socialware final

The Digital Advisor – Social Business for FAsJaime Punishill

Global Head of WM Digital Distribution & Content Strategy

Socialware CMO Summit – 6/23/2011

@jpunishill

#fincmo

Agenda

• This is not a fad

• Social brings digital to FA-client relationships

• Social is not a medium

• Control is an illusion

• Control is just the price of entry

• The three C’s of social

• Social is not any one thing

Digital relationships are a reality• More than 90% of households with $1 million in investable assets are online

• 29% of that crew are interested in collaborating with their financial advisors online within a living financial plan

• 16% are interested in chatting with their advisors online

• 30% of online investors who have an advisor prefer email communications with their advisor

• Online affluent investors who rate their advisory firms website a 5 (excellent) on a 5 point scale are more than twice as likely to recommend that firm to a friend or colleague, more than 2x as likely to bring them additional assets, an half as likely to switch firms

• 56% of US online adults aged 55-64 maintain at least 1 profile on a social networking site

• 47% of US online adults aged 66+ maintain at least 1 profile on a social networking site

Source: Forrester Research

5

Growth in social media in the US has been staggering over last 3ys

More Than Four In Five US Online

Adults Now Participate Socially

More Than Four In Five US Online

Adults Now Participate Socially

Source: Forrester Research

As an industry we haven’t caught up to the times…

How well does digital represent your firm/FAs?

Social finally brings the FA into digital

http://www.slideshare.net/padday/the-real-life-social-network-v2

Social is a philosophy…not a medium

http://philosophy.uchicago.edu/courses/

http://www.bankerspank.com/

http://www.swamedia.com/releases/a714b09b-6c39-403a-4446-41004e021c55

In command, not in control

http://t3.gstatic.com/images?q=tbn:ANd9GcT-Po6yUiC5Re9dF4E_dUsO8OVvN-Xu-dQjs-0UcNFm9gCWLo2QmA

http://www.charleneli.com/open-leadership/

http://t3.gstatic.com/images?q=tbn:ANd9GcSW6BfgHBg8Pr39G-TPmSQ2gxbpOXJgEX3ZYTuiZ18N4d8Tee5WNg

CHASE: This call will be monitored or recorded…ANN: “Yes it will.”

http://www.youtube.com/watch?v=_9mqj7jD0QE

Define your sandbox, grow it over time

http://www.charleneli.com/open-leadership/

http://www.bachelorvegas.com/nightclubs/jpegs/studio54/studio-54-night-club.jpg

http://piccsy.com/2011/04/studio-54/

Getting in isn’t your biggest challenge, it’s what to do once you get access

The three C’s of social interaction

• Content

• Context

• Connection

• I don’t care about you

• I don’t want to come to your castle

• I will collaborate and share what I have in common with others

http://www.slideshare.net/padday/the-real-life-social-network-v2

http://www.slideshare.net/padday/the-real-life-social-network-v2

Social is not any one thing…

http://www.slideshare.net/padday/the-real-life-social-network-v2

Remember

• This is not a fad, this is the greatest thing to happen to this business in a long time

• Social is a way of being

• Be in command, because you cannot be in control

• Content, Context, Connection = Engagement

THANK YOU!

Jaime Punishill

646-223-7959

@jpunishill

www.linkedin.com/jpunishill

www.slideshare.net/jpunishill

jaime.punishill@thomsonreuters.com