How Wealth Managers are Building Business Through Social - BDI 4.2.13 Wealth Management & Social Media Leadership Forum


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Case Study: How Wealth Managers are Building Business Through Social
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc

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How Wealth Managers are Building Business Through Social - BDI 4.2.13 Wealth Management & Social Media Leadership Forum

  1. 1. Six Principles for Social Success inFinancial ServicesJoanna BelbeySocial Media and Compliance Specialist @belbey #BDI1Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc.
  2. 2. Agenda2 @belbey #BDI1
  3. 3. Why are we presenting to you today? • Joanna Belbey – Social Media and Compliance Specialist – FINRA Education Department – Running training firm – I help firms use social media while complying with the regulations • Twitter: @belbey, @actiance • LinkedIn: • • My biggest challenge?3 @belbey #BDI1
  4. 4. About Actiance Enablement Market Leadership • Unified Communications • Collaboration • Social Media 76% • Social Business • 5,000 Web Applications North American Financial Services Market Global Operations Partners4
  5. 5. 97.09% of people questioned in a survey said theirbuying decisions are influenced by social groups.@belbey #BDI1Confidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc.
  6. 6. Social media usage • A majority of respondents indicate using social media for one or more business purposes. SOCIA L MEDIA USAGE For which of the following business purposes do you use social media today? Respondents under 35 are more likely to use social media for business purposes than those 55 or older (68% vs. 45%) Base: all respondents in 2012 (1,428) and 2011 (1,597); multiple responses.6 @belbey #BDI1
  7. 7. Social Media Maturity Curve Early Majority Early Adopters • Corporate SM presence • Corporate Presence • Social media usage Early Consideration • Acceptable use policy by distributed teams • Some Corporate advisors • Social media being Presence used by distributed • Acceptable use policy Pre-Consideration • Banned/ restrictive teams/advisors • Next step, use social • No Social Presence policy in place • Need to: use social to to develop, strengthen • Restrictive social • Pilot program for develop, strengthen relationships, for some policy content distribution relationships, for also as a sales channel might be in place some also as a sales • No Social Tools • Previous concerns • Need to: justify channel about IIROC and/ or • Need to: identify distributed teams impact of social media options, best practices usage overcome by market acceptance and demonstrable results.7 @belbey #BDI1
  8. 8. Case Study: Wealth Management Firm (NJ) • Outline – LinkedIn Only – Listening is Key, watching connections who matter – Using Social as an integral element of communications mix to spot change • Real results – LinkedIn Connection retirement status change = $2.75m account acquisition • Job Change noticed on Status Update = 401k rollover • FA obtains 400 new prospects in Energy market • New Commercial Account Opportunity through colleagues LinkedIn Connections8 @belbey #BDI1
  9. 9. Case Study: RW Baird • Outline – LinkedIn Already Available to 1200 – Veteran Advisers, tech savvy – Authentic Content • Real results – @MaryS_rwbaird • 51 followers • 93 Tweets (at the time) • $1m prospect9 @belbey #BDI1
  10. 10. Close new business At a marathon, a supporter, became a client.10 @belbey #BDI1
  11. 11. Drive customer loyalty and sends A friend sees an owie, a cure.11 @belbey #BDI1
  12. 12. Leverage your connections In a company building a closes business town, network, for you.12 @belbey #BDI1
  13. 13. e13
  14. 14. Risks of Using Social Media and Web 2.0 Data Leakage Incoming Threats Compliance & eDiscovery User Behavior Personal Information SEC, FINRA Employee Productivity Intellectual Property Malware, Spyware HIPAA, FISMA Bandwidth Explosion Credit Card, Viruses, Trojans SOX, PCI, FSA SSN Every employee is the Inappropriate Content FRCP- eDiscovery face of business Client Records FERC, NERC14
  15. 15. Why is social important to Financial Services? • In the USA, Gen Y accounts for $2.4 trillion worth of personal income. • In 2025, Gen Y will account for 46% of personal income. Source: Javelin Research
  16. 16. Contact16
  17. 17. The Six Essential Principles forSocial Media SuccessConfidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc.
  18. 18. Principle 1: Strategy • Social media is just another way to broaden reach • Companies are successful in their social media use when social networking is part of the corporate DNA – Executive sponsorship. Senior management embraces social media as a way to reach customers, prospects, and partners – Executive engagement. Senior management understands the value and they are enthusiastic about the opportunities – Part of the corporate culture – Eliminate politics and streamline content approvals “Social Media is a part of the mix, not the solution” GARTNER18
  19. 19. Principle 2: Personal Brand • You, Dear Reader, are my most valuable asset • 17% of consumers trust a brand. 70% trust recommendations given by friends and connections • Consumers are starting to purchase products through social media • Movenbank requires individuals to register on Facebook • ICICI Bank enables use of social to login in to one’s bank account • Long-term objective: consumers and customers engage with the brand as embodied by individual employees19
  20. 20. Principle 3: Relevant Content • Content is King: use the personal approach • Deliver compelling, informative and entertaining content • Start with pre-approved content • Develop a library of interesting insights, investment challenges, wealth management tips, etc. • Strive for personalized, unique content that informs your connections about you. • Don’t just broadcast a brand message20
  21. 21. Principle 4: Crowdsource • Empower the Social Consumer to work for you • Convert consumers into evangelists promoting your products or services • Before making buying decisions, consumers research online and seek recommendations from their network • Provide useful information that establishes your expertise and is worth sharing21
  22. 22. Principle 5: Education • Understand the role of social media in sales and marketing • Establish your social media objectives • Select which social networks are best for you • Avoid regulatory pitfalls • Build and maintain a network • Integrate social media activities • Analyze metrics to assess engagement levels of network • Adjust your social media program22
  23. 23. Principle 6: Analytics • Measuring clicks vs. measuring engagement • Comments are more valuable than “likes” and shares are more valuable than comments • The number of followers on Twitter, LinkedIn and Facebook is an important metric • Active listening leads to effective engagement • Create your own real-time data stream • One measure of social media success is gamification23
  24. 24. Six Social Principles for Success Create Integral Strategy Develop Personal Brand Crowdsource Content Leverage Customers Educate and Train Measure & Analyze24
  25. 25. Actiance Webinar Wednesdays • The Six Essential Principles for Social Media Success • The Legal Issues of Social Media • Social Media Best Practices- Implementation Checklist • Social Networking USA- Compliance for FINRA Regulated Organizations • Social Networking USA- Compliance for SEC Regulated Organizations • Social Networking Canada- Compliance for IIROC Regulated Organizations25
  26. 26. Contact Information • • @Actiance, @belbey • Further reading: • Marketers Guide to Social Media in Financial Services • IIROC and FINRA requirements mapped to Facebook, LinkedIn, and Twitter features • Social Media Handbook • Osterman Research: The Impact of New Communication Tools for Financial Services Firms • Actiance Collateral Library
  27. 27. Thank youJoanna BelbeySocial Media and Compliance SpecialistConfidential and Proprietary © 2012, Actiance, Inc. All rights reserved. Actiance and the Actiance logo are trademarks of Actiance, Inc.