Social Media Ethical Use for Finance & Insurance

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WIFS Ethics Summit 2012

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Social Media Ethical Use for Finance & Insurance

  1. 1. Deborah Gonzalez, Esq.WIFS Atlanta Ethics Seminar April, 2012 deborah@law2sm.com
  2. 2. This presentation is for educational purposesonly and does not constitute legal advice. Itis recommended that you seek legal counselfor specific matters. 2
  3. 3. www.law2sm.com 3
  4. 4. 4
  5. 5.  Why is it important to know this? What is Social Media? Social Media Platforms Why do those in IFS use Social Media? Rules/Guidelines The 5 D’s of Ethical Use of Social Media Q&A
  6. 6. There can be consequences…Individuals have lost jobs, been disbarred, been disciplined, lost cases, lost clients, lost money, lost their reputation, lost their good standing in their communities, etc., etc., etc.For example…
  7. 7.  A communications channel? A communications method? A life-interpretation lens? A paradigm shift? Trouble?
  8. 8. http://www.youtube.com/w atch?v=0eUeL3n7fDs
  9. 9.  Facebook Twitter YouTube LinkedIn Google + Pinterest
  10. 10. http://www.facebook.com/Law2sm
  11. 11.  Goals:  Attract Clients - Marketing  Establish a reputation/Showcase Expertise  Drive traffic to website  Get more media attention/speaking engagements  Network & Build/maintain relationships
  12. 12.  Goals:  Locate information to support your practice  Competitive intelligence and customer feedback  Branding  Communication/Information distribution/sharing amongst professionals  Find a new position
  13. 13.  Social Media (Unwritten) Principles  Transparency/Authenticity (credibility)  Currency (what is important at this moment)  Relevance (to who is reading)  Influence not Numbers
  14. 14.  Federal/State Laws  FTC – Revised Endorsement Guides ▪ http://business.ftc.gov/documents/bus71-ftcs-revised- endorsement-guideswhat-people-are-asking  SEC – An 4, 2012 Social Media Risk Alert ▪ http://www.sec.gov/about/offices/ocie/riskalert- socialmedia.pdf
  15. 15.  FINRA – Regulatory Notice 10-06  http://www.finra.org/web/groups/industry/@ip/@ reg/@notice/documents/notices/p120779.pdf NCIA – Adopted: Social Media Use in Insurance  http://www.naic.org/documents/committees_d_s ocial_media_exposures_111201_whitepaper_draft _social_media.pdf
  16. 16.  American Financial Group – Code of Ethics  http://www.afginc.com/phoenix.zhtml?c=89330& p=irol-govconduct
  17. 17.  Decision Disclosure Disclaimer Direction Documentation
  18. 18.  Decision  Your Decision to put yourself on social media. ▪ FTC – Credential Fraud/False Advertising ▪ SM Policies, Procedures, Controls, Training
  19. 19.  Disclosure  Who is sending posts/tweets? – Disclose Affiliations  Disclosure must be “clean and conspicuous”  How is information used when sent in by a client? Or gather via social media? (Open Graph)  No fake reviews
  20. 20.  Disclaimer  How should the forum be used ▪ Community Guidelines  Privacy & Consumer Protection ▪ A single tweet can violate 17 Federal privacy laws and over 88 state laws.
  21. 21.  Direction  Supervision/Approval Requirements  Monitoring Social Media Conversations ▪ Ad vs Editorial Content ▪ Static vs Interactive Content ▪ Company vs Agency  Routing Communications ▪ Complaints
  22. 22.  Documentation  Record Preservation  Evidence
  23. 23.  Have a plan for using social media – it begins with your goals. Do you even need to be there? Budget/allocate resources for it – get professional help when you need it. Learn about it –educational programs/books should be part of the budget. Learn the rules/guidelines/policies of your industry and your employer.
  24. 24.  Pick one and start there – LinkedIn is a good first choice. Profiles are important and so is your photo! Get in the habit of checking your social media account(s) at a certain time every day or pick one day a week. Be on a consistent schedule that will not overburden you. Create a Google Alert for your name and your company name.
  25. 25.  Put a time limit on your social media activity. Practicing IFS and servicing your clients is priority. Keep alert for updates on social media and the IFS industry.
  26. 26. Social Media is… PublicPermanentPowerful
  27. 27. ???
  28. 28. Deborah Gonzalez, Esq. deborah@law2sm.com 404-857-1331 www.law2sm.comTwitter: @law2smdeborah Facebook: Law2sm

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