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The Social Advisor : Social Media Secrets for Savvy Advisors

The social media landscape is constantly changing, and things have shifted incredibly fast within the financial services industry over the past few years. With the increased guidance from regulatory bodies, and the large amount of older demographics on social media, social media networking is no longer just a should-do, but a must-do for advisors who want to market themselves and grow their business. This deck covers: - Forward-thinking social media practices from the nation’s leading financial advisors
- Ideas for making your original content stand out from the competition
- Compliance and Social Media Do’s and Don’ts
- Archiving and supervision technologies that can help you meet regulatory obligations

Content by:
Amy McIlwain, Vice President of Social and Digital Strategy at Moore Communications Group, an internationally recognized for radical new ways of approaching social media, PR, marketing, advertising, and customer service within the financial service industry.

Jimmy Douglas is General Manager of Web Services at Smarsh, where he oversees the growth and innovation of the company’s website and digital marketing solutions for financial advisors. He works with industry regulators, including the SEC and FINRA, to keep advisors informed of the latest developments and requirements related to digital marketing and compliance.

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The Social Advisor : Social Media Secrets for Savvy Advisors

  1. 1. MARCH 2015 Presented by Amy McIlwain and Jimmy Douglas THE SOCIAL ADVISOR: Social Media Secrets for Savvy Advisors
  2. 2. AGENDA  What is Social Media?  Network Overview  Content Marketing  Keeping it Compliant
  3. 3. “Social media uses web-based technologies to transform and broadcast media monologues into social media dialogues.” -
  4. 4. 1. A level playing field WHAT IS SOCIAL MEDIA?
  5. 5. 1. A level playing field 2. Communication without borders WHAT IS SOCIAL MEDIA?
  6. 6. 1. A level playing field 2. Communication without borders 3. Marketing at its finest WHAT IS SOCIAL MEDIA?
  7. 7. 1. A level playing field 2. Communication without borders 3. Marketing at its finest 4. Word of mouth on steroids WHAT IS SOCIAL MEDIA?
  8. 8. LINKEDIN  The Tradeshow  Business related networking  Connect with everyone  Share articles, blogs, surveys, best practices  Interact – ask & answer questions  Follow people, companies, organizations  Join groups @FinSocMedia
  9. 9. ~20% of connections will change jobs this year, and they’ll take their 401(k) accounts with them With a target network of 1.2 MILLION contacts, that’s 240,000 money-in- motion events totalling $17.9 BILLION IN MOTION LinkedIn reports that 3 of 5 advisors using LinkedIn have gained new clients as a result Nearly a third of those brought $1 MILLION+ in assets under management What’s the ROI?
  10. 10. TWITTER  The Cocktail party  What’s happening RIGHT NOW  Connect with anyone…more public  Share photos, thoughts, comments  Interact and comment – very open  Follow businesses, competitors, centers of influence, stocks @FinSocMedia
  11. 11. 45% of online US adults who have a Twitter account are interested in interacting with financial services firms via Twitter. - Source Forrester 67% of Twitter users are more likely to buy from brands they follow.
  12. 12. FACEBOOK  The Pub  More personal  Connect with clients  Share photos, thoughts, comments  Interact and comment  Shopping mall analogy  Follow local businesses, competitors, media @FinSocMedia
  13. 13. The fastest growing segment on FACEBOOK is 55-65 year-old females.
  14. 14. Your competitors are already there… Your customers have been there for a long time… If your business isn’t putting itself out there you are missing out on an incredible opportunity Millions of people are putting content out there everyday. The Age of Content Marketing
  15. 15. THE FOUR E’s OF CONTENT MARKETING 1. Educate 2. Empower 3. Engage 4. Entertain
  16. 16. Does President Obama Believe In Wealth Redistribution - 170 clicks The Struggles of the Income Investor - 153 clicks The Wonderful World of Disney - 122 clicks The Big Ten - 142 clicks @FinSocMedia
  17. 17. TALK IN TERMS OF OTHER PEOPLE’S INTERESTS  What’s interesting to your audience?  What problems do they face?  What values matter most to them? @FinSocMedia
  18. 18. @FinSocMedia
  19. 19. Compliance.
  20. 20. “The goal of this Notice is to ensure that—as the use of social media sites increases over time—investors are protected from false or misleading claims and representations, and firms are able to effectively and appropriately supervise their associated persons’ participation in these sites.” “At the same time, FINRA is seeking to interpret its rules in a flexible manner to allow firms to communicate with clients and investors using this new technology.” @FinSocMedia Regulatory Notice 10-06 and 11-39
  21. 21. “Each firm must develop policies and procedures that are best designed to ensure that the firm and its personnel comply with all applicable requirements.” Regulator Notice 10-06 “A firm must conduct appropriate training and education concerning its policies, including those relating to social media. “ Regulator Notice 11-39 @FinSocMedia COMPLIANCE
  22. 22. “When comments about an advisor’s firm appear on independent, third-party social media sites, the firm may promote those comments under specific circumstances.” “13 factors to be considered by advisors in their social media compliance programs.” “Firms must retain records of social media communications if they are used for business purposes.” @FinSocMedia SEC Guidance
  23. 23. NASD Rule 2210 includes participation in an “interactive electronic forum” as subject to the same requirements as a presentation in person before a group of investors. Rule 2210 does not require firms to have a registered principal approve in advance the extemporaneous remarks of personnel who participate in public appearances. @FinSocMedia Interactive Electronic Forum
  24. 24. FINRA considers static postings to constitute “advertisements” under Rule 2210. If the blog is used to engage in real-time interactive communications, FINRA would consider the blog to be an interactive electronic forum that does not require prior principal approval. A registered principal of the firm must approve all static content on a page of a social networking site established by the firm or a registered representative before it is posted. @FinSocMedia Static Content
  25. 25. You CAN use the latest digital marketing tools and stay compliant
  26. 26. BEST PRACTICES  Having a social media strategy and policy are essential.  Regularly review and add up-to-date regulatory guidance to your social media policy.
  27. 27. BEST PRACTICES  Employee training for social media use is a must-have.
  28. 28. BEST PRACTICES  The content of the message – not the medium – is what determines status as a business record.
  29. 29. BEST PRACTICES  Archiving is critical for meeting supervision and record retention requirements.
  30. 30.  Archive all social media activity  Don’t ‘flatten’ social media into email  Fast and efficient search and production  Perform ongoing social media supervision (not on a sporadic basis)  Show regulators proof of supervision  Simplify your life by archiving ALL your content in ONE place. 44 How Technology Can Help
  31. 31. “In a chronically leaking boat, energy devoted to changing vessels is more productive than energy devoted to patching leaks.” - Warren Buffett @FinSocMedia
  32. 32. Q&A Amy McIlwain @amymcilwain Profile pic here Jimmy Douglas @jimmydouglas
  33. 33. Additional Resources
  34. 34. On Sale Now!