1. SOCIAL MEDIA
USE OF SOCIAL MEDIA / FACE-TO-FACE
NETWORKING
CONFIDENTIAL
FOR PRODUCER USE
ONLY
UPDATED:1/20/11
2. IT’S ALL ON THE WEB
Social Media Revolution for Financial Advisors
Social Media for Financial Advisors
The Challenges of Social Media for Financial Advisors
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3. POWER & IMPACT OF SOCIAL MEDIA
THE POWER OF SOCIAL MEDIA- Online content
that has fundamentally shifted how people
communicate.
• To get to 50 million listeners it took radio over 30 years.
• To get to 50 million viewers it took television 13 years.
• To get to 50 million users it took the internet 4 years.
• FACEBOOK had 100 million users in 9 months and there are 1
billion using Iphone Apps in the same period of time
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4. POWER & IMPACT OF SOCIAL MEDIA
• 700 million users across Twitter, LinkedIn, and
Facebook
• Consumers spend an average >55 minutes/day on
these platforms
• 85% of financial services professionals under 50 use
social media and 40% said it has led to more
business
• Fundamental shift in how we communicate
• Today there are 75 Million twitters, over 500 million
Facebook users and 60 million using LinkedIn.
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5. FACEBOOK
•From the Press Room of Facebook (Source:
www.facebook.com/press/info.php?statistics)
•More than 500 million active users
•Of those 500 million 50% log into Facebook
daily if not more.
•The Average FB (Facebook) has 130 friends
•Facebook spend and accumulated 700 billion
minutes per month on FB- That’s a total of
84,000,000,000
•Mobile (Smartphone) online user
•200 million active users
•Thisusers are 2x more active then just login
on computer users
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6. WHY USE SOCIAL MEDIA?
To Build Relationships!
We are in the business of engaging in relationships, gathering information,
providing value in the relationship and get feedback from our clients and
prospects.
Gathers info: Facebook can help you to get to know your customers and
prospects and build deeper RELATIONSHIPS; their likes, dislikes,
hobbies, vacations, family.
Provide Value: LinkedIn helps in connecting people and this can lead to
referrals and recruiting.
Be engaged with clients/prospects: Twitter provides the venue for
immediate, efficient (140 characters only) and quick feedback.
The ultimate goal of social media is to build relationships not PITCH
yourself or product.
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7. WHY USE SOCIAL MEDIA
Recruiting
• Social media can also be a great way to find out additional
information about candidates as well as weed out those that that are
unsuitable for the position.
• For Example: Alex could log into Facebook and check out possible candidates to get a
better understanding of who they are and if they are appropriate for consideration.
• Have you Googled yourself? I am sure you would be surprised to
find out what information is out there about you.
• The same could be said about people we are asking to come on board.
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8. WHO IS USING SOCIAL MEDIA?
• It’s not just for the younger generation!
• Baby boomers have always been good communicators, so it was inevitable that boomers
would check out social media sites.
• Boomers expect that technology will help them live longer and better lives and keep them
connected to family, friends, co-workers and, eventually, healthcare providers
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9. SOCIAL MEDIA AND CONNECTIONS
• 43% buy financial services based on recommendations from social
networking friends
• The research also found that compared with a range of other products
that are recommended by social networking friends, financial services
is the most trusted referral, leading to the most frequent purchases.
• In addition, 21% pass on information and advice about financial
services they receive via social networks, overlooking Financial
Advisers and Bank Staff in favor of reaching out to friends as the
experts
• Social networks help people to share honest feedback and information
that, in the current environment, consumers feel is lacking
Hotwire.com
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10. MORE EVIDENCE ABOUT SOCIAL MEDIA
Social Media Sharply Influences Investment Decisions
According to New Study from Cogent Research
• Social media plays a rapidly growing and influential role in
individual investors’ financial decision-making.
• The impact of social media on investment-related decisions, reveals
trends:
o Investors are highly engaged in social media;
o Peer opinion influences a majority of investment decisions; and
Financial services firms that fail to keep up with, and
engage in, this emerging media are basically putting
the fate of their brand into the hands of consumers.
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11. MORE EVIDENCE ABOUT SOCIAL MEDIA
While it’s no secret that nearly 80 percent of
U.S. adults are online, the Cogent Research
study reveals that:
•One out of every four U.S. online adults is engaged in
social media that deals specifically with personal finance
and investing.
•High net-worth online adults’ usage of social media for
investing outpaces that of the general population.
•More than half of high net-worth investors have
questioned the accuracy of information received from
“official” sources due to social media, including more than
a third of investors who question information from their
advisors due to social media
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12. THE RESULT?
The question firms should be
asking is not “if,” but “how
quickly” they can engage in
social media.”
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13. INDUSTRY RESOURCES
• Advisors Today
• Offering podcast as well as articles about the power of social media
• LAMP
• 2011 Conference offering a session on Social Media ―Don’t Get Left
Behind: Social Media for the Agencies‖ Tuesday, March 22, 2011
• NAIFA
• Articles such as :Seven Reason’s Why Social Media matters by Matt Anderson
• Facebook and Twitter are worthwile if you really enjoy spending tiem on social media,
activley look for people who can open doors for your business and trying to help and add
value to others.
• LinkedIn helps to identify others that your contact knows
• Since sales is often a numbers game, using social media can facilitate nowing a lot of people
• Everyone needs their own brand – and it’s free
• You can networkf from home (but only to a point)
• People sharing personal trivia about themselves is not everyone’s cup of tea
• Some of the best networking and brand building is done in non-threatening environments
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14. REGULATIONS
• FINRA Rule 10-06
• In September 2009, FINRA organized a Social Networking Task Force
composed of FINRA staff and industry representatives to discuss how firms
and their registered representatives could use social media sites for legitimate
business purposes in a manner that ensures investor protection.
• The goal oft his Notice is to ensure that—as the use of social media sites
increases overtime — Investors are protected from false or misleading claims
and representations, and firms are able to effectively and appropriately
supervise their associated persons’ participation in these sites
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15. REGULATIONS
• Penn Mutual
• Patty Flack: ―Linked in is something that IS allowed.. because Linked in runs
through your email address ( so agents need to use their business email
address for it). And therefore we have a way to capture that.
• We have looked at some programs that have some potential to capture the
other sites But these programs are very expensive. To obtain the programs
you would need a certain number of producers to sign up before you would
reach the breakeven point..
• When you hear other Broker Dealer’s talk about allow these things.. they don’t
tend to tell you how much they are charging their producers
• All of this is being looked at.. but again.. it’s fairly new, not always reliable and
very expensive.
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16. SOCIAL MEDIA
Demo’s
• Facebook
• Facebook is a social utility that connects people with friends and
others who work, study and live around them. Facebook is the
largest social network in the world with more than 500 million
users.
• LinkedIn
• LinkedIn is a business-oriented social networking site. Founded in
December 2002 and launched in May 2003, it is mainly used for
professional networking. As of June 2010, LinkedIn had more than
70 million registered users, spanning more than 200 countries and
territories worldwide
• Meetup.com
• Helps groups of people with shared interests plan meetings and
form offline clubs in local communities around the world.
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17. SHORTHAND GUIDE
Common Phone Text Messaging Shorthand Used in Business
IMs and Text Messages – we have provided you a copy
AFAIC - As Far As I'm Concerned MTFBWY - May The Force Be With You
ASAP - As Soon As Possible MYOB - Mind Your Own Business
BRB - Be Right Back NRN - No Reply Necessary
BSUS - Business NWR - Not Work Related
BTW - By The Way OTP - On The Phone
CLM - Career Limiting Move P&C - Private & Confidential
DD - Due Diligence PEBCAK - Problem Exists Between Chair And
DQYDJ - Don't Quit Your Day Job Keyboard
DRIB - Don't Read If Busy QQ - Quick Question
EOD - End Of Day RFD - Request For Discussion
EOM - End Of Message RFP - Request For Proposal
EOT - End Of Thread SME - Subject Matter Expert
FYI - For Your Information STD - Seal The Deal
GMTA - Great Minds Think Alike TBA - To Be Announced
HIOOC - Help, I'm Out Of Coffee TBD - To Be Determined
IAITS - It's All In The Subject TWIMC - To Whom It May Concern
IANAL - I Am Not A Lawyer TIA - Thanks In Advance
IM – Instant Message WIIFM - What's In It For Me
KISS - Keep It Simple Stupid WOMBAT - Waste Of Money, Brains And Time
LOPSOD - Long On Promises; Short On Delivery WTG - Way To Go
MOTD - Message Of The Day YW - You're Welcome
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18. GLOSSARY
ON THE WEB TODAY, THINGS CHANGE FAST. NEW
APPLICATIONS LAUNCH EVERY DAY AND EXISTING
APPLICATIONS CONTINUE TO EVOLVE AND ADD NEW
FEATURES. AS WE ALL LEARN ABOUT SOCIAL MEDIA AND
INBOUND MARKETING AND WE TEACH OTHERS ABOUT IT,
HAVING A RESOURCE THAT QUICKLY AND CLEARLY
EXPLAINS ALL OF THE BASIC TERMS AND APPLICATIONS IS
CRITICALLY IMPORTANT.
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Read more: http://blog.hubspot.com/blog/tabid/6307/bid/6126/The-Ultimate-Glossary-101-Social-Media-Marketing-
Terms-Explained.aspx#ixzz1BUVjwbX9
19. ACTION PLAN FOR AGENTS
Every agent needs to utilize social media to connect to the
world around them.
• Social Networking requirements: Each agent will be
required to attend and take part in two social media
activities per week / at least an hour for each
• Examples of networking we are asking of them: Meetup.com,
LinkedIn.com, Club, Association, Sports as a player a coach or a ref,
Skype/Tengo, Alumni Organization as a chair or board member,
Associations, Volunteering, ect.
• For example agent Olive Oliver can join a wine group on
meetup.com and attend an event on Tuesday and then on Thursday
he can spend an hour connecting to people on LinkedIn.com and
updating his status
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20. SOCIAL MEDIA & THE 1ST 90 DAYS
• Agent Questionnaire
• Each Manager should have their agents fill out this questionnaire
immediately upon going into internship phase. It will help them come up
with ideas for their target markets and possible meetup.com options.
• Marketing Plan – First 90 days
• A simple one page plan that they must complete.
• Prospective Associate Assessment
• Must pass to achieve Career Builder. Marketing plan is part of their
assessment
• Activity Report
• Report of the weeks activity, this will then reflect the addition of social
media / networking
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21. MARKETING PLAN & ACTIVITY REPORT
• The requirements for Social Networking will be outlined
in the marketing plan and the agent is responsible to
research and decide on which social media or networking
avenues he/she wants to pursue.
• Social Networking has been added to the weekly activity
report activity source page and an additional work
schedule page has been added
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22. RELATED ARTICLES
Many references we made today came from the following
articles, which we have provided for you.
• The Innovation Engine Communit
• Will Mark Zuckerberg Reinvent The Insurance Industry? - A 2011 Prediction by Maria
Umbach, January 10, 2011
• eMarketer Blog:
• Baby Boomers Get Connected with Social Media JANUARY 28, 2010
• Hotwaire
• 43 per cent buy financial services based on recommendations from social networking
friends
• Cogent Research:
• Social Media Sharply Influences Decision According to New Study
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23. FOOD FOR THOUGHT
• Cost of paper used in 2010 – Way more than we
should!
• Cost of printer cartridges in 2010 – Expensive $$$
• Total of 120 books created for managers meetings
How can we make them more cost
effective and support the initiative to Go
Green?
• Cost of an eReader $150 or an iPad $499
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