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Financial Advisors’ Use of Social Media
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Predictions that didn’t end well... ,[object Object],[object Object],[object Object]
Business processes change... ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Study of social media use ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: LederMark social media survey March 2010. N = 175
FINRA guidance on social media ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What survey found… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Goals of social media use  ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: LederMark social media survey March 2010. All users  top five answers to “What are the goals you hope to achieve by utilizing social media now or in the future?” N = 156
A closer look ,[object Object],[object Object],[object Object],[object Object]
Source: LederMark social media survey, March 2010. All professionals at national firms, N = 50 Key discovery:  Complete use of LinkedIn tools is restricted.  Use by national firms  Rank Current use Desired use 1 Create a profile with the name of employer identified Ask for profile recommendations 2 Invite friends/ colleagues/others to join your network Utilize applications (e.g.,Tweets, blogs, slides) 3 Join groups Engage in discussions 4 Link profile to your business web site Link profile to business web site 5 Engage in discussions Join groups Create a profile without employer identified
Source: LederMark social media survey, March 2010. All brokers, N = 69 Key discovery:  Complete use of LinkedIn tools is restricted.  Use by brokers Rank Current use Desired use 1 Create a profile with the name of employer identified Ask clients and friends to recommend you on your profile Utilize applications (e.g., Tweets, blogs, slides) 2 Invite friends/colleagues/others to join your network Engage in discussions 3 Join groups Link profile to your business web site 4 Link profile to your business web site Join groups  5 Engage in discussions Invite friends/colleagues/others to join your network
Under 50 vs. over 50 social media users Source: LederMark social media survey, March 2010. All users, N = 144 Key discovery:  Generation gap in social media networking will impact sales practices in the years ahead. Under 50 Over 50 Are using social media 85% 50% Users of social media which presence led to doing business 41% 19% Agree that social media networking will be an important business development tool within five years 86% 53%
Impediments to social media use ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: LederMark social media survey March 2010. All users, N = 169  ,[object Object]
Verbatims: compliance barriers to social media use ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Verbatim comments, LederMark social media survey March 2010. All users, N = 92  Key discovery:  Many see social media use as unsettled policy.
[object Object]
How they generated business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Verbatim comments, LederMark social media survey March 2010. All users, N = 28  Key discovery:  Advisors and others can keep in touch with large numbers through social media – leading to business.
The insurance industry has eclipsed securities in adopting social media as a powerful prospecting tool.
Next steps for financial services firms ,[object Object],[object Object],[object Object]
(text) Social media networks
How LederMark can help… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Financial Advisors’ Use of Social Media - 2010 Survey

  • 1. Financial Advisors’ Use of Social Media
  • 2.
  • 3.
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9.
  • 10. Source: LederMark social media survey, March 2010. All professionals at national firms, N = 50 Key discovery: Complete use of LinkedIn tools is restricted. Use by national firms Rank Current use Desired use 1 Create a profile with the name of employer identified Ask for profile recommendations 2 Invite friends/ colleagues/others to join your network Utilize applications (e.g.,Tweets, blogs, slides) 3 Join groups Engage in discussions 4 Link profile to your business web site Link profile to business web site 5 Engage in discussions Join groups Create a profile without employer identified
  • 11. Source: LederMark social media survey, March 2010. All brokers, N = 69 Key discovery: Complete use of LinkedIn tools is restricted. Use by brokers Rank Current use Desired use 1 Create a profile with the name of employer identified Ask clients and friends to recommend you on your profile Utilize applications (e.g., Tweets, blogs, slides) 2 Invite friends/colleagues/others to join your network Engage in discussions 3 Join groups Link profile to your business web site 4 Link profile to your business web site Join groups 5 Engage in discussions Invite friends/colleagues/others to join your network
  • 12. Under 50 vs. over 50 social media users Source: LederMark social media survey, March 2010. All users, N = 144 Key discovery: Generation gap in social media networking will impact sales practices in the years ahead. Under 50 Over 50 Are using social media 85% 50% Users of social media which presence led to doing business 41% 19% Agree that social media networking will be an important business development tool within five years 86% 53%
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  • 17. The insurance industry has eclipsed securities in adopting social media as a powerful prospecting tool.
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  • 20.