registered users, spanning more than 200 countries and territories worldwide• • Helps groups of people with shared interests plan meetings and form offline clubs in local communities around the world. 15
  17. 17. SHORTHAND GUIDE Common Phone Text Messaging Shorthand Used in Business IMs and Text Messages – we have provided you a copy AFAIC - As Far As Im Concerned MTFBWY - May The Force Be With You ASAP - As Soon As Possible MYOB - Mind Your Own Business BRB - Be Right Back NRN - No Reply Necessary BSUS - Business NWR - Not Work Related BTW - By The Way OTP - On The Phone CLM - Career Limiting Move P&C - Private & Confidential DD - Due Diligence PEBCAK - Problem Exists Between Chair And DQYDJ - Dont Quit Your Day Job Keyboard DRIB - Dont Read If Busy QQ - Quick Question EOD - End Of Day RFD - Request For Discussion EOM - End Of Message RFP - Request For Proposal EOT - End Of Thread SME - Subject Matter Expert FYI - For Your Information STD - Seal The Deal GMTA - Great Minds Think Alike TBA - To Be Announced HIOOC - Help, Im Out Of Coffee TBD - To Be Determined IAITS - Its All In The Subject TWIMC - To Whom It May Concern IANAL - I Am Not A Lawyer TIA - Thanks In Advance IM – Instant Message WIIFM - Whats In It For Me KISS - Keep It Simple Stupid WOMBAT - Waste Of Money, Brains And Time LOPSOD - Long On Promises; Short On Delivery WTG - Way To Go MOTD - Message Of The Day YW - Youre Welcome 16
  19. 19. ACTION PLAN FOR AGENTS Every agent needs to utilize social media to connect to the world around them. • Social Networking requirements: Each agent will be required to attend and take part in two social media activities per week / at least an hour for each • Examples of networking we are asking of them:,, Club, Association, Sports as a player a coach or a ref, Skype/Tengo, Alumni Organization as a chair or board member, Associations, Volunteering, ect. • For example agent Olive Oliver can join a wine group on and attend an event on Tuesday and then on Thursday he can spend an hour connecting to people on and updating his status 18
  20. 20. SOCIAL MEDIA & THE 1ST 90 DAYS • Agent Questionnaire • Each Manager should have their agents fill out this questionnaire immediately upon going into internship phase. It will help them come up with ideas for their target markets and possible options. • Marketing Plan – First 90 days • A simple one page plan that they must complete. • Prospective Associate Assessment • Must pass to achieve Career Builder. Marketing plan is part of their assessment • Activity Report • Report of the weeks activity, this will then reflect the addition of social media / networking 19
  21. 21. MARKETING PLAN & ACTIVITY REPORT • The requirements for Social Networking will be outlined in the marketing plan and the agent is responsible to research and decide on which social media or networking avenues he/she wants to pursue. • Social Networking has been added to the weekly activity report activity source page and an additional work schedule page has been added 20
  22. 22. RELATED ARTICLESMany references we made today came from the following articles, which we have provided for you.• The Innovation Engine Communit • Will Mark Zuckerberg Reinvent The Insurance Industry? - A 2011 Prediction by Maria Umbach, January 10, 2011• eMarketer Blog: • Baby Boomers Get Connected with Social Media JANUARY 28, 2010• Hotwaire • 43 per cent buy financial services based on recommendations from social networking friends• Cogent Research: • Social Media Sharply Influences Decision According to New Study 21
  23. 23. FOOD FOR THOUGHT • Cost of paper used in 2010 – Way more than we should! • Cost of printer cartridges in 2010 – Expensive $$$ • Total of 120 books created for managers meetings How can we make them more cost effective and support the initiative to Go Green? • Cost of an eReader $150 or an iPad $499 22
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