social trends in wealth management
DESCRIPTION
Presentation by Corporate Insight's Alan Maginn exploring social media best practices across the financial services industry. The presentation looks at industry trends and what financial service firms are doing for financial advisers.TRANSCRIPT
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
