Todd takes you through the changing landscape of social media for the financial services profession. Long eschewed by most industry communicators, the financial services sector is coming around and finding ways to embrace social media in mostly appropriate, occasionally inappropriate ways. Todd takes you through both the success stories and cautionary tales, wrapping up with a framework for success in social media.
Social Media and Financial Services: The Good, The Bad And The Ugly
1. Social Media & Financial
Services
The
Good
The
Bad
The
Ugly
2. Social Media & Financial Services
@vanhoosear
T H E G O O D , T H E B A D & T H E U G LY
3.
4. Question 1: What is Social
Media?
• FFIEC: “interactive online
communication in which users
can generate and share content
through text, images, audio,
and/or video.”
• Me: Ultimately, social media,
and more specifically social
media marketing, is about
turning your customers and
influencers into salespeople. *
5. * Red Asterisk #1
• Hear the alarm
bells?
• Don’t worry, we’ll
come back to the
SEC, FTC,
testimonials, etc.
• 3 Basic Risks:
– Compliance
– Reputation
– Operational *
6. * Red Asterisk #2
• I’m just a PR guy
• My wife manages
our finances
• This isn’t legal
advice
• etc.
10. Question 2: Should I Be
Social?
• Research from ISM Search
& Social found that 97% of
people say their buying
decisions are influenced by
social groups
14. But Back to Questions 2 & 3
• You can engage in social
media with the right plan in
place
• Whether you should or not
depends on
– Your interest, ability & time
– Your risk exposure & tolerance
– Your clients’ presence online
– Your support team
– Your budget
16. Real Time Marketing Reality
WHAT IT SEEMS LIKE
WHAT IT
ACTUALLY IS
http://www.thehopkinsonreport.com/2013/02/thr-223-super-bowl-ads-oreos-and-blackouts-why-your-brand-needs-a-social-media-war-room/
17. * Red Asterisk #3
• Real time marketing,
you say?
• Fat chance!
• Not while the lawyers
still live!
18. What About Financial
Services?
• 2/3rds of asset managers and insurers
surveyed are using social media
• Most of them are “Promoters” in kasina’s
Social Media Marketing Maturity model
(stage 2 of 5)
• 86% are focused on using social media to
improve brand awareness
• 64% collect social media activity data
• 61% have a formal social media plan
• 36% provide guidance for wholesalers on
using LinkedIn to connect with financial
advisors
http://kasina.com - March, 2014 Report on “Integrating Social Media Engagement to Drive Business Results”
19. Still Plenty of Room…
• Only 4% of firms surveyed encourage their
employees to post their own social content
on behalf of the firm
• 21% permit their employees to participate
in social media for professional purposes
• Only 4% integrate social media activity
into their CRM systems
http://kasina.com - March, 2014 Report on “Integrating Social Media Engagement to Drive Business Results”
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33. Biggest Social Media Mistakes
• Fallow social media properties
• No content backlog
• No team & no budget
• No editorial calendar
• No decision tree
• No crisis response plan
35. • Does the sleaze wash off with a regular shower, or
do you have to use something special like babies
tears? #AskJPM
• I have Mortgage Fraud, Market Manipulation,
Credit Card Abuse, Libor Rigging and Predatory
Lending. Am I diversified? #AskJPM
• Did you have a specific number of people’s lives
you needed to ruin before you considered your
business model a success? #AskJPM
• When Jamie Dimon eats babies are they served
rare? I understand anything above medium-rare is
considered gauche. #AskJPM
• Do you have a secret jail in your offices so your
executives get at least one chance to see the
inside of one? #AskJPM
• What’s the best way to get blood stains out of a
clown suit? #AskJPM
• What’s it like working with Mexican drug cartels?
Do they tip? #AskJPM
• Do your clothes fit better since you don’t have the
added weight of a soul? #AskJPM
http://thefinancialbrand.com/35532/8-lessons-from-jpmorgan-twitter-disaster/
37. What Have We Learned?
• Don’t put your interns in charge of social
media
• Don’t be robots: SPEAK HUMAN
• Big brands make big targets
• Timing is everything
• Don’t take it personally, but be personable!
• The most creative, spontaneous
campaigns are usually anything but
spontaneous
39. Minimizing Compliance Risks
• Your social media policy is critical
– Clearly define what can and cannot be said
– Understand key SEC and FTC guidelines
• RegFD Updates
– Predisclosed social media channels can be considered fair
disclosure
• Updated Dot Com Disclosures governing ads and
sponsored content
– If you got paid to post it, you must disclose that fact in the
post itself
• New SEC guidance on testimonials
– Testimonials are still as verboten as actual financial advice,
but
– Links to third-party sites with testimonials can be considered
compliant, but
– Proceed at your own risk…
*
40. * Red Asterisk #3
• Careful with that “Like” button – could it
be considered a testimonial?
• Careful with your recordkeeping – could
your social media usage
fall under the Advisers Act?
• Regularly update your social
media policies and
procedures in light of new
tech and new regulations
41. Minimizing Compliance Risks
• A good social media policy isn’t enough!
• Get your legal team on board early to
scope out content areas that
1. Don’t need review
2. Will require managerial review
3. Will require legal review
4. Cannot be addressed via social channels
• Build a library before beginning
• Have a decision tree / response protocol in
place before beginning
42. Minimizing Reputation Risks
• Consider both your corporate and personal brands
• Understand the technology you’re using
• Train your team on phishing & identity theft
• Be personable, but don’t
mix work & play, tech-wise
• Use scenario planning
• Third-party tools are great,
but carry risks
• Employee social media
usage policies are critical
(but be careful about not
crossing the NLRB)
43. Minimizing Operational Risks
• Don’t do a run-around with IT; work closely with them as
you develop and revise your policies
• Social media is ripe with malware and phishing attempts
• Be sure to include social media in any incident response
protocol or crisis plan
44. Best Practices
• Involve the Bosses
• Incentivize the employees
• Stay on brand (corporate and personal)
• Measure before, during and after
• Social media isn’t free! But MBOs and
KPIs will help you justify your budget
• It’s not just for marketing, but also
customer support
45. Thanks
• John Refford
• Mike Langford
• Mike Spataro
• Risa McMahon
• Adam Zand
• Tinu Abayomi-Paul
47. To Claim your
CE for the meeting:
Text 465859 {space} and
ASPPA ID# to 22333
22333
465859 123456
Your Attendee ID is located on the the
BOTTOM LEFT of your conference
badge.
JOHN
John Smith
XYZ Company
Washington, DC
123456
Notes de l'éditeur
Intro from will
Oreo @ the superbowl, the oscars, the onion, real time marketing
Oreo @ the superbowl, the oscars, the onion, real time marketing
It’s all about planning ahead.
Engagement is a good goal. This is not how to do it.