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![Social Media Represents A Significant Opportunity To Engage
Clients And Prospects
² Growing
expecta8on
that
firms
have
social
media
presence
as
part
of
their
engagement
model
–
Digital
Na8ves
have
a
“social
media
first”
mindset
² Social
media
is
becoming
an
increasing
source
of
proac8ve
customer
servicing
and
more
companies
are
using
so]ware
to
monitor
social
cha[er
² 52%
of
Twi[er
and
Facebook
users
are
over
35
and
50-‐56
age
bracket
has
seen
a
sharp
increase
from
9%
of
users
in
2008
to
20%
in
2011
² The
use
of
social
media
amongst
wealth
clients
is
increasing:
70%
of
millionaires
use
social
media
with
46%
using
Facebook
in
2011,
nearly
doubling
from
26%
in
2010
² In
contrast,
60%
of
wealth
management
firms
have
no
presence
or
occasionally
update
their
ac8vi8es
on
social
networks
² Tradi8onal
measures
of
success
need
to
be
reexamined
and
new
ways
of
quan8fying
the
impact
of
social
media
need
to
be
established
© 2011 Blue Panda Interactive. Proprietary And Confidential.! 13!
Source:
Pew
Internet
&
American
Life
Project](https://image.slidesharecdn.com/bluepandainteractivefinancialadvisorsalesintegration-121114132457-phpapp01/85/Financial-Advisor-Integrated-Sales-Experience-13-320.jpg)
![Considerations As You Plan Out Your Digital Strategy
It
is
important
to
clearly
define
your
goals
when
cra]ing
your
social
media
plan.
Decide
if
you
want
to
increase
sales,
create
a
stronger
brand
iden8ty
and
posi8oning
as
a
thought
leader,
generate
deeper
engagement,
etc.
² Know
your
community
and
create
compelling
content
for
them;
ensure
that
content
is
8mely,
relevant,
and
can
be
shared
across
social
networks
² Focus
efforts
on
conversa8on
and
engagement
rather
than
selling
products
or
services
² Devise
ways
to
harness
user
generated
content
and
audience
engagement
to
a[ract
a
larger
base
of
followers
² Use
social
media
as
a
customer
listening
tool
and
provide
proac8ve
customer
service
² Tools,
calculators,
benchmarks
are
ways
to
engage
your
audience;
they
should
be
built
for
mobile
devices
and
tablets
for
use
as
standalone
applica8ons
or
for
face-‐to-‐face
advice
sessions
² Advisors
already
on
social
media
should
be
pro-‐ac8ve
and
reacquaint
themselves
with
internal
and
regulatory
policies
© 2011 Blue Panda Interactive. Proprietary And Confidential.! 34!](https://image.slidesharecdn.com/bluepandainteractivefinancialadvisorsalesintegration-121114132457-phpapp01/85/Financial-Advisor-Integrated-Sales-Experience-34-320.jpg)
![Blue
Panda
Interac8ve
[Digital
Consultancy
+
Crea8ve
Agency]:
Merging
the
brains
of
a
strategic
consultancy
and
the
innova8ve
approach
of
an
agency
to
transform
customer
experiences.
We
focus
on
digital
strategy,
media,
and
analy8cs
to
connect
brands
with
their
customers.
We
leverage
innova8ve
ideas
that
are
based
on
business
goals
and
customer
needs
to
execute
winning
strategies.
Our
belief
is
that
integrated
marke8ng
and
content
are
key
ingredients
to
connect
and
engage
with
your
audience.
It’s
about
sharing
a
passion
to
drive
business
outcomes
and
delight
customers.
If
you
would
like
to
learn
more
about
how
we
can
partner
with
you
please
contact
us
at
info@bluepandainterac8ve.com
© 2011 Blue Panda Interactive. Proprietary And Confidential.! 37!](https://image.slidesharecdn.com/bluepandainteractivefinancialadvisorsalesintegration-121114132457-phpapp01/85/Financial-Advisor-Integrated-Sales-Experience-37-320.jpg)
Uploaded byPenn Mutual
Financial Advisor Integrated Sales Experience
The document discusses the transformation of the financial advisory industry due to digital trends, particularly in content management, social media, and mobile technologies. It emphasizes the importance of integrating these elements into a cross-channel strategy to build personal brands and engage clients, particularly digital natives. Advisors must navigate regulatory challenges while adapting to a landscape where social media and mobile experiences play a critical role in customer engagement.
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Financial Advisor Integrated Sales Experience
- 1. Financial Advisor IntegratedCustomer Experience How content management, social media, & mobile are shaping the future! Jeff Fleischman CEO, Blue Panda Interac9ve October 2012 I N T E R A C T I V E © 2011 Blue Panda Interactive. Proprietary And Confidential.! 1!
- 2. We’re Transitioning ToA New Paradigm In Which Advice, Customer Experience, And Personalized Content Will Merge ² The engagement model between companies, financial advisors, and their clients will undergo a drama8c change over the next 3 years ² Three underlying drivers that companies need to focus on are content strategy, social media, and mobile ² Digital na8ves will not engage brands in ways past genera8ons have, they will expect to engage brands through digital touch points ² Social-‐mobile experiences will dominate how firms reach and engage their clients and should be integrated into a cross-‐channel strategy ² Advisors will need to build and maintain their personal brand via social media networks whilst balancing regulatory constraints ² There will be winners and losers largely based on the response to these inevitable changes © 2011 Blue Panda Interactive. Proprietary And Confidential.! 2!
- 3. Drivers Of IntegratedSales Experience There are several factors that will impact how financial advisors interact with their clients Social Media Integrated Mobile/ Content Sales Tablet Experience © 2011 Blue Panda Interactive. Proprietary And Confidential.! 3!
- 4. Drivers Of IntegratedSales Experience There are several factors that will impact how financial advisors interact with their clients Social Media Integrated Mobile/ Content Sales Tablet Experience © 2011 Blue Panda Interactive. Proprietary And Confidential.! 4!
- 5. © 2011 BluePanda Interactive. Proprietary And Confidential.! 5!
- 6. Content Is TheConnective Tissue Across All Channels And Touch Points Leverage content to reinforce the brand promise; engage all customer segments throughout the customer lifecycle; achieve desired business outcomes and objec8ves Searchable Content has become: • SEO/SEM • Keywords • Dynamic • Linguis8c Profiling • Real-‐8me Op8mized Distributed • Lead • Personalized Genera8on • Print • Web • Site Cross-‐Sell Content • eMail • Integrated, cross-‐channel • Engagement • Social Media • Two-‐way Ecosystem • Mobile • Portable User Generated Personalized • Pos8ngs • Experience • Ra8ngs • Educa8on • Advice • Comments • Transac8on • Tes8monials © 2011 Blue Panda Interactive. Proprietary And Confidential.! 6!
- 7. Creating Content ShouldPromote Thought Leadership And Expertise Across Owned, Paid, And Earned Media. Personalized content is an important part of engaging and conver8ng leads as well as retaining and growing exis8ng business © 2011 Blue Panda Interactive. Proprietary And Confidential.! 7!
- 8. Managing Content UsedTo Be Simple © 2011 Blue Panda Interactive. Proprietary And Confidential.! 8!
- 9. Content Distribution HasProliferated Beyond Traditional Channels A central repository is needed to efficiently manage content crea8on and dissemina8on across all customer touch points Company © 2011 Blue Panda Interactive. Proprietary And Confidential.! 9!
- 10. Content “Publishing” Ecosystem:End To End Content Oversight And Execution Governance & Oversight Management & Maintenance Priori8zed Publishing Calendar Execu8ve Content Direc8on “Editor” PlaTorm: Cross-‐Channel Content Produc8on and Maintenance Branded Campaign Targeted Updates Content Content Content & News Content Content Commi[ee Ops Team Social Live Web Mobile Print Media Person Behavioral Analysis, Results © 2011 Blue Panda Interactive. Proprietary And Confidential.! 10!
- 11. Open Forum IsAmerican Express’ Strategy To Create Market Leadership And Engagement In The Small Business Community ² OPEN Forum is a content rich destination that provides small business owners useful information and share issues within the community! ! ² OPEN Forum includes pertinent articles, blogs, and contributors that are regularly updated! ² Articles and content throughout OPEN Forum can be shared through Twitter, Facebook, LinkedIn, email, RSS, etc. ! ! ² Mobile and tablet applications have been introduced as additional distribution points! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 11!
- 12. Drivers Of IntegratedSales Experience There are several factors that will impact how financial advisors interact with their clients Social Media Integrated Mobile/ Content Sales Tablet Experience © 2011 Blue Panda Interactive. Proprietary And Confidential.! 12!
- 13. Social Media RepresentsA Significant Opportunity To Engage Clients And Prospects ² Growing expecta8on that firms have social media presence as part of their engagement model – Digital Na8ves have a “social media first” mindset ² Social media is becoming an increasing source of proac8ve customer servicing and more companies are using so]ware to monitor social cha[er ² 52% of Twi[er and Facebook users are over 35 and 50-‐56 age bracket has seen a sharp increase from 9% of users in 2008 to 20% in 2011 ² The use of social media amongst wealth clients is increasing: 70% of millionaires use social media with 46% using Facebook in 2011, nearly doubling from 26% in 2010 ² In contrast, 60% of wealth management firms have no presence or occasionally update their ac8vi8es on social networks ² Tradi8onal measures of success need to be reexamined and new ways of quan8fying the impact of social media need to be established © 2011 Blue Panda Interactive. Proprietary And Confidential.! 13! Source: Pew Internet & American Life Project
- 14. Social Networks/Blogs GrabbingA Large Share Of Consumers Time! Time spent by U.S. consumers condensed to the equivalent of one hour – social media/blogs take up approximately 13 minutes of every hour! Source: Nielsen NetView June 2010 Facebook remains the primary social media platform eclipsing all others! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 14! Source: comScore, Google, Statista
- 15. Over 50% OfOnline Users Expect Weekly or Monthly Updates Through Social Networks Marketing Contact via Social Networks % of respondents June 2011 28% 26% 13% 11% 7% 6% 4% 3% 2% More than Once Every other Twice Once Twice a month Once a month Never Other once a day a day day a week a week or less © 2011 Blue Panda Interactive. Proprietary And Confidential.! 15! Source: ROI Research and Performics
- 16. Social Platforms AreA Trusted Source Of Information And A Growing Influence On Buying Behavior Social Tools that Impact Purchasing Decisions, June 2011 User generated product reviews 59% Customer Q&A on product website 42% Purchasing advice for financial products 39% Community forums (peer groups) 26% User generated videos 15% Facebook company fan pages 13% Facebook newsfeed 13% Mobile (phone apps, text alerts) 9% Twi[er (monitor, respond, post) 9% © 2011 Blue Panda Interactive. Proprietary And Confidential.! 16! Source: e-‐tailing group, PowerReviews, ROI Research, and Performics
- 17. Drivers Of IntegratedSales Experience There are several factors that will impact how financial advisors interact with their clients Social Media Integrated Mobile/ Content Sales Tablet Experience © 2011 Blue Panda Interactive. Proprietary And Confidential.! 17!
- 18. Mobile’s Growing Influence– Expect It To Become The Channel Of Choice For Most Activities ² More people access Twitter and Facebook on mobile devices than on desktop computers! ² Americans spend an average 2.7 hours socializing on their mobile phones! ² Mobile banking has tripled to 15% between 2008 and 2011; more than 40MM U.S. consumers will be using mobile banking by the end of 2012! ² Nearly 30% of consumers conduct product research on mobile devices! ² 70% of all mobile searches result in action within 1 hour! ² Smartphone shipments are the fastest growing mobile segment and tablets will out sell computers within the next few years.! ² Mobile web traffic will exceed desktop traffic by 2015! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 18! Source: Mobile Banking News
- 19. The Rise OfThe Mobile Web As The Dominant Channel Of Choice Facebook mobile users have! Nearly 30%of consumers conduct product research on mobile devices ! from 50MM in 2009 to 200MM in 2011! There are mobile video Twitter has over active users playbacks from YouTube every day! sending over tweets a day! Social networking accounted for over 86% of mobile internet users use their of all page views on mobile phones in 2011! mobile phone while watching TV ! Over 300k apps have been developed in 90% of the largest retailers have a mobile the past 3 years and downloaded more than site or smartphone app! 10.9B times! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 19!
- 20. The Emergence OfThe “Mobile First” Mindset – Companies Need To Develop Alternative Screen Experiences Mobile phones have become an indispensible tool for real time research and purchasing behavior – tablets will accelerate these rates! % of respondents Researched Product on Mobile 29% Researched on Mobile and Bought 26% In-‐Store Purchased On A Mobile Website 24% Researched on Mobile and Bought 21% Online Purchased With A Mobile App 18% In-‐Store Price Comparison 16% © 2011 Blue Panda Interactive. Proprietary And Confidential.! 20! Javelin Strategy 2009
- 21. Tablets Will PlayAn Integral Role For Digital Consumers – Firms Need To Adjust Their Strategy And Experiences In-person experience and tools/calculators will become more prevalent, consumers will expect more complexity without sacrificing ease of use! 60% % Ownership US Adults With A Tablet or eReader 55%* 50% 40% 29% 30% 18% 20% 16% 14% 10% 5% 6% 3% 4% 2% 0% © 2011 Blue Panda Interactive. Proprietary And Confidential.! 21! *Estimate Source: Pew Research; Independent Research
- 22. Mobile Consumer Behavior Fueledby apps, mobile devices have become indispensible part of our lives! Over 300k apps have been developed in the past 3 years and downloaded more than 10.9B times! Consumer’s use mobile devices is ubiquitous ! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 22!
- 23. Where do we go from here? © 2011 Blue Panda Interactive. Proprietary And Confidential.! 23!
- 24. Over The Next3-5 Years Expect A Major Shift In How Financial Advisors Interact With Clients and Prospects ² Acknowledgement in the growing influence of social media and mobile usage in the financial advisor community ² Skep8cism exists that digital touch points can be used to build rela8onships in an industry that has tradi8onally been a high touch, personal service ² Firms/financial advisors will need to figure out how to increase their social media presence in order engage prospects and clients ² Companies need to navigate the regulatory and privacy hurdles that exist internally and externally ² Generally, advisors need to build up their social-‐mobile skills to be more effec8ve in engaging a growing digital-‐first audience ² Social-‐mobile ini8a8ves should not be managed in isola8on, integra8on with exis8ng channels is cri8cal © 2011 Blue Panda Interactive. Proprietary And Confidential.! 24!
- 25. Firms Are GraduallyIntroducing Their Financial Advisors To Social Media, But Within Three Years It Will Be Commonplace “Putnam investments launches video blog to “Goldman Sachs, which recently said help financial advisors tap social media” it was looking to hire a ‘social media community manager,’ has taken to Morgan Stanley Smith Barney plans to give TwiPer to post news about the firm.” par9al access to TwiPer and LinkedIn for it’s 17,000 financial advisors which amounts to a bet that social media can be an effec9ve business tool for financial advisers.” “AllianceBernstein, has given employees access to LinkedIn.” “The Blackstone Group also maintains “Morgan Stanley’s retail brokerage a TwiPer account.” unit, using TwiPer and LinkedIn has helped financial advisers win more business over the past year.” © 2011 Blue Panda Interactive. Proprietary And Confidential.! 25! Source: The Securi8es Industry and Financial Markets Associa8on
- 26. Social Media ActivityIs Growing Across Firms, However, Success Should Be Measured By Level Of Engagement JPM – Facebook JPM Community, Twi[er JPM Funds Blackrock –DSP Blackrock Mutual Funds Facebook Followers = 151.9k © 2011 Blue Panda Interactive. Proprietary And Confidential.! 26!
- 27. Advisors Are IncreasinglyUsing Social Media Although Its Use For Business Purposes Lags Personal Use Approximately 30% -‐ 40% of advisors do not use social media for business purposes Sep-‐11 Mar-‐12 67.0% 68.2% 63.3% 65.0% Percent of advisors using social media! 62.2% 53.2% 48.1% 51.5% 43.8% 45.0% 34.7% 31.0% Wirehouse/ Regional Firm IBD RIA Insurance Bank/ Na8onal Firm Brokerage © 2011 Blue Panda Interactive. Proprietary And Confidential.! 27! Source: Registered Rep and Wealthmanagement.com
- 28. LinkedIn Is TheLeading Social Network Among Advisors ² Among advisors using at least one social network for business, 90% use LinkedIn and are more than three 8mes as likely to use it over other social networks ² Facebook is the dominant social network for personal use at 71% Social Networks Used for Business Overall Social Network Usage for Business/ Personal Among financial advisors who use at least Purposes one for business LinkedIn Facebook Twi[er Google+ Business Personal Total Usage 91% LinkedIn 83% 17% 78% Facebook 29% 71% 75% 32% 38% 28% Twi[er 39% 61% 22% Google+ 50% 50% 37% © 2011 Blue Panda Interactive. Proprietary And Confidential.! 28! Source: LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012
- 29. Active Rates AndFrequency In The Usage Of Social Networks Among Advisors Is Increasing Used Social Network Foe ² Nine out of 10 advisors now have a social Business Purposes At Least media profile or account and 56% are ac8ve 1x Week 1x Month (vs. 51% in 2011) LinkedIn 53% 74% Facebook 37% 48% ² Among advisors with social network Twi[er 31% 37% accounts, LinkedIn and Facebook have highest penetra8on rates but Twi[er is Google+ 20% 27% growing at the fastest pace 73% 71% 2011 2012 ² Although most advisors report that their % Of Advisors With An Account(1) 62% 55% social media use is restricted, it has not deterred the overall adop8on rate of social media 27% 19% ² Twi[er can be an effec8ve high frequency communica8ons tool to lead users to specific sites and content Facebook LinkedIn Twi[er (1) Source: American Century © 2011 Blue Panda Interactive. Proprietary And Confidential.! 29! Source: Registered Rep and American Century; LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012
- 30. Among Advisors, LinkedInIs The Leading Social Network Because It Most Closely Complements How They Grow Their Book Of Business Among social networks, LinkedIn is far ahead for business usage to drive lead genera8on, connec8ng with clients//prospects, and genera8ng asset inflows 71% LinkedIn Facebook Twi[er Google+ 42% 42% 34% 31% 30% 20% 16% 17% 12% 12% 11% 11% 11% 8% 9% 9% 7% 8% 8% 7% 7% 6% 7% 5% 5% 5% 2% Making professional Improving the Building my brand Cul8va8ng client Expanding my Enhancing current Cascading thought connec8ons effec8veness of my iden8ty prospects professional client rela8onships leadership in my referral network knowledge base field © 2011 Blue Panda Interactive. Proprietary And Confidential.! 30! Source: LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012
- 31. Advisors Believe ThatUsing LinkedIn For Prospecting Has Led To New Client Acquisition And AUM Advisors that gained clients from LinkedIn were 2-‐2.5X more successful in engaging and cul8va8ng client rela8onships than those who did not acquire clients on LinkedIn Source: LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012 © 2011 Blue Panda Interactive. Proprietary And Confidential.! 31!
- 32. The “Social-Advisor” EraHas Begun To Take Shape – Are You Ready? FACTS & STATS IMPLICATIONS Social networking usage increased 10%+ in 2012 and Laggards in adop8ng a social strategy will be is approaching or exceeding 50% at many firms at a compe88ve disadvantage 25% of advisors acquired clients through social media Its impera8ve that firms to adopt an efforts following a tradi8onal first contact integrated channel strategy Social media usage among advisors: LinkedIn 84%, Each social network has a specific a[ributes Facebook 28%, Twi[er 16% and its usage should be clearly defined 43% of advisors do not use social media for business Companies and advisors need a coordinated purposes, but 74% are interested in it for strategy and training to develop the prospec8ng, marke8ng and communica8ons appropriate social skills to engage prospects and customers For those with policies in place, nearly 67% of firms There is a large gap between the personal prohibit the use of Facebook, YouTube and Twi[er usage and business prohibi8on of social for business purposes; 25% prohibit the use of media needs to be resolved to minimize LinkedIn compliance and reputa8onal risks Among advisors, compliance and regulatory concerns Coordina8on needed among advisors and are considered to be the primary challenge when compliance teams to understand using social media; specific areas of uncertainty are regula8ons. Policies need to outline how to answer ques8ons and permissibility in sharing permissible usage of social media by opinions or advice with clients advisors. Interactive. Proprietary And Confidential.! © 2011 Blue Panda 32! Source: Registered Rep and WealthManagement.com
- 33. Advisor Social MediaPlaybook – Building A Personal Brand In A Socially Connected World Build Your Social Media Profile! ² Ensure a LinkedIn profile articulates and highlights experience and expertise. Recommendations and endorsements add credibility. ! ² Create a Facebook profile that highlights a personal side, interests, include content that will garner attention and sharing among your followers.! ² Use Twitter as a communication platform to connect with websites and other social media platforms.! ! Expand Your Circle Of Influence! ² Facebook, LinkedIn, and other social media platforms provide a window into personal events/milestones that an advisor can connect to with relevant, targeted content. ! ² LinkedIn and Facebook enables an advisor to scan a clients' network for potential prospects. Engaging with one’s network provides exposure to contacts and potential leads, but avoid overt selling tactics, take a consultative approach.! Broadcast To Your Network And Their Connections! ² It’s important to publish useful, relevant information, research papers, etc. Sharing this information across LinkedIn Groups, Facebook, email will expand reach. ! ² Twitter is a good way to broadcast to your network and lead them to relevant information.! ² Every client is a sphere of influence and social media is an efficient and effective method to connect with them and their network.! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 33!
- 34. Considerations As YouPlan Out Your Digital Strategy It is important to clearly define your goals when cra]ing your social media plan. Decide if you want to increase sales, create a stronger brand iden8ty and posi8oning as a thought leader, generate deeper engagement, etc. ² Know your community and create compelling content for them; ensure that content is 8mely, relevant, and can be shared across social networks ² Focus efforts on conversa8on and engagement rather than selling products or services ² Devise ways to harness user generated content and audience engagement to a[ract a larger base of followers ² Use social media as a customer listening tool and provide proac8ve customer service ² Tools, calculators, benchmarks are ways to engage your audience; they should be built for mobile devices and tablets for use as standalone applica8ons or for face-‐to-‐face advice sessions ² Advisors already on social media should be pro-‐ac8ve and reacquaint themselves with internal and regulatory policies © 2011 Blue Panda Interactive. Proprietary And Confidential.! 34!
- 35. “The era ofthe Social-Mobile Financial Advisor has dawned. Companies and financial advisors need to focus on engaging with their clients across social media platforms. Advice, customer experience, and personalized content will converge and the winners will be those that can make the transition.”! ! Jeffrey Fleischman, CEO Blue Panda Interactive! © 2011 Blue Panda Interactive. Proprietary And Confidential.! 35!
- 36. Q&A © 2011 Blue Panda Interactive. Proprietary And Confidential.! 36!
- 37. Blue Panda Interac8ve [Digital Consultancy + Crea8ve Agency]: Merging the brains of a strategic consultancy and the innova8ve approach of an agency to transform customer experiences. We focus on digital strategy, media, and analy8cs to connect brands with their customers. We leverage innova8ve ideas that are based on business goals and customer needs to execute winning strategies. Our belief is that integrated marke8ng and content are key ingredients to connect and engage with your audience. It’s about sharing a passion to drive business outcomes and delight customers. If you would like to learn more about how we can partner with you please contact us at info@bluepandainterac8ve.com © 2011 Blue Panda Interactive. Proprietary And Confidential.! 37!