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Understanding Social Media Networks for Financial Advisors - A Webinar for Accretive Advisor - 9 Nov 2011


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Social media networks are rapidly changing the communications landscape for many businesses, including financial services. There is an explosion of new ways to connect and new places to do so online. Consumers are leading the way, armed with a dizzying array of new devices and tools - and businesses risk being left behind.

In this webinar, we will introduce Financial Advisors to the human and technological aspects of social media networks and how consumers are using them to find, research and engage with professional service providers. Emphasis will be placed on understanding the key elements of effective social media strategy and not on any specific tactics.

Jay Palter is a social media consultant with a career spanning two decades in financial services, software development and marketing. He writes a regular column for on social media strategies.

Published in: Technology, Business
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Understanding Social Media Networks for Financial Advisors - A Webinar for Accretive Advisor - 9 Nov 2011

  1. 1. Understanding Social Media Networks for Financial Advisors Webinar - November 9, 2011 Presented by Jay Palter
  2. 2. Who is this guy? • Email since1989, blogging since 2003 • Entrepreneur and business owner • Life-licensed insurance professional • Social media columnist
  3. 3. Overview• Primacy of search• What is social media anyway?• Impact on business culture• Strategic considerations for professionals• Crowdsourcing knowledge• Questions
  4. 4. Search
  5. 5. Search93 % of consumers worldwide that use search engines to find and access websites. Source: Forrester Research85 % of qualified Internet traffic is driven through search engines. Source: Seventh WWW User Survey - Georgia Institute of Technology75 % of search engine users who never scroll past the first page of results. Source: Seventh WWW User Survey - Georgia Institute of Technology
  6. 6. Owned Owned Paid Owned Earned EarnedOwned Earned Earned
  7. 7. What does this mean?• Eventually, everyone is “Googled”• Website is small part of online presence• Social media engagement improves search engine optimization• Web search is the end of forgetting• Can’t control search results
  8. 8. Social Media: a definition
  9. 9. Social Media is... A synthesis of new and traditional media that incorporates advertising, public relations, customer service,marketing, sales, and community relations. It’s disruptive. It’s about human sociology. It’s enabled by technology.
  10. 10. Once upon a time...our media choices were limited. + +
  11. 11. Today, our media options are virtually unlimited. And growing.
  12. 12. Driven by content social media comments articles feedback charts criticism pictures analysis videossharing/curation ads/creative discussion slide decks user created doodles
  13. 13. Old vs. New Media Old media New mediaMass, one-to-many Micro, many-to-many Monologue Dialogue Closed Open
  14. 14. Demographics
  15. 15. Work force changes
  16. 16. Demographics
  17. 17. Strategiesfor building trust
  18. 18. 5 social branding strategies ➊ Be the values you espouse ➋ Cultivate trust and credibility ➌ Define personal brand ➍ Do business in real time ➎ Allow social to transform
  19. 19. ➊ Be values you espouse• Consistency• Responsiveness• Excellence and quality• Listening• Transparency
  20. 20. ➋ Cultivate Trust T = (C x R x I)/S Credibility X Reliability X IntimacyTrust = ___________________________________ Self-orientation Source:s Brogan and Smith -Trust Agents Maister, Galford and Green - The Trusted Advisor
  21. 21. Trust must be earned.• Credibility is built by... • Creating quality • Sharing others’ content• Consistency and reliability is built by... • Responding, being present • Sticking to it, no quitting
  22. 22. Trust cannot be bought.• Intimacy is built by... • Sharing personality • Showing what you care about, what makes you tick• Unselfishness is demonstrated by • Helpfulness online • Giving without asking for anything back
  23. 23. ➌ Build personal brandPersonal is professional. Relationships aregrounded in personality.
  24. 24. ➍ Do business in real time• Social and mobile technologies have shortened news cycle• Business leaders need to respond and empower employees to do so• Pay attention in order to leverage opportunities
  25. 25. ➎ Social will transform• Listening is the mantra of social media• Hearing means allowing it to change us• Customers will tell us what they want• Then we just have to do it
  26. 26. Popular Tools
  27. 27. WarningDo not participate in any social mediaactivities without prior consultationwith your firm’s compliancedepartment.
  28. 28. Crowdsourced knowledge find and be found follow and stay informed read and be influenced learn from the kids
  29. 29. 3 steps to hedge your bets:• Get a Google account (• Get your domain names (.ca and .com)• Register at major social media sites
  30. 30. The influence economy• Social capital - money can’t buy it• People - not firms - influence people• Goal of influence: brand ambassadors• Influence scoring tools are exploding
  31. 31. KnowledgeOlder Adults and Social Media (Pew) the Battle for the Wealthy Investor(Cisco) Investment Solutions to Gen Y(Advisolocity)
  32. 32. Presented by Jay Palter Web: Blog: Email: jay@palter.caTwitter: @jaypalter Mobile: 780-868-8433 Web: Twitter: @accretiveinvestLinkedIn: Accretive Advisor groupToll free: 1-877-516-0113 Email: