Case Study: Compliance Considerations in Social Media Initiatives
Presented by: Koa Van (David) Chung, Senior Compliance Officer - Sales and Marketing Practices Compliance, Legal & Compliance Department, ING Investment Management – U.S.
All social media projects in the financial services industry rely heavily on the guidance of in-house compliance staff or outside law firms to provide direction and approval on what can or cannot be implemented based on existing government regulations. This discussion will provide you with some important regulatory considerations and compliance guidance when conceptualizing, designing and implementing your social media-related projects.
www.bdionline.com
Kristin Ferguson of Boston Financial Data Services discussed the company's use of social media. She outlined their goals in using platforms like Twitter to engage clients, enhance thought leadership, and ride future technology trends. She described their content strategy, which includes posts from Boston Financial, community members, conferences, and a #BFTurns40 campaign. Rajib Chanda then discussed regulatory considerations for financial firms using social media, including record keeping requirements and policies around personal device usage. He emphasized developing clear social media policies and procedures.
Social Media for Lenders Webinar featuring Lee NegroniSmarsh
Record keeping rules for mortgage lenders weren’t written with social media in mind. Complying with these rules for loan-related tweets, Facebook messages and LinkedIn communications suggests the proverbial square peg and round hole. Some regulatory agencies mention social media communications but lack rules for it, while others are silent on the subject.
Is social media an unsupervised digital opportunity to advertise and originate mortgages, or a regulatory compliance risk?
The document discusses compliance requirements for using social media in the financial services industry. It notes that existing regulations around communications and record keeping still apply to social media use. It also discusses the need to address security risks from hackers. Effective compliance solutions need to allow for supervision of content, preserve records and context of conversations in tamper-proof archives, and monitor all user activities in real-time. The best practice is to use both the social media API and a proxy solution to ensure all requirements around supervision, record keeping, and security are met.
Social media has moved from the fringes of techno geek culture to the mainstream with astonishing speed. The terms “social media” (or “social networking” or “Web 2.0”) is a catch-all for a variety of digital services, usually free to users and carrying advertising, perhaps the best known of which is Facebook.
A few years ago, this industry barely existed. Now it’s growing and evolving too quickly for anyone to keep pace with it. Where all this is going is impossible to predict, except to say that it is not going away, particularly given the proliferation of smartphones, iPads and tablets, and other mobile devices.
And as technology has always outpaced regulation, social media is no exception. Regulators in the US and Europe have so far issued only general regulatory guidance and still seem to be struggling to get their arms around the issue. As a result firms are skeptical about what steps they should take – if any – to start their foray into social media.
This paper gives firms a look at the four main social media outlets; provides tips in navigating these websites; and lays out a best practices framework for developing a comprehensive social media policy.
Disclaimer: This communication is provided by Advent Software, Inc. for informational purposes only and should not be construed as, and does not constitute, legal advice on any matter whatsoever discussed herein.
Kristin Ferguson of Boston Financial Data Services discussed the company's use of social media. She outlined their goals in using platforms like Twitter to engage clients, enhance thought leadership, and ride future technology trends. She described their content strategy, which includes posts from Boston Financial, community members, conferences, and a #BFTurns40 campaign. Rajib Chanda then discussed regulatory considerations for financial firms using social media, including record keeping requirements and policies around personal device usage. He emphasized developing clear social media policies and procedures.
Social Media for Lenders Webinar featuring Lee NegroniSmarsh
Record keeping rules for mortgage lenders weren’t written with social media in mind. Complying with these rules for loan-related tweets, Facebook messages and LinkedIn communications suggests the proverbial square peg and round hole. Some regulatory agencies mention social media communications but lack rules for it, while others are silent on the subject.
Is social media an unsupervised digital opportunity to advertise and originate mortgages, or a regulatory compliance risk?
The document discusses compliance requirements for using social media in the financial services industry. It notes that existing regulations around communications and record keeping still apply to social media use. It also discusses the need to address security risks from hackers. Effective compliance solutions need to allow for supervision of content, preserve records and context of conversations in tamper-proof archives, and monitor all user activities in real-time. The best practice is to use both the social media API and a proxy solution to ensure all requirements around supervision, record keeping, and security are met.
Social media has moved from the fringes of techno geek culture to the mainstream with astonishing speed. The terms “social media” (or “social networking” or “Web 2.0”) is a catch-all for a variety of digital services, usually free to users and carrying advertising, perhaps the best known of which is Facebook.
A few years ago, this industry barely existed. Now it’s growing and evolving too quickly for anyone to keep pace with it. Where all this is going is impossible to predict, except to say that it is not going away, particularly given the proliferation of smartphones, iPads and tablets, and other mobile devices.
And as technology has always outpaced regulation, social media is no exception. Regulators in the US and Europe have so far issued only general regulatory guidance and still seem to be struggling to get their arms around the issue. As a result firms are skeptical about what steps they should take – if any – to start their foray into social media.
This paper gives firms a look at the four main social media outlets; provides tips in navigating these websites; and lays out a best practices framework for developing a comprehensive social media policy.
Disclaimer: This communication is provided by Advent Software, Inc. for informational purposes only and should not be construed as, and does not constitute, legal advice on any matter whatsoever discussed herein.
The WSJ Digital Network leverages social media across multiple platforms to engage audiences and drive traffic. They have over 100 Twitter feeds with 650,000 followers that provide breaking news. Their Facebook pages have over 180,000 followers and generate discussions. They also have active communities on WSJ.com and integrate social content and advertising throughout their digital properties. This allows them to grow engaged audiences across social media.
Case Study: Success in Social Means Making the Digital Lifestyle Part of Your Enterprise DNA
Presented by: Paul Hernacki, Chief Technology Officer, Definition 6
www.bdionline.com
Case Study: Social Media Powers Workforce Wellness at Daymon Worldwide
Presented by: William Pokluda, Senior Manager, Global Benefits and Mobility, Daymon Worldwide
Daymon Worldwide is a full-service global retail branding and sourcing partner with 20,000 associates in 25 countries. Bill Pokluda, a benefits and workplace wellness professional, will share how Daymon Worldwide created and launched a successful team-based social media powered wellness program, Shapeup (http://www.shapeup.com/) in partnership with Aetna.
www.bdionline.com
Case Study: Mobile –The Remote Control for Your Health
Presented by: Joe Grigsby, Director of Emerging Media, VML
Find out how technology has evolved to one dominate screen--mobile. Erin will show the value and empowerment that mobile offers in creating a consistent opportunity for both patients and professionals to manage their health.
www.bdionline.com
The document discusses how social media will be crucial for companies in 2011, similar to how websites were important in 1998. It predicts that not having a social media presence will negatively impact companies. It provides statistics on growth of Facebook, Twitter, and YouTube. It argues that blogs will be important for transparency, and that companies in the financial industry will need social media policies and integration with compliance. Having a presence on all major social networks, including using video and addressing customers, will be critical for communication and research.
We build regulatory-compliant HCP communities for health and life science organizations. Within3 provides professional services and ongoing expertise to design, implement, and cultivate usage of online communities. Careful planning is required to ensure communities meet their goals and comply with regulations.
The document outlines 1-800-Flowers' media strategies and acquisitions from 1976 to present, with a focus on opportunities for 2011 including increased emphasis on social commerce through platforms like Facebook and mobile apps, as well as leveraging online video, behavioral display advertising, and public relations through charitable partnerships. Major tactics discussed include integration of social features into the shopping experience and optimizing their mobile presence across smartphones.
The document discusses how customers are more influential than a company's advertising in building its brand. It emphasizes that customers talking to other customers about a company or its products is important. The linear purchase funnel model is outdated, and companies must find ways to engage customers throughout the purchasing cycle and after purchase as well. Integrating social media, mobile strategies, content creation and CRM can help amplify customer conversations and influence. Companies should listen to what customers are already saying before determining how to participate in the conversation.
Case Study: Cancer.Net Mobile: Helping Patients Take an Active Role in Their Cancer Care
Cancer and cancer care have become increasingly complex. For patients, navigating these complexities can be overwhelming. Learn how one major cancer organization addresses these needs with an award-winning mobile application, allowing patients to take a more active role in their care.
Presented by: Brendan Kelly, Manager, Cancer.Net Operations, American Society of Clinical Oncology
www.bdionline.com
Critical Media is transforming from a B2B SaaS platform into a media company. It was founded in 2002 and is headquartered in New York City with over 100 employees. It launched several products and services between 2004-2012 including Critical Mention for monitoring, Syndicaster for publishing content, and ClipSyndicate for sharing clips. It uses various tools and strategies for listening, creating, and engaging audiences across digital channels and aims to expand into marketing and advertising while continuously testing and improving.
Social Media for Financial Services, Broker-Dealers and Financial Advisors. FINRA's 10 Commandments, 10-06. Case studies: Morgan Stanley, Charles Schwab, Citi. Principal approval and supervision. Archiving. Policies and training. Applying FINRA's guidelines.
This POV is here to provide guidance on how financial and investment management institutions can use social media to drive business relationships in compliance with strict government regulations.
1) FINRA has provided guidance on applying communication rules to social media, including requirements around recordkeeping, suitability, supervision, and content.
2) The SocialVolt platform helps firms meet FINRA guidelines through flexible moderation tools, dual approval processes, and long-term data retention.
3) SocialVolt offers training, education, and professional services to help firms develop social media policies and compliance strategies that satisfy FINRA.
Are you a financial advisor wondering if and how you can get involved in social networking? This webinar addresses the compliance and regulatory environment and answers your compliance questions!
Online Advisor Central: Social Media and Compliance, February 2012gslademfa
The document discusses compliance issues for financial advisors using social media. It provides an overview of regulations from FINRA and the SEC regarding social media use and outlines requirements for procedures, record keeping, supervision, and types of content that are allowed or prohibited on social media sites. Specific topics covered include procedures for static vs interactive content, archiving requirements, and available tools to help advisors comply with regulations.
The document summarizes a presentation on using social media in wealth management while complying with regulations. It discusses why firms are using social media for marketing, recruitment, and research. It outlines a social media maturity curve and provides case studies of firms that successfully used LinkedIn and Twitter. It also reviews the regulatory landscape from FINRA, SEC, and IIROC and provides best practices for risk mitigation including policies, supervision, and record keeping.
Social Media and the Law with Andrew Rosenman, partner, Mayer Brown Law Firm ...Social Media Rockstar
This document discusses various employment law issues related to social media. It begins by noting the significant risks employers face from the growth of social media, including public relations issues and legal liability. It then addresses legal issues regarding screening candidates' social media, monitoring current employees' social media, and references for former employees. The document provides recommendations for employers, such as having a clear social media policy and training employees on it. It concludes by discussing National Labor Relations Board limits on social media policies.
Presentation: Leveraging Social Business Amid The Changing Regulatory Landscape
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
Learn how the latest forms of electronic communications can help your firm become a social business. Hear case studies that show how social media is being used by Financial Advisors and others to build awareness, attract leads and generate revenues. Learn about the rapidly evolving regulatory landscape and gain an understanding how your firm can use social tools effectively while complying with these rules and regulations.
The WSJ Digital Network leverages social media across multiple platforms to engage audiences and drive traffic. They have over 100 Twitter feeds with 650,000 followers that provide breaking news. Their Facebook pages have over 180,000 followers and generate discussions. They also have active communities on WSJ.com and integrate social content and advertising throughout their digital properties. This allows them to grow engaged audiences across social media.
Case Study: Success in Social Means Making the Digital Lifestyle Part of Your Enterprise DNA
Presented by: Paul Hernacki, Chief Technology Officer, Definition 6
www.bdionline.com
Case Study: Social Media Powers Workforce Wellness at Daymon Worldwide
Presented by: William Pokluda, Senior Manager, Global Benefits and Mobility, Daymon Worldwide
Daymon Worldwide is a full-service global retail branding and sourcing partner with 20,000 associates in 25 countries. Bill Pokluda, a benefits and workplace wellness professional, will share how Daymon Worldwide created and launched a successful team-based social media powered wellness program, Shapeup (http://www.shapeup.com/) in partnership with Aetna.
www.bdionline.com
Case Study: Mobile –The Remote Control for Your Health
Presented by: Joe Grigsby, Director of Emerging Media, VML
Find out how technology has evolved to one dominate screen--mobile. Erin will show the value and empowerment that mobile offers in creating a consistent opportunity for both patients and professionals to manage their health.
www.bdionline.com
The document discusses how social media will be crucial for companies in 2011, similar to how websites were important in 1998. It predicts that not having a social media presence will negatively impact companies. It provides statistics on growth of Facebook, Twitter, and YouTube. It argues that blogs will be important for transparency, and that companies in the financial industry will need social media policies and integration with compliance. Having a presence on all major social networks, including using video and addressing customers, will be critical for communication and research.
We build regulatory-compliant HCP communities for health and life science organizations. Within3 provides professional services and ongoing expertise to design, implement, and cultivate usage of online communities. Careful planning is required to ensure communities meet their goals and comply with regulations.
The document outlines 1-800-Flowers' media strategies and acquisitions from 1976 to present, with a focus on opportunities for 2011 including increased emphasis on social commerce through platforms like Facebook and mobile apps, as well as leveraging online video, behavioral display advertising, and public relations through charitable partnerships. Major tactics discussed include integration of social features into the shopping experience and optimizing their mobile presence across smartphones.
The document discusses how customers are more influential than a company's advertising in building its brand. It emphasizes that customers talking to other customers about a company or its products is important. The linear purchase funnel model is outdated, and companies must find ways to engage customers throughout the purchasing cycle and after purchase as well. Integrating social media, mobile strategies, content creation and CRM can help amplify customer conversations and influence. Companies should listen to what customers are already saying before determining how to participate in the conversation.
Case Study: Cancer.Net Mobile: Helping Patients Take an Active Role in Their Cancer Care
Cancer and cancer care have become increasingly complex. For patients, navigating these complexities can be overwhelming. Learn how one major cancer organization addresses these needs with an award-winning mobile application, allowing patients to take a more active role in their care.
Presented by: Brendan Kelly, Manager, Cancer.Net Operations, American Society of Clinical Oncology
www.bdionline.com
Critical Media is transforming from a B2B SaaS platform into a media company. It was founded in 2002 and is headquartered in New York City with over 100 employees. It launched several products and services between 2004-2012 including Critical Mention for monitoring, Syndicaster for publishing content, and ClipSyndicate for sharing clips. It uses various tools and strategies for listening, creating, and engaging audiences across digital channels and aims to expand into marketing and advertising while continuously testing and improving.
How a B2B SaaS platform is transforming itself into a media company - BDI 1/3...
Similar to Compliance Considerations in Social Media Initiatives - BDI 5/17/12 Social & Mobile Financial Services Communications: Case Studies and Roundtables
Social Media for Financial Services, Broker-Dealers and Financial Advisors. FINRA's 10 Commandments, 10-06. Case studies: Morgan Stanley, Charles Schwab, Citi. Principal approval and supervision. Archiving. Policies and training. Applying FINRA's guidelines.
This POV is here to provide guidance on how financial and investment management institutions can use social media to drive business relationships in compliance with strict government regulations.
1) FINRA has provided guidance on applying communication rules to social media, including requirements around recordkeeping, suitability, supervision, and content.
2) The SocialVolt platform helps firms meet FINRA guidelines through flexible moderation tools, dual approval processes, and long-term data retention.
3) SocialVolt offers training, education, and professional services to help firms develop social media policies and compliance strategies that satisfy FINRA.
Are you a financial advisor wondering if and how you can get involved in social networking? This webinar addresses the compliance and regulatory environment and answers your compliance questions!
Online Advisor Central: Social Media and Compliance, February 2012gslademfa
The document discusses compliance issues for financial advisors using social media. It provides an overview of regulations from FINRA and the SEC regarding social media use and outlines requirements for procedures, record keeping, supervision, and types of content that are allowed or prohibited on social media sites. Specific topics covered include procedures for static vs interactive content, archiving requirements, and available tools to help advisors comply with regulations.
The document summarizes a presentation on using social media in wealth management while complying with regulations. It discusses why firms are using social media for marketing, recruitment, and research. It outlines a social media maturity curve and provides case studies of firms that successfully used LinkedIn and Twitter. It also reviews the regulatory landscape from FINRA, SEC, and IIROC and provides best practices for risk mitigation including policies, supervision, and record keeping.
Social Media and the Law with Andrew Rosenman, partner, Mayer Brown Law Firm ...Social Media Rockstar
This document discusses various employment law issues related to social media. It begins by noting the significant risks employers face from the growth of social media, including public relations issues and legal liability. It then addresses legal issues regarding screening candidates' social media, monitoring current employees' social media, and references for former employees. The document provides recommendations for employers, such as having a clear social media policy and training employees on it. It concludes by discussing National Labor Relations Board limits on social media policies.
Presentation: Leveraging Social Business Amid The Changing Regulatory Landscape
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
Learn how the latest forms of electronic communications can help your firm become a social business. Hear case studies that show how social media is being used by Financial Advisors and others to build awareness, attract leads and generate revenues. Learn about the rapidly evolving regulatory landscape and gain an understanding how your firm can use social tools effectively while complying with these rules and regulations.
Social Media Guidelines for Insurance Industry Actiance, Inc.
The overall tone of regulatory guidance is fairly consistent. Firms need to adhere to all recordkeeping and supervisory requirements and have the appropriate processes and policies in place to ensure compliance. Anything short of that may generate negative regulatory scrutiny and possibly risk the reputation of the firm.
Presentation: Leveraging Social Business Amid The Changing Regulatory Landscape
Presented by: Joanna Belbey, Social Media and Compliance Specialist, Actiance, Inc
Learn how the latest forms of electronic communications can help your firm become a social business. Hear case studies that show how social media is being used by Financial Advisors and others to build awareness, attract leads and generate revenues. Learn about the rapidly evolving regulatory landscape and gain an understanding how your firm can use social tools effectively while complying with these rules and regulations.
This document discusses best practices for social marketing and privacy compliance. It notes that business is moving to social media, so marketers need to protect brands through legal compliance. Common myths are dispelled, such as thinking rules don't apply to digital marketing or that agencies ensure compliance. The current fragmented state of privacy laws is described. Best practices emphasized are thinking first, creating processes, standardizing, disclosing information, documenting activities, and asking for help to avoid regulatory risks. The future may bring an umbrella privacy system in the US like in Canada and Europe. Enforcement is discussed along with notable regulatory actions and clarification from the FTC.
The document summarizes the findings of a 2010 survey on financial advisors' use of social media. It finds that while younger advisors are more actively using social media, compliance concerns and restrictive policies present barriers. LinkedIn is the most commonly used and useful platform. The survey also reveals that social media interactions can lead to new business through reconnecting with past clients and referrals. However, many advisors see social media policies as still unsettled.
Financial Advisors' Use of Social Media - 2010 Surveygerrileder
The document summarizes the findings of a 2010 survey on financial advisors' use of social media. It finds that while younger advisors are more actively using social media, compliance concerns and restrictive policies limit its adoption. LinkedIn is the most commonly used and useful platform. The survey also reveals that social media interactions can lead to new business through reconnecting with past clients and referrals. However, many advisors see unclear guidance and unsettled policies as barriers to effective social media use.
Social Networks and Security: What Your Teenager Likely Won't Tell YouDenim Group
John Dickson's presentation to a group of Chief Security Officers (CSOs) about the security implications of social networking sites such as LinkedIn, Facebook, Twitter and MySpace. He encourages CSOs to approach social networking as a business issue rather than a security issue if they want to maximize their influence.
Telerx Social Media Presentation (Ext) Nov 09mle1953
The document discusses social media and its opportunities and challenges for customer relationships. It defines social media and outlines how it supports human interaction and democratizes knowledge. It discusses how social media is transforming marketing and provides opportunities for paid placements, monitoring, content development and more. However, it also presents challenges like timely monitoring, analyzing brand impact, and managing crises. The document provides best practices for social media planning, engagement, measuring ROI, and leveraging feedback to create insights.
RegEd Social Media Basics Webinar Series - the social media policyBlane Warrene
The document discusses best practices for developing a social media policy. It recommends that a policy (1) define who is authorized to use social media on behalf of the company and which platforms are acceptable, (2) include governance and ethics guidelines as well as approved technologies and processes for ongoing management, and (3) require signed affirmations and describe mitigation strategies. The document also notes that a social media policy is both a business plan and governance document that should not be too restrictive and must comply with relevant regulations.
Staying ahead of the curve social media compliance 10-7-2010 - finalDeborah Well
The document discusses regulatory considerations and best practices for firms regarding the use of social media. It provides an overview of key topics such as where social media is headed, positive uses of social networking sites, regulatory considerations from various rules and regulations, how to create an effective social media policy and training program, the importance of monitoring social media conversations, and additional resources for firms.
This document summarizes a presentation on social media compliance for investment advisers. The presentation covers SEC Rule 206(4)-1 regarding advertisements, the SEC's recent sweep of advisers' social media use, and FINRA guidance. The presentation recommends that advisers develop written social media policies and procedures, provide mandatory training to associated persons, and obtain annual certifications of social media compliance.
Similar to Compliance Considerations in Social Media Initiatives - BDI 5/17/12 Social & Mobile Financial Services Communications: Case Studies and Roundtables (20)
Presentation: The Business of Blogging (for Lawyers)
Presented by: Gene Quinn, Patent Attorney and Founder, IPWatchdog.com
One of the primary reasons for undertaking a blog is to engage in business development of one kind or another. People who will find you online are searching for answers. If you want to capitalize on this opportunity it will be necessary to provide intelligent, insightful information that the reader did not possess prior to visiting your website. Over time your job will be to provide lots of that information that ties together little by little to demonstrate that you have a deep level of understanding. The lesson is simple: It is far better for a prospective client or customer to come to the understanding that you know what you are talking about for themselves than it is for you to tell them you know what you are talking about directly. It should go without saying, that the plan requires that you are read by others, which means you absolutely, positively cannot write like a lawyer!
Presentation: Content is Still King: A look at best practices for creating and distributing quality Content
Presented by: Scott Mozarsky, President - Cross Platform Businesses , Bloomberg BNA
This session will focus on best practices for creating Content that will enable marketers to achieve strong ROI in their Content Marketing efforts. The session will also focus on the elements of a multi-faceted engagement and distribution strategy that will ensure that if you build it, they will come.
The document discusses how law firms can use storytelling and content marketing on social media to define their brand and connect with clients. It notes that while law is based on logic, branding and business development are about relationships. It recommends that firms tell authentic, relatable, unique, and shareable stories through a variety of media formats to engage clients and stand out from competitors in an environment of information overload. Firms should focus on storytelling about their clients, themselves, and their work through visuals, titles, and human stories to build their brands and drive business results.
Presentation: Combining Eyes and Ears: The Visual Search for Social
Presented by: Aaron Hayes-Roth, VP of Strategic Alliances, Brandwatch & Mary Tarczynski, CMO, Ditto Labs
Photo sharing on social media only continues to grow as people capture and share their passions on a daily basis. This often includes brands - but when 85% of images don’t reference the brand name in the text, how can brands and agencies accurately measure and engage with their audiences? This session will cover some of the most common use cases for social and visual measurement and explore the insights and benefits brands and agencies can gain from using social listening and analytics across visual platforms.
Presentation: Digital Marketing Strategies to Drive Enrollment
Presented By: Jon Fox, President,Flightpath &
Jon Wexler, Vice President of Enrollment Management, Fairleigh Dickinson University
Jon Fox founded the agency that would become Flightpath in his Greenwich Village apartment in 1994. A veteran of twenty years of digital marketing, he is a recognized leader in helping organizations of all sizes maximize their investments across the web and broader channels. Jon is an exceptional business analyst focused on achieving measurable results for his clients. In his role as president, Jon drives the overall direction of Flightpath, oversees/guides digital strategy for a number of key accounts and works hard to develop and mentor his talented staff. Jon recently completed his 11th NYC Marathon. He lives in Brooklyn with his wife, kids and dog.
As the vice president of enrollment management for Fairleigh Dickinson University, Jonathan Wexler is regularly traveling across the country and around the world representing FDU! Over the past four years, Wexler has worked to increase applications for freshman and transfer admissions by more than 65 percent — while collaborating on new education initiatives — including Silberman College of Business’s Saturday MBA Program and the University-wide Combined Degree Advantage Program. Wexler received his bachelor’s degree at Goucher College in Baltimore, Md. before completing a master’s in higher education administration at University of South Carolina. He joined FDU in 2008.
Presentation: People are (S)Talking: How to Get Users to Participate, Not Just Spectate
Presented by: Donna Talarico-Beerman, Director of Integrated Communications, Elizabethtown College
Donna Talarico-Beerman has been helping tell the Elizabethtown College story since 2010. Her past experiences in radio, newspapers, eCommerce and education thrive together in happy harmony at E-town, where she is director, integrated communications. She manages the College’s official social media channels and is editor of Elizabethtown magazine and the online newsroom E-town NOW. She also collaborates with the rest of the award-winning marketing and communications team on marketing planning, media relations, copywriting and multimedia story-telling for a variety of projects.
http://www.bdionline.com/
Presentation: The Power of Social Listening
Presented by: Andrew Ruder,Senior Consultant & Social Business Intelligence, Brandwatch
Andrew Ruder is a senior consultant in social business intelligence for Brandwatch, one of the world’s leading social media monitoring providers, where he helps enterprise organizations develop strategies for solving business challenges using social media intelligence and analytics. A SaaS veteran, Andrew’s prior experience includes roles at companies including Cision/Radian6 and Sysomos, where he assisted both brands and agencies in implementing social media intelligence solutions. Andrew earned a bachelor’s degree in business administration from Marquette University and is a proud native of Chicago, where he lives with his wife and son.
http://www.bdionline.com/
Investors will increasingly communicate through digital channels as technology continues to advance and more activities move online. Messaging apps, social networks, and virtual meeting platforms will become prevalent ways for investors to share ideas and make business connections. This digital transformation of communication brings opportunities but also risks around information security and privacy that investors and companies will need to thoughtfully navigate.
Presentation: The New Communications Paradigm in Financial Services: The Penn Mutual Case Study
Presented by: Kim Harmsen, Associate Vice President, Gregory FCA & Greg Matusky, President and Founder, GregoryFCA
Join Gregory FCA and The Penn Mutual Life Insurance Company as they present a blueprint for creating a best practice communications platform in a highly socialized, networked world. Penn Mutual provides a compelling blueprint for optimizing communication among media channels, both old and new. Their success serves as a shining case study for how long-term players in financial services can benefit from all that the new paradigm offers in communications, and now offers to financial service organizations.
http://www.bdionline.com/
The document discusses trends in the financial services industry and identifies four key consumer groups: millennials, new movers, the overbanked, and women. It notes that millennials are heavily influenced by mobile technology, new movers are likely to switch banks during a move, the overbanked have many accounts and assets, and women control a large portion of household spending. The document advocates understanding these groups through social listening and customizing engagement on social media to attract customers.
Presentation: Digital Financial Wellness: The Future of Money
Presented by: Mohamed Khalil, Head of Product, Data & Marketing, Moven
Mobile technology coupled with data and behavioral sciences now allow for highly personalized, real time interactions that alter consumer behaviors. This talk will examine how the retail financial services model must adapt to survive this digital disruption.
http://www.bdionline.com/
Presentation: Bitcoin & The Sharing Economy
Presented by: Nikos Bentenitis, Chair, Education Committee, Bitcoin Foundation, and Founder, CoinSimple
Bitcoin is a digital currency and payment network that has attracted significant attention recently. In his talk, Nikos will briefly describe Bitcoin and a few potential applications of the technology in financial services. The purpose of the talk is to provide you with a framework that you can use to think about the Bitcoin technology in your business.
http://www.bdionline.com/
Presentation: Hearts, Heads and Hands: How cupcakes, sidewalk chalk, and the story of a teen driver connected a CEO with his workforce and connected the workforce to the company strategy.
Presented by: Stephani Gordon, Internal Communications Business Partner to the CEO, Zurich Insurance Group
With an employee demographic that trends outside the ‘social’ scene, Zurich Insurance Group has achieved tremendous communications and engagement success by refreshing traditional marcomm channels with enticing storytelling, strong visual imagery, creative video and ‘social’ buzz. Stephani Gordon will share several executive communications project samples that include a strategy rap, a mobilization campaign built on the concept of graffiti tagging, and a CEO’s invitation to people to ‘walk away’ from their desks. This presentation is the story of coaching senior executives on what it means to connect in today’s world.
Presentation: Content is still King: A look at best practices for creating and distributing quality Content
Presented by: Scott Mozarsky, President - Cross Platform Businesses , Bloomberg BNA
This session will focus on best practices for creating Content that will enable marketers to achieve strong ROI in their Content Marketing efforts. The session will also focus on the elements of a multi-faceted engagement and distribution strategy that will ensure that if you build it, they will come.
Presentation: Developing and Sustaining an Effective Mobile Strategy
Presented by: Varun Parekh, Director, Sales Technology & Operations, Bankers Life and Casualty
A look into how Bankers Life has invested in an integrated and long term mobile strategy to grow business and reduce expense.
Presentation: Make Friends First, Do Business Last: Relationship Marketing Using Social Media & More
Presented by: Phil Gerbyshak, Director of Social Strategy, Actiance, Inc
Are you wondering how you can do social media the right way, without pushing your products and services? Do you want your company and your employees to be top of mind when people are thinking of where to go for what you offer? The key is making “friends” first, and doing business last. It's no longer enough to just BE on social media as a business. You need to be using it effectively, and you need to engage your employees to tell your stories and show you as the place to go in your community.
Presentation: The New Communications Paradigm in Financial Services: The Penn Mutual Case Study
Presented by: Joe Anthony, President, Financial Services, GregoryFCA
Join Gregory FCA and The Penn Mutual Life Insurance Company as they present a blueprint for creating a best practice communications platform in a highly socialized, networked world. Penn Mutual provides a compelling blueprint for optimizing communication among media channels, both old and new. Their success serves as a shining case study for how long-term players in financial services can benefit from all that the new paradigm offers in communications, and now offers to financial service organizations.
Presentation: Using Social Media Ethically
Presented by; Erin Wright Lothson, Corporate Counsel, Intellectual Property, Groupon, Inc.
This segment will briefly discuss the Illinois Rules of Professional Conduct and how these Rules apply to Illinois lawyers and their use of social media. We will review common issues that arise by using social media and will cover recommendations and best practices to mitigate the risks of an ethics violation.
Presentation: The Power of Social Media: Attracting the Next Generation of Clients
Presented by: Trevor Daughney, VP Marketing, Actiance, Inc
The most important thing sellers can do for their firm is bring in new clients. There is a major movement of wealth a foot: from Baby Boomers to Millennials. Financial advisers and wealth managers need to shift their focus to a younger generation. To be successful, they need to change how they communicate.
In this presentation, you’ll learn that:
These young people are increasingly on social networks and stepping away from email.
Financial firms need to adjust to this change.
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Compliance Considerations in Social Media Initiatives - BDI 5/17/12 Social & Mobile Financial Services Communications: Case Studies and Roundtables
1. Social & Mobile Financial Services Communications:
Navigating the Social Media Regulatory Requirements in the Investment
Industry
Presented by:
David K.V. Chung
Senior Compliance Officer – Sales and Marketing Practices Compliance Manager
Legal & Compliance Department
ING Investment Management – U.S.
May 17, 2012
2. Introduction
1. Background
2. Regulations – SEC and FINRA
3. Misconceptions About the Rules
4. Best Practices – How to best operate within the rules
5. Teamwork – Working with your Legal and Compliance Department
6. Resources
Important Note: Unless stated otherwise, the ideas expressed are solely the opinions of the presenter and do not
necessarily represent the opinions of ING Investment Management or its affiliated firms. In addition, the
information provided should not be construed as legal advice, please consult your legal counsel before making
any policy decisions.
2
3. SEC vs. FINRA Classification of Social Networking Activities
SEC
• “It converts the traditional two party, adviser-to-client communication into an
interactive, multi-party dialogue among advisers, clients, and prospects, within an
open architecture accessible to third-party observers. It also converts a static
medium, such as a website, where viewers passively receive content, into a
medium where users actively create content.”
FINRA
• Public Appearances are unscripted participation in an interactive forum such as a
chat room or online seminar.
• Advertisements are the static written content available for access online. This
includes the static content on a blog, FaceBook profile, Twitter profile and LinkedIn
profile. Profile includes any background or wall information posted.
• Correspondence would be email communications that are sent one-on-one
through the email system of social media sites.
• The different classifications affect whether or not it requires Registered Principal
pre-approval, post-monitoring or possible marketing filings with FINRA.
Source: SEC National Examination Risk Alert, Vol. II, Issue 1 and FINRA
Regulatory Notice 10-06
3
4. Securities and Exchange Commission - Guidance
Highlights from the SEC National Examination Risk Alert – Investment Adviser Use of
Social Media
1. Usage Guidelines
2. Content Standards
3. Monitoring
4. Frequency of Monitoring
5. Approval of Content
6. Firm Resources
7. Criteria for Approving Participation
8. Training
9. Certification
10. Functionality
11. Personal / Professional Sites
12. Information Security
13. Enterprise Wide Sites
Source: SEC National Examination Risk Alert, Vol. II, Issue 1
For Internal Use Only 4
5. FINRA Regulatory Notice 10-06 and 11-39
10-06
• FINRA provided it’s first high level industry guidance for social media activities for investment broker
dealer firms.
• It provided no specific rule changes, but offered clarification in a Q & A format.
Summary Highlights
• Record Keeping Responsibilities
• Suitability Responsibilities
• Types of Interactive Electronic Forums
• Supervision of Social Media Sites
• Third Party Posts
11-39
• The Financial Industry Regulatory Authority (FINRA) provided it’s second high level industry
guidance for social media activities for investment broker dealer firms.
• Clarified first notice where it was unclear
• Business content determines whether not records need to be kept.
• No automatic deletion technology can be used for business-related communications.
• Provided more clarity on third-party posts. (i.e., adoption and entanglement)
• No commingling of business and personal communication on smartphones. Recordkeeping must be separate.
Source: FINRA Regulatory Notice 10-06 and 11-39
5
6. Social Media Regulatory Misconception #1
The SEC said the FaceBook “Like” button is a testimonial
Well, not exactly…
• “Depending on the facts and circumstances, the use of “social plug-ins” such
as the “like” button could be a testimonial under the Advisers Act.”
• “Third-party use of the “like” feature on an investment adviser’s social media
site could be deemed to be a testimonial if it is an explicit or implicit
statement of a client's or clients' experience with an investment adviser or
IAR.”
• “For example, the public is invited to “like” an IAR’s biography posted on a
social media site, that election could be viewed as a type of testimonial
prohibited by rule 206(4)-1(a)(1).”
Source: SEC National Examination Risk Alert, Vol. II, Issue 1
For Internal Use Only 6
7. Social Media Regulatory Misconception #2
FINRA said all Twitter tweets need to be filed with them
It depends…
• Depends on whether or not content is static or interactive.
• “Social networking sites also contain non-static, real-time communications, such as
interactive posts on sites such as Twitter and FaceBook. The portion of a social
networking site that provides for these interactive communications constitutes an
interactive electronic forum, and firms are not required to have a registered principal
approve these communications prior to use.”
• “FINRA considers unscripted participation in an interactive electronic forum to come
within the definition of “public appearance” under NASD Rule 2210. Public appearances
do not require prior approval by a registered principal.”
• Filing is only required if it is static content and it also meets the basic filing criteria for
advertisements and sales literature. Otherwise, firm’s main obligations are supervision
and recordkeeping.
Source: FINRA Regulatory Notice 10-06 and 11-39
For Internal Use Only 7
8. Social Media Regulatory Misconception #3
If our company policy does not allow the use of social media
to do business, then I’m safe from the regulators
That’s what you think…
• Financial firms still need to have a social media policy in place regardless of their
activity in this space.
• Policy should address any company-sponsored social media initiatives and
personal usage; if the employee chooses to disclose the name of their employer.
• Consider periodic monitoring of your employees’ social media activity.
For Internal Use Only 8
9. Best Practices – Corporate Policy
The policy must address employee social media usage during
working hours and at home
a) At Work Policy
• What are the company’s polices regarding SM usage through the firm’s own computer
network?
• What SM applications are authorized for use and by what type of employees?
• What features of each SM application are accessible and which ones are disabled?
• What are the approval processes for gaining access to SM applications?
• What are the content approval process with legal or compliance areas?
b) At Home Policy
• What are the general standards of conduct for posting personal information?
• How much employee-employer information can be divulged?
• Do you require compliance officers to be “connected” to your employees’ SM applications?
c) Incorporate into Existing Policies
• Code of Conduct, Privacy and Handling of Confidential information
• Media Relations policy
• Establishing a working group or committee regarding firm wide social media policy
9
10. Best Practices - Supervision and Monitoring
• Firms must establish policies that are reasonably designed to ensure their social
media activities do not violate federal securities regulations and other self-
regulatory organizations rules.
General Requirements
1. Written Policy and Procedures that are disseminated throughout the firm.
2. Identify what types of communications require review.
3. Identify which person(s) are responsible for supervision. This should include business
employees because certain functions may be performed by non-compliance employees.
4. Outline the method of review.
5. Determine the frequency of the review and conduct periodic testing.
6. Documentation that reviews were carried out.
• Conduct compliance training.
• Identify how complaints are handled.
• Identify which employees have access to social media sites via the firm’s
network.
• Continually evaluate social media activities for compliance.
Source: FINRA NTM 07-59
10
11. Best Practices – Training
Training Must Be Firm Wide
• Policies and procedures when initiating SM projects.
• General policies regarding access to SM applications at work.
• General policies regarding access to SM applications at home.
• Specialized training for those employees that have access to SM
applications at work.
• Outline remedial actions for employees that violate SM policies.
• Address various risks to the firm for non-compliance.
• Escalation process for complaints or issues related to SM.
• Designated legal or compliance contacts for dealing with SM activities.
11
12. Recordkeeping Requirements
• What records are required to be kept in social media activities?
• Electronic communications (i.e., emails exchanged on social media applications)
• Static Postings
• Discussion threads
• Third Party Postings
• For SEC registered investment advisors:
• 5 years with the last 2 years in an easily accessible place.
[SEC Rule 17a-3 and 17a-4 of the ‘34 Act]
• For FINRA member broker dealers:
• 3 years with the last 2 years in an easily accessible place.
[FINRA Rule 2210 (b)(2)(A) and 3110]
• Regulators do not endorse any particular record keeping technology or
vendor, nor acknowledges that there are adequate technology that exists.
12
13. Other Regulatory and Business Considerations
Devoting new resources and creating processes
to address SM usage
Privacy Concerns
• Need to keep customer information private.
SM applications increases security threats
• Spam
• Malware
• Viruses
• Data loss
• Cyber crime
• Drains I.T. support networks and resources.
• I.T. security for company-issued smartphones.
13
14. Investment Suitability Issues
• What constitutes as a stock “recommendation”?
• Firms are responsible for their social media messages and are not exempt from
suitability requirements and are liable for non-compliance.
• Facts and circumstances of the communication determines whether or not a
recommendation was made.
• FINRA Rule 2310 – Did the author have reasonable grounds to make such a
recommendation based on the reader’s financial situation and needs?
• What investment-related advice can be provided online?
• Access to a library of equity research reports.
• Online tools to indentify an investors risk tolerance.
• Online tools to assist investors with general retirement planning tools and
calculators.
• Stock screeners based on parameters established by the user.
• Opted-in online communications that notifies the user of a pre-scheduled event.
Source: FINRA NTM 01-23
14
15. Best Practices - General SM Content Guidelines
Dos
• Discuss macro economic concepts.
• Discuss various sectors or industries.
• Discuss retirement concepts.
• Educate the public on financial markets and products.
• Post company non-product or services related announcements.
• Post messages that have a broad appeal. (i.e., charity events or good will activities)
• Post generic responses to third-party postings.
Don’ts
• No unauthorized employee postings.
• Don’t mention a name of a stock.
• Don’t provide investment advice.
• Don’t promote your investment products and services unless you have robust oversight.
• Don’t make provocative or promissory statements regarding the direction of the markets
or prices of commodities.
• Avoid re-tweeting questionable posts on Twitter. Use your best judgment.
• Don’t solicit your clients to re-tweet your postings.
• Don’t solicit your clients to provide anything that would resemble a testimonial.
15
16. Working with your Legal & Compliance Department
Don’t assume your legal or compliance colleagues…
1. …“get it” or think it’s a great idea. Surprisingly, a lot of people still don’t “get it.”
2. …understands social media applications and functionality.
3. …understands your social media business plans without reliable ROI.
4. …are fully versed in social media regulations. They are still learning…
Do:
1. Educate them on social networking sites. Start with the bare basics!
2. Provide them with a comfort level with the technology.
3. Provide them with articles and research related to social media compliance.
4. Inform them what your competitors are doing in this space.
5. Invite the I.T. department to be part of the conversation.
6. Request to a pilot project to test the waters.
16
17. Compliance Resources
• SEC National Risk Examination Alert
Investment Advisory Use of Social Media
[http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf]
• SEC Investor Alert
Social Media and Investing - Avoid Fraud
[http://www.sec.gov/investor/alerts/socialmediaandfraud.pdf]
• SEC Investor Alert
Social Media and Investing - Understanding Your Accounts
[http://www.sec.gov/investor/alerts/socialmediaandinvesting.pdf]
• FINRA Regulatory Notice 11-39
Social Media Web Sites and the Use of Personal Devices for Business Communications
[http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p124186.pdf]
• FINRA Regulatory Notice 10-06
Social Media Web Sites
[http://www.finra.org/Industry/Regulation/Notices/2010/P120760]
• FINRA Regulatory Notice 01-23
Online Suitability
[http://www.finra.org/Industry/Regulation/Notices/2001/P003886]
• FINRA Regulatory Notice 07-59
Supervision of Electronic Communications
[http://www.finra.org/Industry/Regulation/Notices/2007/P037554]
• FINRA Advertising Compliance Resource
[http://www.finra.org/Industry/Issues/Advertising/]
17