en es en tr es es es en en en en en en en en id en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en hbs_lat en en en en it es pt tr en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en
Despite the industry’s old school tendencies, the use of social media in financial services organizations is no longer an option. According to research from Medium, at least 98% of all Fortune 500 companies use at least one form of social media.
At the advisor level, Putnam Retail Management found 84% use social media for the finance industry business. Ninety-two percent of them said social media has helped them gain new clients.
The average asset gain for financial advisors using social media was $1.4 million in the 12 months before the Putnam survey. The most effective advisors using social media in financial services increased assets under management by 10% in just a year.
Is your financial services organization using social media effectively? If not, you’re losing business to your competitors.
Of course, finding new clients is not the only benefit of social media. And at the same time, there can be plenty of challenges to using social media in a regulated industry. Here’s everything you need to know about developing a social media strategy for financial services in 2020.
FINRA, FCA, FFIEC, IIROC, SEC, PCI, AMF, GDPR—all the compliance requirements can make your head spin. Many advisors and agents now work remotely. It’s critical to have compliance processes and tools to guide their use of social media.
Get your compliance team involved as you develop your social media strategy. They’ll have important guidance on the steps you need to take to protect your brand.
For example, they can explain separating personal and business use of social media. They should also weigh in on what kinds of links advisors share.
It’s also important to have the right chain of approvals in place for all social media posts. For example, FINRA states: “A registered principal must review prior to use any social media site that an associated person intends to use for business.”
This falls under compliance, but it’s important enough that it’s worth calling out on its own. According to FINRA, “firms and their registered representatives must retain records of communications related to their “‘business as such.’” Those records must be kept for at least three years.
3. Conduct a social media audit
In a social media audit, you document all your company’s social channels in one place. You also note any key information relevant to each. At the same time, you will hunt down any impostor or unofficial accounts so you can have those shut down.
Start by listing all the accounts your internal team uses regularly. But remember—this is just a starting point. You’ll need to look for old or abandoned accounts and department-specific accounts.
While you’re at it, make note of the social platforms where you don’t have any social accounts. It might be time to register profiles there. Even if you’re not ready to use those tools yet, you might want to reserve your brand handles for future use.
SIX is a Swiss finance company. When they conducted a social media audit, they discovered 80 unofficial social media accounts. Among them were dozens of fake accounts on Facebook. Fake accounts create a significant risk for financial companies and can erode public trust.
4. Implement a social media policy
A social media policy is a living document. It guides social media use within your organization. That includes accounts for your advisors and agents.
Your compliance, legal, IT, information security, human resources, public relations, and marketing teams should all have input into this document. It will help you maintain a consistent brand identity while reducing compliance challenges.
It will also define team roles and approval structures so everyone understands the workflow of a social post. This clarity upfront can help reduce frustrations that social media in financial services might not move as quickly as it does in other industries.
Using social media for finance industry purposes can also come with security risks. Be sure to include a section in your social media policy that outlines security protocols for the less-sexy aspects of social media. For example, prescribe how often to change passwords and how often software should be updated.
5. Commit to doing it right
The Putnam survey found that an active presence is a critical component of a social media marketing strategy for financial service accounts. Simply creating a social profile is not enough. Zero percent of the advisors who have only a passive presence on social media gained new assets through social channels.
Compare that to the highest achievers. They brought in average new assets under management of $15.3 million. Eighty percent of those high achievers pay for a premium level of service on a social network, rather than sticking only to free tools.
Training is also an important factor. The high-achieving advisors were much more likely to have received training. They learned from colleagues or a consultant, rather than figuring out how to use social tools by themselves.
Don’t you think you need training? Consider that 61% of those Putnam surveyed identified themselves as social media experts. However, Putnam found only 15% of them really were.
And when you’re ready to take your social strategy to the next level, we have the tools to help!
May 11, 2020/by Amanda Rogers
Tags: Finance, Social Media, Tips
https://digitalstoryteller.io/wp-content/uploads/2020/05/person-holding-midnight-black-samsung-galaxy-s8-turn-on-near-1092671-scaled.jpg 1707 2560 Amanda Rogers https://digitalstoryteller.io/wp-content/uploads/2022/06/Digital-Storyteller_Logo_RGB_Signature_Full-Color-300x300.png Amanda Rogers2020-05-11 08:04:002021-12-10 10:00:305 Essential Social Media Tips For Financial Services
You might also like
Social Impressions vs. Social Signals: What’s the Difference
The Eight Best Marketing Agencies in San Diego
A Guide To Understanding Financial Terms
Social Media Brand Awareness Metrics: More Than Likes and Comments
A touch of humanity can make a world of difference in the digital age
Top 10 Resources for Digital Marketers
10 Tips to Maximize your SEO in 2021
CATEGORIES Select Category Brand Storytelling Sessions Branding Content Marketing Culture Digital Marketing Financial Services Companies News Outsourced Marketing SEO Social Media Website and Design
Why Do You Need Video in Your Digital Marketing Strategy?September 25, 2022 - 7:00 am
How to Use an Organic Marketing Strategy to Build Brand AwarenessAugust 21, 2022 - 1:54 pm
Your Guide to Marketing KPIsAugust 14, 2022 - 1:36 pm
2710 Lone Jack Rd
Follow a manual added link
© Digital Storyteller 2020
Get The Secret Sauce
Delivered right to your inbox (napkins optional)
© Digital Storyteller 2020
How to Stay Motivated When Working From Home HubSpot Makes Digital Marketing Simple
This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.
Accept settingsHide notification only
Cookie and Privacy Settings
How we use cookies
We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.
Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.
These cookies are strictly necessary to provide you with services available through our website and to use some of its features.
Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.
We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.
We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.
Check to enable permanent hiding of message bar and refuse all cookies if you do not opt in. We need 2 cookies to store this setting. Otherwise you will be prompted again when opening a new browser window or new a tab.
Click to enable/disable essential site cookies.
These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.
If you do not want that we track your visit to our site you can disable tracking in your browser here:
Click to enable/disable Google Analytics tracking.
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.