Financial Advisor Integrated Sales Experience

Financial Advisor Integrated Customer Experience  
How content management, social media, & mobile are shaping the future!

Jeﬀ
Fleischman

CEO,
Blue
Panda
Interac9ve

October
2012

I N T E R A C T I V E

© 2011 Blue Panda Interactive. Proprietary And Conﬁdential.! 1!

We’re Transitioning To A New Paradigm In Which Advice,
Customer Experience, And Personalized Content Will Merge

² The
engagement
model
between
companies,
ﬁnancial
advisors,
and

their
clients
will
undergo
a
drama8c
change
over
the
next
3
years

² Three
underlying
drivers
that
companies
need
to
focus
on
are
content

strategy,
social
media,
and
mobile

² Digital
na8ves
will
not
engage
brands
in
ways
past
genera8ons
have,

they
will
expect
to
engage
brands
through
digital
touch
points

² Social-‐mobile
experiences
will
dominate
how
ﬁrms
reach
and
engage

their
clients
and
should
be
integrated
into
a
cross-‐channel
strategy

² Advisors
will
need
to
build
and
maintain
their
personal
brand
via
social

media
networks
whilst
balancing
regulatory
constraints

² There
will
be
winners
and
losers
largely
based
on
the
response
to

these
inevitable
changes


Drivers Of Integrated Sales Experience
There
are
several
factors
that
will
impact
how
ﬁnancial
advisors
interact
with
their
clients

Social

Media

Integrated
Mobile/
Content
Sales
Tablet

Experience


There
are
several
factors
that
will
impact
how
ﬁnancial
advisors
interact
with
their
clients

Social

Media

Integrated
Mobile/
Content
Sales
Tablet

Experience


Content Is The Connective Tissue Across All Channels And
Touch Points
Leverage
content
to
reinforce
the
brand
promise;
engage
all
customer
segments

throughout
the
customer
lifecycle;
achieve
desired
business
outcomes
and
objec8ves

Searchable
Content
has
become:

• SEO/SEM

• Keywords
•  Dynamic

• Linguis8c

Proﬁling
•  Real-‐8me

Op8mized
Distributed

• Lead
•  Personalized

Genera8on
• Print

• Web

• Site
Cross-‐Sell

Content
• eMail

•  Integrated,
cross-‐channel

• Engagement

• Social
Media

•  Two-‐way

Ecosystem
• Mobile

•  Portable

User

Generated
Personalized

• Pos8ngs
• Experience

• Ra8ngs
• Educa8on

• Advice

• Comments

• Transac8on

• Tes8monials


Creating Content Should Promote Thought Leadership And
Expertise Across Owned, Paid, And Earned Media.
Personalized
content
is
an
important
part
of
engaging
and
conver8ng
leads
as
well
as

retaining
and
growing
exis8ng
business


Managing Content Used To Be Simple


Content Distribution Has Proliferated Beyond Traditional Channels
A
central
repository
is
needed
to
eﬃciently
manage
content
crea8on
and
dissemina8on

across
all
customer
touch
points

Company


Content “Publishing” Ecosystem: End To End Content
Oversight And Execution
Governance & Oversight Management & Maintenance

Priori8zed
Publishing
Calendar

Execu8ve
Content

Direc8on
“Editor”
PlaTorm:
Cross-‐Channel
Content

Produc8on
and
Maintenance

Branded
Campaign
Targeted
Updates

Content
Content
Content
&
News

Content
Content

Commi[ee
Ops
Team

Social
Live

Web
Mobile
Print

Media
Person

Behavioral Analysis, Results

Open Forum Is American Express’ Strategy To Create Market
Leadership And Engagement In The Small Business Community

²  OPEN Forum is a content rich
destination that provides small
business owners useful information
and share issues within the community!
!
²  OPEN Forum includes pertinent
articles, blogs, and contributors that
are regularly updated!

²  Articles and content throughout OPEN
Forum can be shared through Twitter,
Facebook, LinkedIn, email, RSS, etc. !
!
²  Mobile and tablet applications have
been introduced as additional
distribution points!


There
are
several
factors
that
will
impact
how
ﬁnancial
advisors
interact
with
their
clients

Social

Media

Integrated
Mobile/
Content
Sales
Tablet

Experience


Social Media Represents A Significant Opportunity To Engage
Clients And Prospects
² Growing
expecta8on
that
firms
have
social
media
presence
as
part
of
their

engagement
model
–
Digital
Na8ves
have
a
“social
media
first”
mindset

² Social
media
is
becoming
an
increasing
source
of
proac8ve
customer

servicing
and
more
companies
are
using
so]ware
to
monitor
social
cha[er

² 52%
of
Twi[er
and
Facebook
users
are
over
35
and
50-‐56
age
bracket
has

seen
a
sharp
increase
from
9%
of
users
in
2008
to
20%
in
2011

² The
use
of
social
media
amongst
wealth
clients
is
increasing:
70%
of

millionaires
use
social
media
with
46%
using
Facebook
in
2011,
nearly

doubling
from
26%
in
2010

² In
contrast,
60%
of
wealth
management
firms
have
no
presence
or

occasionally
update
their
ac8vi8es
on
social
networks

² Tradi8onal
measures
of
success
need
to
be
reexamined
and
new
ways
of

quan8fying
the
impact
of
social
media
need
to
be
established


Source:
Pew
Internet
&
American
Life
Project

Social Networks/Blogs Grabbing A Large Share Of Consumers
Time!

Time spent by U.S. consumers condensed
to the equivalent of one hour – social
media/blogs take up approximately 13
minutes of every hour!

Source: Nielsen NetView June 2010

Facebook remains the primary
social media platform eclipsing
all others!

Source: comScore, Google, Statista

Over 50% Of Online Users Expect Weekly or Monthly Updates
Through Social Networks

Marketing Contact via Social Networks
% of respondents June 2011

28%
26%

13%
11%

7%
6%
4%
3%
2%

More than Once Every other Twice Once Twice a month Once a month Never Other
once a day a day day a week a week or less


Source:
ROI
Research
and
Performics

Social Platforms Are A Trusted Source Of Information And A
Growing Influence On Buying Behavior

Social
Tools
that
Impact
Purchasing
Decisions,
June
2011

User
generated
product
reviews
59%

Customer
Q&A
on
product
website
42%

Purchasing
advice
for
ﬁnancial
products
39%

Community
forums
(peer
groups)
26%

User
generated
videos
15%

Facebook
company
fan
pages
13%

Facebook
newsfeed
13%

Mobile
(phone
apps,
text
alerts)
9%

Twi[er
(monitor,
respond,
post)
9%


Source:
e-‐tailing
group,
PowerReviews,
ROI
Research,
and
Performics

There
are
several
factors
that
will
impact
how
ﬁnancial
advisors
interact
with
their
clients

Social

Media

Integrated
Mobile/
Content
Sales
Tablet

Experience


Mobile’s Growing Influence – Expect It To Become The
Channel Of Choice For Most Activities
² More people access Twitter and Facebook on mobile devices than on
desktop computers!
² Americans spend an average 2.7 hours socializing on their mobile
phones!
² Mobile banking has tripled to 15% between 2008 and 2011; more than
40MM U.S. consumers will be using mobile banking by the end of 2012!
² Nearly 30% of consumers conduct product research on mobile devices!
² 70% of all mobile searches result in action within 1 hour!
² Smartphone shipments are the fastest growing mobile segment and
tablets will out sell computers within the next few years.!
² Mobile web trafﬁc will exceed desktop trafﬁc by 2015!


Source: Mobile Banking News

The Rise Of The Mobile Web As The Dominant Channel Of
Choice

Facebook mobile users have! Nearly 30%of consumers conduct
product research on mobile devices !
from 50MM in 2009 to 200MM in 2011!

There are mobile video Twitter has over active users
playbacks from YouTube every day! sending over tweets a day!

Social networking accounted for over 86% of mobile internet users use their
of all page views on mobile phones in 2011! mobile phone while watching TV !

Over 300k apps have been developed in 90% of the largest retailers have a mobile
the past 3 years and downloaded more than site or smartphone app!
10.9B times!


The Emergence Of The “Mobile First” Mindset – Companies
Need To Develop Alternative Screen Experiences
Mobile phones have become an indispensible tool for real time research and
purchasing behavior – tablets will accelerate these rates!

% of respondents

Researched
Product
on
Mobile
29%

Researched
on
Mobile
and
Bought

26%

In-‐Store

Purchased
On
A
Mobile
Website
24%

Researched
on
Mobile
and
Bought

21%

Online

Purchased
With
A
Mobile
App
18%

In-‐Store
Price
Comparison
16%


Javelin
Strategy
2009

Tablets Will Play An Integral Role For Digital Consumers –
Firms Need To Adjust Their Strategy And Experiences
In-person experience and tools/calculators will become more prevalent, consumers
will expect more complexity without sacriﬁcing ease of use!

60%
%
Ownership
US
Adults
With
A
Tablet
or
eReader
55%*

50%

40%

29%

30%

18%

20%
16%

14%

10%
5%
6%

3%
4%

2%

0%


*Estimate Source: Pew Research; Independent Research

Mobile Consumer Behavior
Fueled by apps, mobile devices have become indispensible part of our lives!

Over 300k apps have been developed in the past 3
years and downloaded more than 10.9B times!

Consumer’s use mobile devices is ubiquitous !


Where
do
we
go
from
here?


Over The Next 3-5 Years Expect A Major Shift In How Financial
Advisors Interact With Clients and Prospects
² Acknowledgement
in
the
growing
influence
of
social
media
and
mobile

usage
in
the
financial
advisor
community

² Skep8cism
exists
that
digital
touch
points
can
be
used
to
build
rela8onships

in
an
industry
that
has
tradi8onally
been
a
high
touch,
personal
service

² Firms/financial
advisors
will
need
to
figure
out
how
to
increase
their
social

media
presence
in
order
engage
prospects
and
clients

² Companies
need
to
navigate
the
regulatory
and
privacy
hurdles
that
exist

internally
and
externally

² Generally,
advisors
need
to
build
up
their
social-‐mobile
skills
to
be
more

effec8ve
in
engaging
a
growing
digital-‐first
audience

² Social-‐mobile
ini8a8ves
should
not
be
managed
in
isola8on,
integra8on
with

exis8ng
channels
is
cri8cal


Firms Are Gradually Introducing Their Financial Advisors To Social
Media, But Within Three Years It Will Be Commonplace

“Putnam
investments
launches
video
blog
to

“Goldman
Sachs,
which
recently
said
help
financial
advisors
tap
social
media”

it
was
looking
to
hire
a
‘social
media

community
manager,’
has
taken
to
Morgan
Stanley
Smith
Barney
plans
to
give

TwiPer
to
post
news
about
the
firm.”

par9al
access
to
TwiPer
and
LinkedIn
for
it’s

17,000
financial
advisors
which
amounts
to
a

bet
that
social
media
can
be
an
effec9ve

business
tool
for
financial
advisers.”

“AllianceBernstein,
has
given

employees
access
to
LinkedIn.”

“The
Blackstone
Group
also
maintains
“Morgan
Stanley’s
retail
brokerage

a
TwiPer
account.”

unit,
using
TwiPer
and
LinkedIn
has

helped
financial
advisers
win
more

business
over
the
past
year.”


Source:
The
Securi8es
Industry
and
Financial
Markets
Associa8on

Social Media Activity Is Growing Across Firms, However,
Success Should Be Measured By Level Of Engagement

JPM
–
Facebook
JPM
Community,
Twi[er
JPM
Funds

Blackrock
–DSP
Blackrock
Mutual
Funds
Facebook
Followers
=
151.9k


Advisors Are Increasingly Using Social Media Although Its Use
For Business Purposes Lags Personal Use
Approximately
30%
-‐
40%
of
advisors
do
not
use
social
media
for
business
purposes

Sep-‐11
Mar-‐12
67.0%
68.2%

63.3%
65.0%

Percent of advisors using social media!

62.2%

53.2%

48.1%
51.5%

43.8%
45.0%

34.7%

31.0%

Wirehouse/
Regional
Firm
IBD
RIA
Insurance
Bank/

Na8onal
Firm
Brokerage


Source:
Registered
Rep
and
Wealthmanagement.com

LinkedIn Is The Leading Social Network Among Advisors
² Among
advisors
using
at
least
one
social
network
for
business,
90%
use
LinkedIn
and
are

more
than
three
8mes
as
likely
to
use
it
over
other
social
networks

² Facebook
is
the
dominant
social
network
for
personal
use
at
71%

Social
Networks
Used
for
Business
Overall
Social
Network
Usage
for
Business/
Personal

Among
ﬁnancial
advisors
who
use
at
least
Purposes

one
for
business

LinkedIn
Facebook
Twi[er
Google+
Business
Personal
Total
Usage

91%

LinkedIn
83%
17%

78%

Facebook
29%
71%

75%

32%

38%

28%
Twi[er
39%
61%

22%

Google+
50%
50%

37%


Source:
LinkedIn
Marke8ng
Solu8ons
and
FTI
Consul8ng,
May
2012

Active Rates And Frequency In The Usage Of Social Networks
Among Advisors Is Increasing

Used
Social
Network
Foe
²  Nine
out
of
10
advisors
now
have
a
social

Business
Purposes
At
Least

media
profile
or
account
and
56%
are
ac8ve

1x
Week
1x
Month
(vs.
51%
in
2011)

LinkedIn
53%
74%

Facebook
37%
48%
²  Among
advisors
with
social
network

Twi[er
31%
37%

accounts,
LinkedIn
and
Facebook
have

highest
penetra8on
rates
but
Twi[er
is

Google+
20%
27%

growing
at
the
fastest
pace

73%

71%
2011
2012
²  Although
most
advisors
report
that
their

%
Of
Advisors
With
An
Account(1)

62%

55%
social
media
use
is
restricted,
it
has
not

deterred
the
overall
adop8on
rate
of
social

media

27%

19%
²  Twi[er
can
be
an
effec8ve
high
frequency

communica8ons
tool
to
lead
users
to

specific
sites
and
content

Facebook
LinkedIn
Twi[er

(1)
Source:
American
Century


Source:
Registered
Rep
and
American
Century;
LinkedIn
Marke8ng
Solu8ons
and
FTI
Consul8ng,
May
2012

Among Advisors, LinkedIn Is The Leading Social Network Because It
Most Closely Complements How They Grow Their Book Of Business
Among
social
networks,
LinkedIn
is
far
ahead
for
business
usage
to
drive
lead
genera8on,

connec8ng
with
clients//prospects,
and
genera8ng
asset
inflows

71%

LinkedIn
Facebook
Twi[er
Google+

42%
42%

34%

31%
30%

20%

16%
17%

12%
12%
11%
11%
11%

8%
9%
9%

7%
8%
8%
7%
7%
6%
7%

5%
5%
5%

2%

Making
professional
Improving
the
Building
my
brand
Cul8va8ng
client
Expanding
my
Enhancing
current
Cascading
thought

connec8ons

effec8veness
of
my
iden8ty

prospects

professional
client
rela8onships

leadership
in
my

referral
network
knowledge
base

field


Source:
LinkedIn
Marke8ng
Solu8ons
and
FTI
Consul8ng,
May
2012

Advisors Believe That Using LinkedIn For Prospecting Has Led
To New Client Acquisition And AUM
Advisors
that
gained
clients
from
LinkedIn
were
2-‐2.5X
more
successful
in
engaging
and

cul8va8ng
client
rela8onships
than
those
who
did
not
acquire
clients
on
LinkedIn

Source:
LinkedIn
Marke8ng
Solu8ons
and
FTI
Consul8ng,
May
2012


The “Social-Advisor” Era Has Begun To Take Shape – Are You
Ready?
FACTS
&
STATS
IMPLICATIONS

Social
networking
usage
increased
10%+
in
2012
and
Laggards
in
adop8ng
a
social
strategy
will
be

is
approaching
or
exceeding
50%
at
many
firms
at
a
compe88ve
disadvantage

25%
of
advisors
acquired
clients
through
social
media
Its
impera8ve
that
firms
to
adopt
an

efforts
following
a
tradi8onal
first
contact
integrated
channel
strategy

Social
media
usage
among
advisors:
LinkedIn
84%,
Each
social
network
has
a
specific
a[ributes

Facebook
28%,
Twi[er
16%
and
its
usage
should
be
clearly
defined

43%
of
advisors
do
not
use
social
media
for
business
Companies
and
advisors
need
a
coordinated

purposes,
but
74%
are
interested
in
it
for
strategy
and
training
to
develop
the

prospec8ng,
marke8ng
and
communica8ons

appropriate
social
skills
to
engage
prospects

and
customers

For
those
with
policies
in
place,
nearly
67%
of
firms
There
is
a
large
gap
between
the
personal

prohibit
the
use
of
Facebook,
YouTube
and
Twi[er
usage
and
business
prohibi8on
of
social

for
business
purposes;
25%
prohibit
the
use
of
media
needs
to
be
resolved
to
minimize

LinkedIn
compliance
and
reputa8onal
risks

Among
advisors,
compliance
and
regulatory
concerns
Coordina8on
needed
among
advisors
and

are
considered
to
be
the
primary
challenge
when
compliance
teams
to
understand

using
social
media;
specific
areas
of
uncertainty
are
regula8ons.

Policies
need
to
outline

how
to
answer
ques8ons
and
permissibility
in
sharing
permissible
usage
of
social
media
by

opinions
or
advice
with
clients
advisors.
Interactive. Proprietary And Confidential.!
© 2011 Blue Panda 32!

Source:
Registered
Rep
and
WealthManagement.com

Advisor Social Media Playbook – Building A Personal Brand
In A Socially Connected World
Build Your Social Media Profile!
² Ensure a LinkedIn profile articulates and highlights experience and expertise.
Recommendations and endorsements add credibility. !
² Create a Facebook profile that highlights a personal side, interests, include content
that will garner attention and sharing among your followers.!
² Use Twitter as a communication platform to connect with websites and other social
media platforms.!
!
Expand Your Circle Of Influence!
² Facebook, LinkedIn, and other social media platforms provide a window into personal
events/milestones that an advisor can connect to with relevant, targeted content. !
² LinkedIn and Facebook enables an advisor to scan a clients' network for potential
prospects. Engaging with one’s network provides exposure to contacts and potential
leads, but avoid overt selling tactics, take a consultative approach.!

Broadcast To Your Network And Their Connections!
² It’s important to publish useful, relevant information, research papers, etc. Sharing
this information across LinkedIn Groups, Facebook, email will expand reach. !
² Twitter is a good way to broadcast to your network and lead them to relevant
information.!
² Every client is a sphere of influence and social media is an efficient and effective
method to connect with them and their network.!

Considerations As You Plan Out Your Digital Strategy
It
is
important
to
clearly
deﬁne
your
goals
when
cra]ing
your
social
media
plan.

Decide
if

you
want
to
increase
sales,
create
a
stronger
brand
iden8ty
and
posi8oning
as
a
thought

leader,
generate
deeper
engagement,
etc.

² Know
your
community
and
create
compelling
content
for
them;

ensure
that
content
is

8mely,
relevant,
and
can
be
shared
across
social
networks

² Focus
eﬀorts
on
conversa8on
and
engagement
rather
than
selling
products
or
services

² Devise
ways
to
harness
user
generated
content
and
audience
engagement
to
a[ract
a

larger
base
of
followers

² Use
social
media
as
a
customer
listening
tool
and
provide
proac8ve
customer
service

² Tools,
calculators,
benchmarks
are
ways
to
engage
your
audience;
they
should
be
built

for
mobile
devices
and
tablets
for
use
as
standalone
applica8ons
or
for
face-‐to-‐face

advice
sessions

² Advisors
already
on
social
media
should
be
pro-‐ac8ve
and
reacquaint
themselves
with

internal
and
regulatory
policies


“The era of the Social-Mobile Financial Advisor
has dawned. Companies and ﬁnancial advisors need to
focus on engaging with their clients across social media
platforms. Advice, customer experience, and
personalized content will converge and the winners will
be those that can make the transition.”!
!
Jeffrey Fleischman, CEO 
Blue Panda Interactive!


Q&A


Blue
Panda
Interac8ve
[Digital
Consultancy
+
Crea8ve
Agency]:
Merging
the

brains
of
a
strategic
consultancy
and
the
innova8ve
approach
of
an
agency
to

transform
customer
experiences.

We
focus
on
digital
strategy,
media,
and
analy8cs
to
connect
brands
with
their

customers.
We
leverage
innova8ve
ideas
that
are
based
on
business
goals
and

customer
needs
to
execute
winning
strategies.
Our
belief
is
that
integrated

marke8ng
and
content
are
key
ingredients
to
connect
and
engage
with
your

audience.

It’s
about
sharing
a
passion
to
drive
business
outcomes
and
delight

customers.

If
you
would
like
to
learn
more
about
how
we
can
partner
with
you
please

contact
us
at
info@bluepandainterac8ve.com


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