2. A guide for financial professionals who want to use social media to keep clients satisfied and grow business. Social Media I did it my way!

3. Hi! I’m Lloyd Rockefeller, and this is my story. Today, the industry recognizes me as a successful financial professional. My clients love me. But how do I keep my clients satisfied? How do I grow my business year after year? These questions keep many financial professionals up at night; probably you too. Who am I and why should it matter to you? Social Media

5. So I started by saying that social media helped me keep clients satisfied and get new business. The two key words here are “clients” and “social media”. Click on the blinking words to find out what I mean by them. Clients Social media First things first! Social Media

6. How I see clients! I see my clients as people, not numbers. And I know that people have lives. When people have a financial need, before calling a financial professional they usually poke around for information on their own. That’s where social media has become really important today. First things first! Social Media Clients Everyone knows that the 20 something’s live and breathe social media (you probably have one sitting right next to you right now!). But here’s something that’ll hit you like morning coffee; all of a sudden, people who are 30 years of age and older (including baby boomers) have also started using social media regularly…and they all have a very clear purpose.

7. So for what purpose do clients use social media? There can be any number of purposes. Here are three that I have seen most glaringly in my clients: Social Media First things first! Clients Purpose Description Example Connect To meet people My Facebook account includes a discussion board and a blog. I write my professional insights on the blog. If someone has a question based on what they read on my blog, they ask on the discussion board. Then, either me or other fans can answer the question. This way my fans get to communicate and collaborate with each other, and also stay connected through a professional environment that I have created. Communicate To keep in touch with people Collaborate To find new information from each other and do things together

8. Social media is a term used for all sorts of online tools for sharing information, photos, videos, and music. On social media everyone can produce and distribute their ideas and creations. Here’s an overview of what social media includes: Social Media First things first! Social Media Purpose Social Media Types Examples Connect, Communicate, Collaborate Social networking sites Facebook, Yahoo Messenger, LinkedIn Media-sharing sites Flickr, YouTube, SlideShare Blogs, podcasts, and discussion boards Twitter, Yammer Web 3.0 tools Gigya, RSS, Friendfeed

9. Now that you have reviewed what I mean by Clients and Social Media, you might be thinking why I haven’t defined the different types of social media. At this stage I just wanted you to get an overview, without causing information overload. But we’ll look at each social media type more closely, I promise. Before we move on though, let’s stop and review what you have learned so far. Social Media First things first!

12. One day I was working afterhours, as usual. I looked at my performance chart and thought: Social Media I currently advertise my services in local newspapers, I network at associations and social events, I organize information sessions, and I also communicate with clients through email and phone. Then why is my business not prospering as much as I want it to? I mean, I knew there are more clients out there who are looking for good financial professionals; I just didn’t know where to find them, and the conventional methods were definitely not taking me far. That’s when I met social media…it’s just been a great way for me to reach potential clients in a comfortable environment, and help them see how I can deliver better value—without having to compete overtly. Why did I decide to use social media?

13. Click on each icon to learn more. Social Media Why did I decide to use social media? The last time I told this story to someone, she asked me some interesting questions. Let me share them with you. Icon My Answer (text on click) Yeah, but why should financial professionals (you) really have to bother with social media? Well, maybe this will help you understand. My existing and potential clients had started using social media long before I did. So the “party had already begun”. By learning how to use social media effectively, I was able to connect, communicate and collaborate with potential clients on their home ground, and I stay top-of-mind…I was virtually in their living room all day long. So when it came to doing business, who else would they trust? Oh by the way, did I mention that my competitors had also started using social media long before me? So if I hadn’t acted fast, they would have found my clients eventually. Look around, chances are your competitors are also eyeing on your clients.

14. Click on each icon to learn more. Social Media Why did I decide to use social media? The last time I told this story to someone, she asked me some interesting questions. Let me share them with you. Icon My Answer (text on click) Yeah, but what do you do if you’ve never used social media before? That’s a good question. I must accept that just before starting to use social media I went through a brief phase of fear: “I don’t know how to use it?”, “it looks so complicated…!”, “I don’t have the time!”…etcetera, etcetera. All fears were correct. But I quickly realized that I don’t have to learn everything at the same time. I started small, with Facebook and LinkedIn. And even today, I focus on doing what’s manageable—instead of spreading myself too thin across various media.

15. One would think learning social media would be a one-size-fits-all solution. But I knew better. Social Media As a financial professional, I knew my needs are different from, say, someone who’s promoting a shop in the mall. I wanted to do things that would establish me as a credible resource, whose actions are in line with industry regulations. Here’s how I kept myself focused: Instead of starting with tactical questions such as “should I start with Facebook or Twitter?”, I took a step back and did some strategic research.

16. Click on each question to find out what I researched. Social Media

17. Click on each question to find out what I researched. Social Media

18. Click on each question to find out what I researched. Social Media

19. Click on each question to find out what I researched. Social Media

21. Question 4 Shalini Taylor is a financial professional. She has a discussion board on her company’s website. Shalini doesn’t want to be perceived as impersonal, inconsiderate and disorganized. Based on what you have learned so far, analyze if the following communication contains any of these three weaknesses. “ TFSA’s anyone? Forward this link to anyone you know NOW…thanks in advance for helping me grow my business…I’m happy to discuss further”. Choose the correct answer Social Media Exercise Note: The correct answers will appear at the end. Please continue reading the story.

23. 1. Social networking sites No, it’s not synonymous to social media, although it is sometimes mistaken as such. Social networking sites are places where people connect, communicate and collaborate, all at the same time. It’s a type of social medium. Example: Facebook, LinkedIn, MySpace Social Media There’s a jungle of social media tools out there. Let me break it down for you.

24. 2. Media-sharing sites Media-sharing sites are places where people share their pictures, videos and documents. Example: YouTube, Flickr, SlideShare. Social Media There’s a jungle of social media tools out there. Let me break it down for you.

25. 3. Blogs, podcasts, and discussion boards Blogs, podcasts, and discussion boards are three different tools. But I have grouped them together because financial professionals can use them for similar purposes. These are places where people connect to share thoughts and insights—in the form of words, pictures, or video… the choice is yours. Social Media There’s a jungle of social media tools out there. Let me break it down for you. Tool Description Examples Blogs Blogs are like a journal or diary you maintain, except this one’s online for more people to see. Most blogs allow you to write as much as you want in a blog post. You will also find micro-blogs, which are for really short messages (say, 120 characters). Blogger, Twitter, Yammer Podcasts Podcasts are similar to blogs, but in audio or video format The numerous podcasts you can subscribe to, on iTunes Discussion Boards Discussion boards are exactly what they sound like; you can post thoughts and questions on them and others can add to the discussions you start. You can even set up your discussion boards in a way so that others can start a new discussion on your board The forums on Microsoft’s website

26. 4. Web 3.0 tools Web 3.0 is the next generation of internet. But it’s simpler than it sounds. One of the key themes of Web 3.0 is social optimization. Social Media There’s a jungle of social media tools out there. Let me break it down for you. Method Description Examples Social optimization Social optimization means connecting your website seamlessly to other major social platforms. This way you can get to know which other websites your clients are visiting and interacting on. You can use this information to tailor the information on your website to match the needs of your clients. This way they won’t have to go to several websites, and will spend more time on yours Gigya, Clearspring Really Simple Syndication (RSS) RSS is the “light” version of social optimization. If you visit a bunch of websites and blogs regularly, instead of manually going there, you could simply subscribe to their RSS feeds. RSS is small software that keeps track of when new information is posted on each of those websites, and forwards it to your inbox instantly. Isn’t that fun? The difference between RSS and social optimization is that RSS doesn’t get you information about your clients’ usage; it only gathers information that’s published on different websites. MSN RSS feeds

28. Regulatory aspects I’m sure you know that the financial services industry in Canada and worldwide, is highly regulated. Financial professionals are expected to abide by these regulations. That’s because we deal with real financial and personal information related to our clients. Social Media Things I try to handle with extra care At present Canadian regulators in the financial industry have not written new rules about the use of social media. The rules related to communicating by email, client communication, and advertising and sales communication prevail. The Investment Industry Regulatory Organization in Canada (IIROC) and the Mutual Funds Dealers Association of Canada, both have such rules and regulations.

29. Regulatory aspects Click on each icon to see how my thought process has simplified over time. First I was taken aback by all the buzz about “what to say” and “what not to say” on social media. Then I discovered one safe rule that I was going to follow. Now before putting anything out there I simply ask myself: Social Media Things I try to handle with extra care If Then Example Is this something I would only discuss with the client face-to-face? If so, then I do not share such information on social media A client’s personal information A client’s financial goals Advice that is specific to a particular client’s portfolio Is this general communication that is not client-specific If so, then I see no harm in sharing such information on social media. Market trends New products and services My skills and expertise

30. Regulatory aspects By using this thought process, I gained confidence that “I can do this…I can use social media effectively, without getting into trouble”. After all, social media is just new technology; the rules of communications that apply to social media are the same as any other technology, like email or instant messaging. And I was already following those rules…so why should I fear social media? One exception I considered though is that financial institutions may have additional rules. I consulted my leader about this. I suggest you too have a quick chat to double-check. Social Media Things I try to handle with extra care

31. Record-keeping Once again, just the way all financial professionals maintain paper trails and a digital record of email communication, I do the same for my social media communication. Before I started, I met with the Technology department at my financial institution; they helped me set up my social media sites, and now I’m doing just fine. For example: Set your social media sites to create a back up copy of all information and communication so that you have a record. Social Media Things I try to handle with extra care

32. No, it’s not just politicians and movie stars who use it. Many financial institutions are on social media. Take a look at the links in this blog post: http://onlineaccountingcolleges.com/2009/25-social-media-sites-for-financial-professionals/ Social Media Who else is using social media?

34. I hope you found my story useful! Remember, the question is not whether you’d want to use social media or not. The question is : Your clients have financial needs. Do you have solutions that meet their needs? If so, I have news for you: Your clients are talking about their needs on social media. Are you going to join them there? The end result for you is: satisfied clients, more business. So?…are you thinking where you can learn more about how to use social media effectively? If so, stay tuned for CSI’s course on Social Media Strategies. Social Media So?...

35. Social Media Correct Answers Question Number Correct Answers 1 A B Connect Communicate 2 A Cyrus you are absolutely right. The 20 something’s virtually live and breathe social media. But in recent years the 30+ population, including baby boomers, have also started using social media regularly. Don’t miss out on this opportunity. 3 B Shalini, I appreciate your responsiveness toward Client A, however, you revealed Client B’s confidential information. That wasn’t very savvy. 4 A If I was reading Shalini’s message, I would think it is impersonal, inconsiderate and disorganized – its tone is “ sort of” cold, she has made an urgent request without providing context as to why it is urgent, and TFSA hasn’t been defined. 5 Tool Which category is this? LinkedIn 1 (social networking sites) Facebook 1 (social networking sites) Yammer 3 (blogs) Slideshare 6 (media-sharing sites) YouTube 6 (media-sharing sites)