Compliant Social Networking Strategies for Financial Professionals


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Presentation is a must watch for any agent, advisor, broker, or financial professional who is thinking of using Social Media, and Social Networking to prospect and grow their business. I begin to scratch the surface of compliance issues and raise thoughts on how to over come the compliance burden. Connect the online world with your offline world!

Contact me @RichLoPresti on twitter with questions... there was audio to this presentation.

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  • This is a Topic I am very Passionate about. I only have 45 mins so I’m not going to talk about me. All I’ll tell you is that I am a Financial Advisor gone Social… Check out my linkedin Profile for more details.If you have any questions, ask them, you can submit questions. I am going to leave 15 mins for answering your questions. If I don’t answer your question, tweet me @RichLoPresti and we’ll connect. I WANT TO HELP.------------------------------------------------ 
  • We have 30 minutes to cover the outlined topics and 15 mins for Q & A…I’m not going to waste your time. I may talk fast for some of you, but I apologize in advance -- In the end you’ll walk away with… my opinions, on Social Networking…….Compliance, case studies and 3 prospecting techniques I’m going to show you. According to Brian Tracy, in hi work21 Great Ways to Become a Sales Superstar there are only three things that he says are worthy of your time if you want to be a Successful Salesperson.  They are Prospecting, Presenting Solutions, and Follow-up. Everything else is just a big waste of time. In this presentation will I’m going to show you how Social Communication Technology can help you improve in PROSPECTING. You’ll walk away with actionable ideas and strategy.
  • What is Social Media? This is my basis for everything..To me…..Social Media = Real Life Communications. Social Networks = Access …. What you do with it is up to you…… It’s that simple.I still don’t think people fully grasp the power of one to one, many to one, or one to many with regards to old fashion engaging Communication. Social networks is simply a more efficient means to COMMUNICATIONPeople think Social Networks Connect Everything, that isn’t true. What it does do is give you ACCESS to the Entire World, but then again you always had access… but you never had a means…there were barriers for you, how could you Scale yourself? How could you literally meet everyone in the entire World… it just wasn’t physically possible. Without People opening their mouths to speak, or moving their fingers to type there would be no Connection or communication.The game has not changed, the medium has been expanded. We are in the client information age, and that relevant information is everywhere. You just need to know where to find it, how to organize it and how to act on it. I have two quick examples of this Awesome Power…..
  • Example 1The World Wide Social Web is bringing us back to small town rules,” says Gary Vaynerchuck author of the must read book “The Thank You Economy.” People are people and like to be treated as such, not a sale. Start engaging them based on the cues and clues they leave you in their social profile. Gain your audience’s trust in the context of their online conversation, hard sales pitches are very poorly received in a social media environment. Most people are not interested in you helping them solve their problems if they don’t know you, and where you are coming from. Preliminary studies shows that It takes between 6 to 7 interactions before a person will start trusting you (also be sure to have established your social identity online, they will be looking you up to get a sense of who you are). Answer questions and educate your audience, just listen and respond by adding value (again, without a sales pitch). You must represent the desires of your clients and prospective clients. Companies are supposed to be thanking their customers… but that’s only half the story… with companies like facebook and twitter, their consumers are thanking them… around the WORLD.
  • Example 2Again… Social is POWERFUL…. As seen here. In Occupy Wall street…. Who’s in charge? They all are…Everyone has control, as long they have a meaningful, thoughtful, relevant, engaging, thought topic or conversation to share… they will get their 15 minutes of fame.
  • For older Advisors in general, New Technology can be hard to incorporate in to their practice… their habits are already formed. Time is hard to come by, and if you don’t see instant results in something, you fall back to what has been working.Un Educated advisors are missing the point………Social Technology allows them access to more than ever before. Mainly approach more qualified prospects, easier and faster, but in that speed, we need to slow down the process. With social technology Your reach is bigger, your more informed and your message can be stronger, but don’t forget the initial concepts, the fundamentals of selling are the same…… the new airplane may be faster but the last time I looked, Wings are still on an airplane, tires are still round on the motorcycle…. Etc….------------------------------You can tweet, you can talk, you can respond, you can build a better relationship that you would be able to if you were just dialing a phone,hoping the client would answer the phone, (who knows how the conversation would go even if they answered, what mood they were in, if they were having a bad day etc... it doesn't matter online - if it is relevant and or in the right context of the moment.
  • Now to the good stuff……COMPLIANCE…..I’m not covering 10-06… 11-39 or any other regulation in great detail… regulation would put you to sleep…… I’m going to simplify it for you…As an advisor, Do what you have been trained to do. On social don’t try to change the sales process. be normal, In your job, YOU are already social…!You just have been using different social media …the, social phone (which you were most likely trained on), social conversation (which you roleplay), social letters you write, social email, social fax… you get the point……now we have social networks. With Social Networks…..Talk about things in general, don’t recommend buying or selling stock, don’t give a strong opinion about a company… don’t say Apple is in trouble because Steve Jobs died, and you better watch the stock… and you’ll be fine…. Better yetGet Creative – Be You, Engage – Don’t SellIts Quality not Quantity Build RelationshipsTakes time to build, don’t force it. Don’t let your GOALS pressure you in to trying to close on the first interaction, or the second, or the third. Link online social with offline social
  • We’re not going to figure this out today, but here are some thoughts to get you thinking….Is compliance the real problem for effective social media deployment or… if we look under the hood….whats really holding it back…. Could it be a combination ofBrand Reputation Protection on an Enterprise level? Reps are already speaking to clientsCould it be Goals, are your Reps spread to thin as it is? The industrty is commoditized… the Reps are the differentiatorReps already have goals (you may need to take a step back, lower goals initially, to move forward to take the pressure off a little)On average there is no instant gratification hereCan it be training? I wasn’t born using Social Networks…. But I’ve been COMMUNICATING MY ENTIRE LIFE….Sales reps are trained and retrained and reviewed… social media definitely needs trainingIt’s no different than, role playing, and out-bound call training, etc… it needs to be ingrained in to a company's culture.. A Financial organization cannot, afford to not let their advisors use it if they want to, on the same token they can’t force it upon reps that don’t want to use it.
  • FUNNY THING IS from a regulation standpoint… Social Media Networks are a gift to the compliance department, everything is traceable and measurable under ones own true social identityIt allows COMPLIANCE to track messages that aren't being tracked through these modes….. The water cooler, the bar… ever make an untraceable call to the WSJ? What are you mailing in that letter, was it pre-approved, did you forget to have a series 9&10 or 24 look at it?Is it, a solicitation…. What happened if you forget to get that FAX approved and Signed off on…. (do you ever)?For Financial Firms…. As Gregg Weiss says, If you don’t trust your employees then you might not be hiring the right people…. They are Already are the FRONT LINE representing the Brand, the FACE of the Organization
  • Did this Tweet damage Morgan Stanley's SOCIAL Reputation? If you let it, Compliance can take the Authenticity out of SOCIAL: THIS IS WHAT FEAR DOES.In this slide here are some recent tweets that show multiple Morgan Stanley advisors tweeting the same tweet at the same time. Do you think they all speak to clients the same Exact way as well… I don’t think so…FOR COMPLIANCE SAKE…. Don’t take your personality out of Social. - This Tweet should have come from the Morgan Stanley Firm account and then ReTweeted by their reps… it’s more authentic, and proper twitter protocal.(MORGAN STANLEY IS aware and is WORKING ON THIS) ……THERE IS Technology that allows you to be you and be compliant at the same time…FINRA keyword library's that prevent tweets from going out with negative sentiment, or buy recommendations etc…
  • Let the BRAND WORRY ABOUT ADDRESSING ENTERPRISE COMPLAINTS AND BRING back authenticity and encourage INDIVIDUAL compliant creativity… Creative Artist @GregBurney  gives us an idea how…. ON TWITTER He vowed to sketch the first 3,000 new followers he gained. He started out with 70 followers, and by the end of the day, had attracted over 2,000. Today he has over 7,000 followers. Because of this awesome interaction showcasing his talent, Burney gained an 8,000% change in Twitter followers and possibly a few more people interested in his artistic work. 
  • Everyone can be influenced, Everyone can be approached. I gave an idea to get, my hidden motive was for Greg to draw a picture of me!Allow the opportunity for Advisors to be creativeHOWCAN YOU USE CREATIVITY TO FIND NEW CLIENTS IN THE FINANCIAL SERVICES FIELD? Get Creative – Be You, Engage – Don’t SellIts Quality not Quantity Build RelationshipsTakes time to build, don’t force it. Don’t let your GOALS pressure you in to trying to close on the first interaction, or the second, or the third. Link online social with offline socialNYLife begins to show us how
  •  I had the privilege to hear New York Life talk about their Social Strategy a few different events I attended. Dipayan Gupta, Social Media Consultant of New York Life, re-quoted a colleague by saying; "regulation is not a wall - its a hurdle that needs to be overcome." Unlock Social in your enterprise. Unlock the hidden value and talents of your employees; encourage them to contribute above and beyond their title. Let them share their knowledge, their experience with your prospects and clients. Again… You hired them right?Scared of FINRA? He says FINRA will work with you. They want and need help from Financial Institutions. They need it to generate case studies to analyze. Again, don’t be afraid of regulators, be Social, work with them, and they will work with you.
  • Companies can do simple things like resurecting old mediaNYLife has a Treasure Trove of old content ad from 1945…. The 60 year old Message is the same, the Medium is different… almost 40 likes 19 shares. All the old assets bubbling up. How much is that Media Library Worth?
  • Heres one of my favorite strategies….. They aren’t even talking about life insurance they are talking about football..
  • NYLife now has a new audience OF OVER 20K NEW LIKESit would have never had ATTRIBUTED TO THEIR CAMPAIGNFootball fans and football bloggers are really digging the Protection Index…..Parallel WITH INSURANCE PROTECTION…. THEY HAVE THE RIGHT AUDIENCE MALES 20 -50 AND THEY SUBTLY FOLLOW THROUGH WITH THE NOTION OF ARE YOU PROTECTED AS WELL AS YOUR QUARTERBACK…
  • IM TRANSITIONING NOW TO PROSPECTING: This slide shows a sample of my online interactions and the result of them securing a face to face meeting.I PRACTICE WHAT I PREACH AND IT WORKS: I AM MY OWN SOCIAL EXPERIMENT… as a side I spent all of yesterday meeting with people in NYC that I met online. Bring the conversation OFFline (old school compliance rules… onsite branch meeting or offsite)Searching for People – Doesn’t affect compliance, linking in or twittering just archiving doesn’t need preapproval. One of the most common struggles in making social networking work for advisors, is that they are treating this medium the same way they would use the phone. Pound the phone, pound the phone pound the phone. Social Media is more of building the relationship subtly letting the prospect explore you online at their leisure. THEY NEED TO REMEMBER: Talking to someone on social does not interrupt them, like your untimely phone call, or your email to the abyss…. if done right it compliments them, social allows you to give solutions or thoughts to someone who is looking for answers and ideasEach network has There all have their subtleties FACEBOOK:Just like any sales job, if you were selling Kirby vacuum cleaners door to door, or were a commission only insurance agent or advisor, you are always urged to start with family and friends, Linkedin and facebook, allow you to more quickly extend your social graph.TWITTER: it’s not just about tweeting or Retweeting, that’s not enough. Engage, ask one more question.Then another. Overtime, take it offline to solidify the relationship… It’s awesome just meeting them., but you never know who they know…. FACEBOOK:Linkedin:Professional phone book that informs and connects you through six degrees of separation, and it’s the first place people go to find out more about you.------------------------Yes.  I am used to traditional prospecting using the phone, and through referrals from existing clients.  I was never able to network through the internet. I am casting a really wide net of qualified prospects within my verticals.  I am in the process of creating a more robust social profile utilizing a blog, in addition to my presence on Linkedin, Twitter and Facebook.When you talk about relevant, engaging information, people talk to you.  They then click on your Linkedin Profile or search for you on google.  If your profile is clear, clean and succinct bulleted action items, people then engage you about what you do and who you might be able to help them.I have been targeting people that are interested in what my profile says. Help them find you. The whole World search's for the same Keywords – learn what they are looking for… (by being on top of industry trends and TRENDING topics) and provide them with the answer providing value in a creative way – (develop your own style)By default consumers feel Social Channels are more effectiveWebsite, Email, Phone, In-Person, Social NetworkFear of being exposedEvery Channel is connectedTalking to someone on social does not interrupt them, if done right it compliments them, social allows you to give solutions or thoughts to someone who is looking for answers and ideas
  • Here we go…FACEBOOK – Best Prospecting strategy is Direct to the Prospect on Facebook, Direct to Center of Influence on Linkedin, and it is equal on Twitter – depending if you are searching to answer a question or searching specific keywords When you are looking to add friends of friends and family – be sure to add a personal greeting. Do NOT make it a sales pitch. Find a commonality, a picture you both might be tagged in, a post you both commented in, just continue the conversation. ITS HARD NOT TO FIND A COMMONALITY…..
  • WITH FACEBOOK PROSPECTING YOU ARE Communicating more effectively….you are not interrupting there life WHILE THEY ARE FOCUCED ON SOMETHING ELSE…you slide right in… an example of this is inListening for Life Events: Your two eyes are now ears (as if you were sitting face to face with a client). Now you have 2 eyes and 2 ears to listen to your clients. No cutting them off before they can speak, you don't even have to worry about asking them the right open-ended question. They are already telling you what you want to know. It is so easy to Listen (and not speak) while looking at a Facebook Thread. Important Life events of your clients are happening everyday on Facebook, Who’s getting Married, Who is having a Baby, Graduating, Death in the Family etc… You know instantly what’s happening in your client’s lives so you can react. Can you say a Goldmine of Opportunity? We are in The Information age… What are you going to do with it?Worried bout compliance… JUST LISTEN and take this information offline… and add it to the conversation you potentially could have with them in person. We are in The Information age… What are you going to do with it?
  • I’ll cover Lists and Prospecting on TwitterTwitter is different…..Twitter is the Worlds most open network as far as access is concerned. It’s a terrific real time actionable search engine where you can interject yourself in ongoing conversationYou can virtually talk to anyone in the World, as long as they are on it – With Google Translate… you can understand other languages as well.Prospecting on twitter could go either way, diresct to prospect, who is searching proactively for help, searching what people are saying about your competition, or simply searching for relevant keywords… 
  • Twitter Lists, real quick… they help youSave time and Stay Current. Save Time on any imaginable topic……..: You don’t need to read every paper and every magazine Follow People who influence you on twitter: Create a List(s) on Twitter of all the things you want to keep on top of. For instance my list Breaking Social Business News FeedI knew Osama was dead before all of my friends…. Social Breaks news…Also …This list is where I should has Seen the MS tweet…. 
  • Here’s FINRA’s Twitter: YUP THEY ARE ON TWITTER….They’re on my business news list list……..
  • Now to Prospecting…. Like I said…You can do this multiple ways… entering conversations of people searching for something… do you know a good accountant, can you recommend a good accountant, where can I find a good CPA, I’m looking for etc…? IN THIS EXAMPLE I am just going to look for an accountant…. Who can be a CENTERS OF INFLUENCE for me to LEVERAGE OUR BUSINESSTwitter is the Most relevant Search engine, because there are conversations going on on topics that you should be involved in.
  • Boolean Type search….If you search google (or twitter HELP you’ll find blog posts on how to more effectively use the search box
  • JUST ONE EXAMPLE Young CPAs are Hungry, They definitely know people…..They don’t have people to refer business to@LHARWARD Fresh Center of Influence Prospect that you can train from the start, as opposed to going after a 30 year accounting vet whose established 50 times over…To be even more effective…..GEO target them down to the States you’re registered in….. AMAZING TING IS EVERY TIME YOU DO THIS YOU’LL FIND SOMETHING DIFFERENT… THE CONVERSATIONS NEVER END
  • Linkedin, isn’t angry, it’s just really powerful….. A live interactive phone book on steriods if you willLinked ins Best Prospecting strategy is Direct to the Center of Influence on Linkedin, ------As a Financial Adviser I think we all can agree that building rapport and trust with clients is a “must do” before a prospect will commit themselves to you as their advisor or planner. Not only do you ask them about their financial lives you also ask them about what their hopes and dreams are. No one is going to tell you those things if they don’t trust you. You are the person that is going to help to accomplish all of their wildest hopes and dreams.To help validate and connect your offline world with your online world it would be in your best interest to build your “Trust Profile” on Linkedin. It is a “must do” for all Financial Advisors and Planners. Unfortunately the Industry Regulators are behind the times when it comes to regulating social media and Financial Advisors. What we can say and what we can’t say. What we can do though is make sure we are building up are reputation online to enhance what we have been doing offline. 
  • THE PROFILE IS IMPORTANT IN TWITTER (Light, humorous 160 words) and FACEBOOK (Where your personality comes out), but EXTREMELY IMPORTANT on LINKEDIN… THE PROFESSIONAL NETWORKKeywords are key and the social web is powerful. Setting up your profile on the networks with the key words of your niche, is how the social people are going to find you. To illustrate my point if you use “Financial Advisor” in your profile. Everyone in the entire world on social media who types in the words “Financial Advisor” in theory should be able to find you. This is true, and very powerful. But, the fact is every financial advisor is doing that, so you need to get creative to get to the top of the search. Local social helps narrow things down a bit.
  • This is way more than a resume, in fact if you think it’s a traditional resume, you are missing the point.This is Professional YOU:The words you choose to describe what you do, what value you provide, what you can help a viewer in need accomplish is the most important thing you do on the Social Web.This is how people can find you.Also if they found you SOMEWHERE OUT THERE, on twitter, facebook, a blog, or if they were referred to you… this is the place they go to find more about you. More so than Facebook.---------------YOU HAVE TWO KEY DISTINCT AUDIENCES:The ones searching for help.The ones searching for help because you found them and now they are doing their due diligence on you.
  • Nice to see what KEYwords people are searching and finding you on.This page shows the top keywords on the left and bottom center, the industry of the people finding you in the center and the location on the right
  • To take it one step further you can drill down and see how many people are viewing your profile, and in most cases who they are…….
  • Now for prospecting on linkedin…. This page is busy…. But you can ,Search for the keywords and combinations you like. Break it down on seniority level, if you’re chasing the whale, company size if you’re looking to get with HR to review their 401(k) options, Relationship… if you know them or know someone they know,
  • In this example we are going to search for that same center of influence…. The accountant
  • In this example we are going to search for that same center of influence…. The accountant
  • 1572 Accountants that I can be introduced to from my connections, 4 accountants I am connected to.For example, I am picking one, Robert Dilorio, we have 23 shared connections, but we don’t know each other… Think we have something in common?On top of that we Share 6 Linkedin Groups together.
  • Only one way to find out if we really do have something in common. ASK… can we help each other outI am going to request to add him to my network and see if we can connect…
  • I am connecting with him through a Group….. YOU CAN JOIN 50 GROUPS AND I SUGGEST YOU DO…it gives you access to that many more people with similar interests The PURPOSE IS TO advance the ball, GET A MEETING, AN AT BAT.I like to connect ONLINE with OFFLINE.
  • Questions. We’ve been getting some great questions throughout the presentation that I’d like to address now Leave me emails on my site, twitter, etc.. On topics you’d like me to go more in-depth with, please let me know.
  • Compliant Social Networking Strategies for Financial Professionals

    1. 1. Presented by Rich LoPresti @RichLoPresti
    2. 2. What We’re Covering… 2
    4. 4. @garyvee 4 With Social Media, who has control?
    5. 5. 5Who is the Leader ofOccupy Wall street?
    6. 6. 6Is new Technologybetter, faster, more efficientthan old?
    7. 7. Is Compliance Really the Problem…? 7
    8. 8. Is Compliance Really the Problem…? 8 Brand Reputation! Advisor Goals! Broker Training!
    9. 9. “Social Media is a Gift…” 9 “If you don’t trust your employees, then you may not be hiring the right people” @greggweiss
    10. 10. 10 Don’t take your personality out of Social?This message should have been Tweeted from Morgan Stanley.
    11. 11. 11@JackSepa Are you Reviewing Reviews?
    12. 12. 12How can youget creative?
    13. 13. 13Everyone canbe influencedEveryone isapproachable
    14. 14. 14
    15. 15. 15
    16. 16. 16
    17. 17. 17
    18. 18. Very Smart!
    19. 19. Keywords Key in Social Search. 19 It Works!
    20. 20. 20800 Million Strong!
    21. 21. 21 Show themLife events Streaming in real time!
    22. 22. 22
    23. 23. 23Organize, SaveTime, Stay Current
    24. 24. 24FINRA’s on my List
    25. 25. 25Twitter Search is Powerful
    26. 26. 26Advanced Search for more Relevance!
    27. 27. 27Boolean Search
    28. 28. 28One Click Away…
    29. 29. 29Struck Gold!
    30. 30. 308000 Followers withSimilar Interests.
    31. 31. 318000 Followers
    32. 32. 32
    33. 33. 33Most ImportantInformation aboutProfessional YOU!
    34. 34. 34Most ImportantInformation aboutProfessional YOU!
    35. 35. 35Choose your KEYwords Wisely… Measurable Linkedin Statistics
    36. 36. 36
    37. 37. 37
    38. 38. 38
    39. 39. 39
    40. 40. 40GEO Target around NYC
    41. 41. 411572 2nd Connections,4 1st Connections
    42. 42. 42Similar Interests?
    43. 43. 43Putting Social in Networking