social trends in wealth management

2.23.2012 SOCIAL TRENDS IN

WEALTH MANAGEMENT

1

About Corporate Insight

Social Media & Financial Services: A Historical Perspective

Social Media in Wealth Management

Facebook: Measuring Success of Your Social Outreach

2

AGENDA

Competitive intelligence and user experience research firm serving the financial services industry

Tracking social media since Spring 2008

Published two industry-wide reports in ‘08 and ‘10

Currently developing Social Media Leaders report

Due out in March

Ongoing updates

http://www.corporateinsight.com/blog.html

http://twitter.com/cinsight

3

ABOUT CORPORATE INSIGHT

Only 15% of financial services firms had proprietary social media offerings

Firms were just starting to claim their names on third-party communities

32% had Facebook pages

15% had Twitter profiles

Few firms had a definitive social media strategy

4

BACK IN 2008…

5

FACEBOOK PAGES: OCTOBER 2008

17%

Annuity Firms

13%

Mutual Fund Firms

45%

Brokerage Firms

56%

Banks and Card Issuers

% of Firms with Facebook Pages

6

FACEBOOK PAGES: JANUARY 2012

79%

Annuity Firms

46%

Mutual Fund Firms

80%

Brokerage Firms

82%

Banks and Card Issuers

% of Firms with Facebook pages

86%

Insurance Providers

7

TWITTER PROFILES: OCTOBER 2008

8

TWITTER PROFILES: JANUARY 2012

Financial Advisors’ personal homepages are often used to stimulate social networking

Follow FA on Twitter, connect via LinkedIn, share the FA’s page on Facebook, etc.

FAs at major wealth management firms are using LinkedIn

Useful for keeping up to speed on clients and their careers

Valuable for prospecting, finding professional groups that fit the FA’s target market (e.g., doctors)

No need to generate steady stream of interesting content like Twitter

FA Twitter pages also becoming more common

The challenge is still compliance

How can the FA be interesting with canned messages?

9

SOCIAL TRENDS IN WEALTH

MANAGEMENT INDUSTRY

Many retail brokerages and asset management firms now have corporate Facebook and Twitter profiles

Most major self -directed brokerages offer their own communities to clients – no sign of similar efforts among wealth management firms

10

SOCIAL TRENDS IN WEALTH

MANAGEMENT INDUSTRY

Ameriprise Financial

Morgan Stanley Smith Barney

Raymond James

RBC Wealth Management

11

ADVISOR-FOCUSED SOCIAL EFFORTS

LinkedIn-powered advisor search tool

Launched November 2011

New spin on FA/branch locator tool

Designed for prospects but also benefits advisors

Still face several hurdles

60-70% of FAs are on LinkedIn but only 20% provide a link from their personalized website

Questions about user ’s willingness to sign into Linkedin via a third-party site

12

AMERIPRISE FINANCIAL

“Share This Advisor ” feature for Facebook on FA homepage

13

AMERIPRISE FINANCIAL

Pilot program with FAs on LinkedIn and Twitter

600 out of 18,000 Fas

Links on advisor homepages lead to their social media profiles

FA tweets are pre-approved by compliance, but content isn’t stale

14

MORGAN STANLEY SMITH BARNEY

Tweets focus on:

Current market events

Re-tweets of news organizations

Pre-approved product guides and MSSB research

Some personal observations, i.e., “lifestyle”

15

MORGAN STANLEY SMITH BARNEY

All FAs can use Facebook, LinkedIn and Twitter through Actiance’s Socialite platform

Advisors no longer limited to static, pre-approved messages

FAs post to Socialite rather than to the individual social networks

Socialite streamlines approval process

Distributes posts to major networks

Stores messages for later retrieval

Raymond James supplements technology with training on how to use social media

16

RAYMOND JAMES

Springboard website launched in February 2011

Initially conceived as a resource to onboard new FAs

Developed into a content promotion site for advisors

Videos feature first-hand, “real-world” accounts from leading FAs and branches

Links to related sales content

Ratings and comment features

17

RBC WEALTH MANAGEMENT

Adapted from our Social Media Leaders Report

18

FACEBOOK:

MEASURING SUCCESS

OF YOUR SOCIAL

OUTREACH

19

MEASURING SOCIAL SUCCESS

Audience Content

Engagement

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000

Mutual Fund Firms

Insurance Providers

Brokerages

Banks & Card Issuers

Annuity Firms

Industry Average (w/out top 10)

Industry Average

Facebook Fans

20

AUDIENCE

January 2012

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

Mutual Fund Firms

Insurance Providers

Brokerages

Annuity Firms

Industry Average (w/out top 10)

Industry Average

Facebook Fans (without Banks & Card Issuers)

21

AUDIENCE

January 2012

Page Objective

Wall Posts

Applications and Other Pages

22

CONTENT

General company pages

Company mascot or spokesperson

Discover’s Peggy

E*TRADE’s Baby

Progressive’s Flo

Product-specific

Chase Slate

Geico Motorcycle

Careers

Other

23

PAGE OBJECTIVE

Formal vs. informal tone

Variation in content and style

Website and other social property content

Product or service promotions

Calls to action

Direct questions

Surveys

Contests

24

WALL POSTS

Likes

Comments

Shares

“ Talking About This”

25

ENGAGEMENT

0

10

20

30

40

50

60

70

80

90

Industry Average Industry Average

(w/out top 10) Annuity Firms Banks & Card

Issuers Brokerages Insurance Providers Mutual Fund

Firms

Shares/Post

Comments/Post

Likes/Post 26

LIKES, COMMENTS & SHARES

Measures fan interactions

Likes (page, posts and other content)

Wall posts

Comments

Shares

Mentions

Check-ins

Data from last seven days

Refreshes Daily

27

“TALKING ABOUT THIS”

28

Q&A

ALAN MAGINN SENIOR ANALYST

CONSULTING SERVICES AMAGINN@CORPORATEINSIGHT.COM

212.832.2002 EXT.116

29