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  presenta;on	
  for	
  




February	
  13,	
  2013	
  

                                                                   Social	
  Media	
  &	
  
                                                                  Financial	
  Services	
  


                                      Created	
  and	
  presented	
  by:	
  
                                      Joyce	
  Sullivan	
  

                                      Founder	
  and	
  CEO	
  
                                      SocMediaFin,	
  Inc.	
  
Social	
  Media	
  &	
  Financial	
  Services	
  


Agenda	
  

 •    Overview	
  and	
  introduc;ons	
  
 •    The	
  5	
  ques'ons℠	
  
 •    Social	
  media	
  tools	
  –	
  established	
  and	
  emerging	
  
 •    U.S.	
  compliance	
  and	
  regula;on	
  overview	
  
 •    GeMng	
  started	
  with	
  social	
  media	
  training	
  &	
  pilot	
  programs	
  
 •    Suggested	
  next	
  steps	
  
 •    Discussion	
  and	
  ques;ons	
  
Social	
  Media	
  Strategy	
  for	
  Financial	
  Services	
  
                                 for	
  US	
  Firms

•  Can	
  you	
  use	
  social	
  media	
  in	
  financial	
  services?	
  
•  Are	
  there	
  certain	
  social	
  media	
  tools	
  that	
  are	
  recommended?	
  
•  What	
  are	
  the	
  regula;ons	
  and	
  compliance	
  rules?	
  	
  
   ▫  The	
  fun	
  stuff	
  -­‐	
  FINRA	
  and	
  SEC	
  regulatory	
  guidance	
  
•  Where	
  can	
  you	
  get	
  training	
  to	
  learn	
  social	
  media	
  and	
  financial	
  
   services	
  basics?	
  
Before	
  asking	
  “Which	
  social	
  media	
  tools	
  should	
  I	
  use?”	
  	
  
                   answer	
  these	
  5	
  ques'ons℠	
  


    1.	
  Who	
  are	
  you?	
  

    2.	
  What	
  do	
  you	
  have	
  to	
  say?	
  

    3.	
  Who	
  are	
  you	
  trying	
  to	
  reach?	
  

    4.	
  How	
  do	
  they	
  WANT	
  to	
  be	
  reached?...	
  or	
  not	
  

    5.	
  Once	
  you	
  connect,	
  then	
  what?	
  
The	
  5	
  ques'ons℠	
  
                                      Employee,	
  business-­‐line	
  owner,	
  
   1.	
  Who	
  are	
  you?	
         industry	
  execu;ve,	
  wealth	
  
                                      manager,	
  private	
  banker	
  



                                      Great	
  skills,	
  great	
  products,	
  	
  
2.	
  What	
  do	
  you	
  have	
     excellent	
  company	
  to	
  work	
  with,	
  
         to	
  say?	
                 outstanding	
  service	
  




    3.	
  Who	
  are	
  you	
         Your	
  current	
  customer,	
  	
  
    trying	
  to	
  reach?	
          poten;al	
  new	
  customer,	
  
                                      industry	
  leaders,	
  compe;tors	
  
The	
  5	
  ques'ons℠

                                    	
  Email	
  (home	
  or	
  work)	
  
   4.	
  How	
  do	
  they	
        	
  Voicemail	
  
     WANT	
  to	
  be	
             	
  Phone	
  text	
  
   reached?	
  ...	
  Or	
          	
  Instant	
  message	
  
           not.	
                   	
  Twicer	
  
                                    	
  LinkedIn	
  
                                    	
  Facebook	
  	
  
                                    	
  (public	
  or	
  private	
  message)	
  



  5.	
  Once	
  you	
  are	
            How	
  do	
  you	
  develop	
  
 ready	
  to	
  	
  connect,	
         meaningful	
  connec;ons	
  
      then	
  what?	
                   while	
  complying	
  with	
  
                                        industry	
  regula;ons?	
  
The	
  5	
  ques'ons℠-­‐	
  with	
  your	
  answers	
  

1.	
  Who	
  are	
  you?	
  



2.	
  What	
  do	
  you	
  have	
  to	
  say?	
  


3.	
  Who	
  are	
  you	
  trying	
  to	
  
reach?	
  

4.	
  How	
  do	
  they	
  WANT	
  to	
  be	
  
reached?	
  

5.	
  Once	
  you	
  are	
  ready	
  to	
  
connect,	
  then	
  what?	
  
Paper	
  and	
  electronic	
  communica;ons	
  must	
  be	
  archived	
  
Social	
  media	
  communica;ons	
  




Social media compliance
software needs to be in place to
monitor and archive social
media posts
Social	
  Media	
  Tools	
  –	
  established	
  and	
  emerging	
  




    Launched:	
  2002	
         2004	
                 2005	
            2006	
  




           2009	
                2009	
                 2011	
             2011	
  


And	
  many	
  more…	
  
US	
  Regula;ons	
  and	
  Guidance:	
  Use	
  of	
  Social	
  Media	
  
                                                   Investment	
  Advisors	
  and	
  Broker-­‐Dealers	
  


Recordkeeping	
  	
  it’s	
  the	
  content	
  that	
  ma2ers	
  
            All	
  business	
  communica;ons	
  whether	
  transmiced	
  by	
  desktop,	
  smart	
  phones	
  (Blackberry,	
  Android,	
  iPhone	
  etc),	
  tablets	
  
            (iPads)	
  etc.	
  must	
  be	
  retained	
  
            -­‐ 	
  lecers,	
  emails,	
  all	
  wricen	
  communica;on	
  
            -­‐ 	
  instant	
  messages,	
  social	
  media	
  messages	
  (LinkedIn	
  email,	
  Facebook	
  posts,	
  Tweets)	
  
            -­‐ 	
  social	
  media	
  ac;vi;es	
  (Likes	
  on	
  Facebook,	
  Retweets	
  on	
  twicer,	
  posts	
  on	
  LinkedIn)	
  

Disclosures	
  proper	
  disclosures	
  for	
  rela'onships	
  you	
  may	
  develop	
  e.g.	
  bloggers,	
  adver;sers,	
  affiliates	
  

Adver;sing	
  	
  sta'c	
  adver'sing	
  requires	
  preapproval	
  
            	
  interac;ve	
  adver;sing	
  can	
  be	
  post	
  review	
  but	
  not,	
  “Days	
  ajer	
  the	
  fact”	
  

Communica;on	
  with	
  the	
  public	
  must	
  adhere	
  to	
  exis'ng	
  content	
  standards	
  
            Suitability	
  –	
  know	
  your	
  customer,	
  only	
  make	
  recommenda;ons	
  suitable	
  for	
  your	
  clients	
  

Supervision	
  	
  firms	
  must	
  demonstrate	
  they	
  are	
  supervising	
  wri2en	
  communica'ons	
  


Training	
  registered	
  personal	
  be	
  trained	
  before	
  they	
  start	
  using	
  social	
  media	
  

Similar	
  overall	
  for	
  -­‐	
  	
  FINRA,	
  SEC	
  (US),	
  IIROC	
  (Canada),	
  SEBI	
  (India)	
  and	
  FAS	
  (UK)	
  
Highlights	
  -­‐	
  US	
  Regula;ons	
  and	
  Guidance:	
  	
  
                                             Record	
  Reten;on	
  




  Securi;es	
  and	
  Exchange	
  Commission	
  (SEC)	
  1934	
  
      Amendments	
  to	
  Books	
  and	
  Records	
  Requirements	
  for	
  Brokers	
  and	
  Dealers	
  	
  
           May	
  2003	
  	
  

      Na;onal	
  Examina;on	
  Risk	
  Alert	
  -­‐	
  Investment	
  Advisor	
  Use	
  of	
  Social	
  Media	
  
           January	
  2012	
  	
  
Highlights	
  -­‐	
  US	
  Regula;ons	
  and	
  Guidance:	
  Record	
  Reten;on

SEC Rule 17a-4
Amendments to Books and Records Requirements for Brokers and Dealers Under the
Securities Exchange Act of 1934
http://www.sec.gov/rules/final/34-44992.htm
Effective: May 2, 2003

Same	
  recordkeeping	
  requirements	
  with	
  guidance	
  for	
  electronics	
  records	
  
Highlights	
  -­‐	
  US	
  Regula;ons	
  and	
  Guidance:	
  Record	
  Reten;on




hcp://www.sec.gov/about/offices/ocie/riskalert-­‐socialmedia.pdf	
  

Same	
  recordkeeping	
  requirements	
  with	
  guidance	
  for	
  social	
  media	
  and	
  electronic	
  
devices	
  
Highlights	
  -­‐	
  US	
  Regula;ons	
  and	
  Guidance:	
  	
  
        Electronic	
  Communica;ons	
  &	
  Social	
  Media	
  Use	
  




  Regulatory	
  No;ce	
  07-­‐59	
  Supervision	
  of	
  Electronic	
  Communica;ons	
  (2007)	
  
  Regulatory	
  No;ce	
  10-­‐06	
  Guidance	
  on	
  Blogs	
  and	
  Social	
  Media	
  Websites	
  (2010)	
  
  Regulatory	
  No;ce	
  11-­‐39	
  Guidance	
  on	
  Electronic	
  Devices	
  (2011)	
  
  Regulatory	
  No;ce	
  12-­‐29	
  New	
  Rules	
  Governing	
  Communica;ons	
  With	
  The	
  Public	
  
   (effec;ve	
  Feb	
  4,	
  2013)	
  
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
hcp://www.finra.org/web/groups/industry/@ip/@reg/@no;ce/documents/no;ces/
p124186.pdf	
  
hcp://www.finra.org/web/groups/industry/@ip/@reg/@no;ce/documents/no;ces/
p127014.pdf	
  
Five	
  basic	
  principles	
  

What	
  Registered	
  Investment	
  Advisors	
  (RIA)	
  Need	
  to	
  Know	
  About	
  Social	
  Media	
  Use	
  
     First,	
  treat	
  all	
  social	
  media	
  networking	
  as	
  adver&sing.	
  
                 meet	
  the	
  broad	
  defini;on	
  of	
  “adver;sement”	
  under	
  the	
  
                 Investment	
  Advisors	
  Act	
  of	
  1940	
  (the	
  Act).	
  	
  

      Second,	
  an	
  advisor	
  must	
  avoid	
  tes&monials,	
  which	
  are	
  strictly	
  prohibited	
  under	
  
      Rule	
  206(4)-­‐1.	
  
                  LinkedIn:	
  an	
  advisors	
  should	
  not	
  accept	
  a	
  recommenda;on	
  
                  from	
  a	
  client	
  or	
  write	
  a	
  recommenda;on	
  for	
  them.	
  

                   Facebook:	
  Advisors	
  should	
  not	
  “Like”	
  someone	
  or	
  
                   accept	
  “Likes”	
  

                   	
  TwiMer:	
  an	
  advisor	
  should	
  also	
  not	
  repost	
  (retweet)	
  or	
  
                   “FAV”	
  (favorite)	
  anyone’s	
  tweets.
        .          Blogging	
  –	
  an	
  advisor	
  should	
  pre-­‐approve	
  all	
  visitor	
  comments	
  on	
  RIA	
  
                   established	
  blogs	
  before	
  allowing	
  the	
  comments	
  to	
  post.	
  	
  


        http://www.primerus.com/business-law-articles/what-registered-investment-
        advisors-need-to-know-about-social-media-use-622201.htm
Five	
  basic	
  principles	
  (cont’d)	
  


What	
  Registered	
  Investment	
  Advisors	
  (RIA)	
  Need	
  to	
  Know	
  About	
  Social	
  Media	
  Use	
  

  Third,	
  an	
  advisor	
  must	
  be	
  aware	
  of	
  its	
  record	
  keeping	
  obliga&ons	
  under	
  the	
  Act.	
   	
  	
  
       o Every	
  public	
  adver;sement	
  reaching	
  10	
  or	
  more	
  people	
  must	
  be	
  documented	
  
       and	
  retained	
  in	
  the	
  advisor’s	
  files	
  for	
  a	
  minimum	
  of	
  5	
  years	
  

  Fourth,	
  when	
  using	
  social	
  media	
  and	
  networking	
  sites,	
  a	
  RIA	
  must	
  ensure	
  that	
  it	
  
  maintains	
  confiden&ality	
  
       o 	
  of	
  its	
  clients’	
  and	
  prospects’	
  financial	
  and	
  personal	
  informa;on.	
  	
  


  FiOh,	
  a	
  RIA	
  must	
  create	
  and	
  implement	
  a	
  wri4en	
  social	
  media	
  policy	
  and	
  provide	
  training.	
  	
  	
  
          o 	
  Such	
  a	
  policy	
  is	
  an	
  absolute	
  “must	
  have”	
  in	
  this	
  social	
  media	
  saturated	
  environment.	
  
          o The	
  advisor	
  must	
  provide	
  for	
  employee	
  training	
  and	
  educa&on	
  regarding	
  the	
  policy	
  
          o 	
  The	
  policy	
  needs	
  to	
  address	
  supervision	
  and	
  monitoring	
  of	
  social	
  media	
  usage	
  	
  
          o 	
  Social	
  media	
  usage	
  must	
  be	
  regularly	
  and	
  ac;vity	
  supervised	
  and	
  monitored	
  
          o 	
  Monitor	
  third	
  par;es’	
  use	
  of	
  advisor	
  social	
  media	
  outlets	
  


     http://www.primerus.com/business-law-articles/what-registered-investment-
     advisors-need-to-know-about-social-media-use-622201.htm
Before	
  asking	
  “Which	
  social	
  media	
  tools	
  should	
  I	
  use?”	
  	
  
                   answer	
  these	
  5	
  ques'ons℠	
  


    1.	
  Who	
  are	
  you?	
  

    2.	
  What	
  do	
  you	
  have	
  to	
  say?	
  

    3.	
  Who	
  are	
  you	
  trying	
  to	
  reach?	
  

    4.	
  How	
  do	
  they	
  WANT	
  to	
  be	
  reached?..	
  Or	
  not?	
  

    5.	
  Once	
  you	
  connect,	
  then	
  what?	
  
The	
  5	
  ques'ons℠

                                    	
  Email	
  (home	
  or	
  work)	
  
   4.	
  How	
  do	
  they	
        	
  Voicemail	
  
     WANT	
  to	
  be	
             	
  Phone	
  text	
  
   reached?	
  ...	
  Or	
          	
  Instant	
  message	
  
           not.	
                   	
  Twicer	
  
                                    	
  LinkedIn	
  
                                    	
  Facebook	
  	
  
                                    	
  (public	
  or	
  private	
  message)	
  



  5.	
  Once	
  you	
  are	
            How	
  do	
  you	
  develop	
  
 ready	
  to	
  	
  connect,	
         meaningful	
  connec;ons	
  
      then	
  what?	
                   while	
  complying	
  with	
  
                                        industry	
  regula;ons?	
  
Suggested	
  Next	
  Steps	
  

Learn	
  the	
  social	
  media	
  regulatory	
  basics	
  
  Get	
  to	
  know	
  your	
  legal	
  and	
  compliance	
  department	
  
  Discuss	
  how	
  together	
  you	
  can	
  come	
  up	
  with	
  a	
  pilot	
  program	
  
  Engage	
  senior	
  stakeholders	
  and	
  func;onal	
  groups	
  for	
  a	
  pilot	
  


Keep	
  up	
  with	
  the	
  compe;;ve	
  landscape	
  
  Par;cipate	
  in	
  and	
  acend	
  industry	
  events	
  to	
  stay	
  current	
  
Suggested	
  Next	
  Steps	
  	
  
 Social	
  media	
  policy	
  
  Become	
  familiar	
  with	
  your	
  firm’s	
  social	
  media	
  policy	
  
  Get	
  to	
  know	
  the	
  group	
  working	
  on	
  social	
  media	
  training	
  
  Volunteer	
  to	
  partner	
  with	
  a	
  team	
  working	
  on	
  social	
  media	
  planning	
  



Social	
  media	
  training	
  
  Include	
  social	
  media	
  training	
  for	
  employees	
  and	
  staff	
  
  Types	
  of	
  social	
  media	
  training	
  you’re	
  looking	
  for	
  
  Eventually	
  empower	
  employees	
  to	
  support	
  and	
  protect	
  your	
  brand	
  
Thank you!
                         Please connect with me.
                         I would enjoy hearing from you.
                                                    Joyce




LinkedIn             	
  hcp://linkedin.com/in/joycemsullivan	
  

About.me 	
  hcp://about.me/joycemsullivan	
  

Twicer               	
  hcp://twicer.com/joycemsullivan	
  

Website              	
  hcp://socmediafin.com	
  

email:	
  	
  	
     	
  joyce@socmediafin.com	
  




                                                                    26
Social	
  Media	
  Strategy	
  and	
  Program	
  
                 Management	
  Services	
  

                 o Social	
  media	
  seminars	
  for	
  regulated	
  
                 industries,	
  specializing	
  in	
  financial	
  services	
  
                 o Program	
  management	
  services	
  –	
  enterprise	
  
                 business	
  and	
  technology	
  reengineering	
  
                 o Social	
  media	
  training	
  and	
  staff	
  development	
  
                 o Industry	
  execu;ves	
  and	
  senior	
  leadership	
  
                 programs	
  in	
  social	
  media	
  
                 o Keynote	
  speaker	
  for	
  company	
  events	
  and	
  
                 industry	
  conferences	
  




Visit us >	
  SocMediaFin.com	
  
Exclusive	
  presenta;on	
  for	
  




February	
  13,	
  2013	
  

                                                                   Social	
  Media	
  &	
  
                                                                  Financial	
  Services	
  


                                      Created	
  and	
  presented	
  by:	
  
                                      Joyce	
  Sullivan	
  

                                      Founder	
  and	
  CEO	
  
                                      SocMediaFin,	
  Inc.	
  

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Social Media and Financial Services presentation to Financial Planners Association of NY

  • 1. Exclusive  presenta;on  for   February  13,  2013   Social  Media  &   Financial  Services   Created  and  presented  by:   Joyce  Sullivan   Founder  and  CEO   SocMediaFin,  Inc.  
  • 2. Social  Media  &  Financial  Services   Agenda   •  Overview  and  introduc;ons   •  The  5  ques'ons℠   •  Social  media  tools  –  established  and  emerging   •  U.S.  compliance  and  regula;on  overview   •  GeMng  started  with  social  media  training  &  pilot  programs   •  Suggested  next  steps   •  Discussion  and  ques;ons  
  • 3. Social  Media  Strategy  for  Financial  Services   for  US  Firms •  Can  you  use  social  media  in  financial  services?   •  Are  there  certain  social  media  tools  that  are  recommended?   •  What  are  the  regula;ons  and  compliance  rules?     ▫  The  fun  stuff  -­‐  FINRA  and  SEC  regulatory  guidance   •  Where  can  you  get  training  to  learn  social  media  and  financial   services  basics?  
  • 4. Before  asking  “Which  social  media  tools  should  I  use?”     answer  these  5  ques'ons℠   1.  Who  are  you?   2.  What  do  you  have  to  say?   3.  Who  are  you  trying  to  reach?   4.  How  do  they  WANT  to  be  reached?...  or  not   5.  Once  you  connect,  then  what?  
  • 5. The  5  ques'ons℠   Employee,  business-­‐line  owner,   1.  Who  are  you?   industry  execu;ve,  wealth   manager,  private  banker   Great  skills,  great  products,     2.  What  do  you  have   excellent  company  to  work  with,   to  say?   outstanding  service   3.  Who  are  you   Your  current  customer,     trying  to  reach?   poten;al  new  customer,   industry  leaders,  compe;tors  
  • 6. The  5  ques'ons℠    Email  (home  or  work)   4.  How  do  they      Voicemail   WANT  to  be      Phone  text   reached?  ...  Or      Instant  message   not.      Twicer      LinkedIn      Facebook        (public  or  private  message)   5.  Once  you  are   How  do  you  develop   ready  to    connect,   meaningful  connec;ons   then  what?   while  complying  with   industry  regula;ons?  
  • 7. The  5  ques'ons℠-­‐  with  your  answers   1.  Who  are  you?   2.  What  do  you  have  to  say?   3.  Who  are  you  trying  to   reach?   4.  How  do  they  WANT  to  be   reached?   5.  Once  you  are  ready  to   connect,  then  what?  
  • 8. Paper  and  electronic  communica;ons  must  be  archived  
  • 9. Social  media  communica;ons   Social media compliance software needs to be in place to monitor and archive social media posts
  • 10. Social  Media  Tools  –  established  and  emerging   Launched:  2002   2004   2005   2006   2009   2009   2011   2011   And  many  more…  
  • 11. US  Regula;ons  and  Guidance:  Use  of  Social  Media   Investment  Advisors  and  Broker-­‐Dealers   Recordkeeping    it’s  the  content  that  ma2ers   All  business  communica;ons  whether  transmiced  by  desktop,  smart  phones  (Blackberry,  Android,  iPhone  etc),  tablets   (iPads)  etc.  must  be  retained   -­‐   lecers,  emails,  all  wricen  communica;on   -­‐   instant  messages,  social  media  messages  (LinkedIn  email,  Facebook  posts,  Tweets)   -­‐   social  media  ac;vi;es  (Likes  on  Facebook,  Retweets  on  twicer,  posts  on  LinkedIn)   Disclosures  proper  disclosures  for  rela'onships  you  may  develop  e.g.  bloggers,  adver;sers,  affiliates   Adver;sing    sta'c  adver'sing  requires  preapproval    interac;ve  adver;sing  can  be  post  review  but  not,  “Days  ajer  the  fact”   Communica;on  with  the  public  must  adhere  to  exis'ng  content  standards   Suitability  –  know  your  customer,  only  make  recommenda;ons  suitable  for  your  clients   Supervision    firms  must  demonstrate  they  are  supervising  wri2en  communica'ons   Training  registered  personal  be  trained  before  they  start  using  social  media   Similar  overall  for  -­‐    FINRA,  SEC  (US),  IIROC  (Canada),  SEBI  (India)  and  FAS  (UK)  
  • 12. Highlights  -­‐  US  Regula;ons  and  Guidance:     Record  Reten;on     Securi;es  and  Exchange  Commission  (SEC)  1934     Amendments  to  Books  and  Records  Requirements  for  Brokers  and  Dealers       May  2003       Na;onal  Examina;on  Risk  Alert  -­‐  Investment  Advisor  Use  of  Social  Media     January  2012    
  • 13. Highlights  -­‐  US  Regula;ons  and  Guidance:  Record  Reten;on SEC Rule 17a-4 Amendments to Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 http://www.sec.gov/rules/final/34-44992.htm Effective: May 2, 2003 Same  recordkeeping  requirements  with  guidance  for  electronics  records  
  • 14. Highlights  -­‐  US  Regula;ons  and  Guidance:  Record  Reten;on hcp://www.sec.gov/about/offices/ocie/riskalert-­‐socialmedia.pdf   Same  recordkeeping  requirements  with  guidance  for  social  media  and  electronic   devices  
  • 15. Highlights  -­‐  US  Regula;ons  and  Guidance:     Electronic  Communica;ons  &  Social  Media  Use     Regulatory  No;ce  07-­‐59  Supervision  of  Electronic  Communica;ons  (2007)     Regulatory  No;ce  10-­‐06  Guidance  on  Blogs  and  Social  Media  Websites  (2010)     Regulatory  No;ce  11-­‐39  Guidance  on  Electronic  Devices  (2011)     Regulatory  No;ce  12-­‐29  New  Rules  Governing  Communica;ons  With  The  Public   (effec;ve  Feb  4,  2013)  
  • 20. Five  basic  principles   What  Registered  Investment  Advisors  (RIA)  Need  to  Know  About  Social  Media  Use   First,  treat  all  social  media  networking  as  adver&sing.   meet  the  broad  defini;on  of  “adver;sement”  under  the   Investment  Advisors  Act  of  1940  (the  Act).     Second,  an  advisor  must  avoid  tes&monials,  which  are  strictly  prohibited  under   Rule  206(4)-­‐1.   LinkedIn:  an  advisors  should  not  accept  a  recommenda;on   from  a  client  or  write  a  recommenda;on  for  them.   Facebook:  Advisors  should  not  “Like”  someone  or   accept  “Likes”    TwiMer:  an  advisor  should  also  not  repost  (retweet)  or   “FAV”  (favorite)  anyone’s  tweets. . Blogging  –  an  advisor  should  pre-­‐approve  all  visitor  comments  on  RIA   established  blogs  before  allowing  the  comments  to  post.     http://www.primerus.com/business-law-articles/what-registered-investment- advisors-need-to-know-about-social-media-use-622201.htm
  • 21. Five  basic  principles  (cont’d)   What  Registered  Investment  Advisors  (RIA)  Need  to  Know  About  Social  Media  Use   Third,  an  advisor  must  be  aware  of  its  record  keeping  obliga&ons  under  the  Act.       o Every  public  adver;sement  reaching  10  or  more  people  must  be  documented   and  retained  in  the  advisor’s  files  for  a  minimum  of  5  years   Fourth,  when  using  social  media  and  networking  sites,  a  RIA  must  ensure  that  it   maintains  confiden&ality   o   of  its  clients’  and  prospects’  financial  and  personal  informa;on.     FiOh,  a  RIA  must  create  and  implement  a  wri4en  social  media  policy  and  provide  training.       o   Such  a  policy  is  an  absolute  “must  have”  in  this  social  media  saturated  environment.   o The  advisor  must  provide  for  employee  training  and  educa&on  regarding  the  policy   o   The  policy  needs  to  address  supervision  and  monitoring  of  social  media  usage     o   Social  media  usage  must  be  regularly  and  ac;vity  supervised  and  monitored   o   Monitor  third  par;es’  use  of  advisor  social  media  outlets   http://www.primerus.com/business-law-articles/what-registered-investment- advisors-need-to-know-about-social-media-use-622201.htm
  • 22. Before  asking  “Which  social  media  tools  should  I  use?”     answer  these  5  ques'ons℠   1.  Who  are  you?   2.  What  do  you  have  to  say?   3.  Who  are  you  trying  to  reach?   4.  How  do  they  WANT  to  be  reached?..  Or  not?   5.  Once  you  connect,  then  what?  
  • 23. The  5  ques'ons℠    Email  (home  or  work)   4.  How  do  they      Voicemail   WANT  to  be      Phone  text   reached?  ...  Or      Instant  message   not.      Twicer      LinkedIn      Facebook        (public  or  private  message)   5.  Once  you  are   How  do  you  develop   ready  to    connect,   meaningful  connec;ons   then  what?   while  complying  with   industry  regula;ons?  
  • 24. Suggested  Next  Steps   Learn  the  social  media  regulatory  basics     Get  to  know  your  legal  and  compliance  department     Discuss  how  together  you  can  come  up  with  a  pilot  program     Engage  senior  stakeholders  and  func;onal  groups  for  a  pilot   Keep  up  with  the  compe;;ve  landscape     Par;cipate  in  and  acend  industry  events  to  stay  current  
  • 25. Suggested  Next  Steps     Social  media  policy     Become  familiar  with  your  firm’s  social  media  policy     Get  to  know  the  group  working  on  social  media  training     Volunteer  to  partner  with  a  team  working  on  social  media  planning   Social  media  training     Include  social  media  training  for  employees  and  staff     Types  of  social  media  training  you’re  looking  for     Eventually  empower  employees  to  support  and  protect  your  brand  
  • 26. Thank you! Please connect with me. I would enjoy hearing from you. Joyce LinkedIn  hcp://linkedin.com/in/joycemsullivan   About.me  hcp://about.me/joycemsullivan   Twicer  hcp://twicer.com/joycemsullivan   Website  hcp://socmediafin.com   email:        joyce@socmediafin.com   26
  • 27. Social  Media  Strategy  and  Program   Management  Services   o Social  media  seminars  for  regulated   industries,  specializing  in  financial  services   o Program  management  services  –  enterprise   business  and  technology  reengineering   o Social  media  training  and  staff  development   o Industry  execu;ves  and  senior  leadership   programs  in  social  media   o Keynote  speaker  for  company  events  and   industry  conferences   Visit us >  SocMediaFin.com  
  • 28. Exclusive  presenta;on  for   February  13,  2013   Social  Media  &   Financial  Services   Created  and  presented  by:   Joyce  Sullivan   Founder  and  CEO   SocMediaFin,  Inc.