Social media adoption within the highly regulated financial services industry appears to move at a snail’s pace. Given the vast opportunities to develop business leads, deepen client relationships and increase company revenues, what’s the issue? In an easy to understand format, this talk will help to explain the challenges financial services firms face to incorporate social media into their business. Answers to those challenges on how to put a social media strategy and program in place will be covered. The presentation will include: The Five Questions: How to effectively engage your financial services audience US regulation highlights: social media for financial services How financial advisors and financial firms can compliantly use social media Social media & financial services “Fun facts to know” and how to engage working with firms This talk is targeted for anyone interested in the topic and issues surrounding the use of social media in financial services. Information will be especially useful for independent financial advisors, large financial firm employees, and, service organizations working with the financial industry sector including, public relations, digital media and finance technology startups. Participants will gain an understanding how to: implement a compliant social media program use social media for business lead generation grow online presence for business development, industry leadership work with financial services firms with social media restrictions Joyce Sullivan is founder and CEO of SocMediaFin, a social media consulting firm for financial services, specialty firms and industry executives. With over 20 years experience as Vice President with firms including, Citi, Credit Suisse, JPMorgan Chase, and Wells Fargo/First Fidelity, Ms. Sullivan brings a seasoned industry perspective to the emerging world of social media. As an advisory board member of the Financial Women’s Association, she serves as their Chief Digital Strategist. Ms. Sullivan holds an MBA from the Zicklin School of Business, Baruch College, City University of NY in International Finance and Marketing, a BA in Education from University of Saint Joseph, Connecticut, and the Project Management Professional (PMP) designation from the Project Management Institute. Joyce enthusiastically participates in NYC “Silicon Alley” activities including beta testing mobile applications for startup companies, along with live tweeting social media events, including the highly regarded New York Tech Meeting NYTM.org. She has spoken at numerous industry conference and events including 2012 South by Southwest (SXSW) on a panel she curated and organized discussing global financial services and social media challenges.

1. Financial Services & Social Media
February 20, 2013 2:00pm
New York Institute of Technology
@NYITManagement @JoyceMSullivan
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

2. Social Media & Financial Services
Agenda
• Overview and introductions
• The 5 questions℠
• Social media tools – established and emerging
• U.S. compliance and regulation overview
• When meeting with financial services firms:
– What should I know? What should I say? What should I not say?
• Getting started with social media training & pilot programs
• Suggested next steps
• Discussion and questions
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

3. Social Media Strategy for Financial Services
for US Firms
• Can you use social media in financial services?
• Are there certain social media tools that are recommended?
• What are the regulations and compliance rules?
– The fun stuff - FINRA and SEC regulatory guidance
• Where can you get training to learn social media and financial
services basics?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

4. Before asking “Which social media tools should I use?”
answer these 5 questions℠
1. Who are you?
2. What do you have to say?
3. Who are you trying to reach?
4. How do they WANT to be reached?... or not
5. Once you connect, then what?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

5. The 5 questions℠
Employee, business-line owner,
1. Who are you? industry executive, wealth
manager, private banker
Great skills, great products,
2. What do you have excellent company to work with,
to say? outstanding service
3. Who are you Your current customer,
trying to reach? potential new customer,
industry leaders, competitors
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

6. The 5 questions℠
 Email (home or work)
4. How do they  Voicemail
WANT to be  Phone text
reached? ... Or  Instant message
not.  Twitter
 LinkedIn
 Facebook
 (public or private message)
5. Once you are How do you develop
ready to connect, meaningful connections
then what? while complying with
industry regulations?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

7. The 5 questions℠- with your answers
1. Who are you?
2. What do you have to say?
3. Who are you trying to
reach?
4. How do they WANT to be
reached?
5. Once you are ready to
connect, then what?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

8. Paper and electronic communications must be archived
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

9. Social media communications
Social media compliance software
needs to be in place to monitor
and archive social media posts
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

10. Social Media Tools – established and emerging
Launched: 2002 2004 2005 2006
2009 2009 2011 2011
And many more…
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

11. US Regulations and Guidance: Use of Social Media
Investment Advisors and Broker-Dealers
Recordkeeping it’s the content that matters
All business communications whether transmitted by desktop, smart phones (Blackberry, Android, iPhone etc), tablets (iPads)
etc. must be retained
- letters, emails, all written communication
- instant messages, social media messages (LinkedIn email, Facebook posts, Tweets)
- social media activities (Likes on Facebook, Retweets on twitter, posts on LinkedIn)
Disclosures proper disclosures for relationships you may develop e.g. bloggers, advertisers, affiliates
Advertising static advertising requires preapproval
interactive advertising can be post review but not, “Days after the fact”
Communication with the public must adhere to existing content standards
Suitability – know your customer, only make recommendations suitable for your clients
Supervision firms must demonstrate they are supervising written communications
Training registered personal be trained before they start using social media
Similar overall for - FINRA, SEC (US), IIROC (Canada), SEBI (India) and FAS (UK)
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

12. Highlights - US Regulations and Guidance:
Record Retention
 Securities and Exchange Commission (SEC) 1934
 Amendments to Books and Records Requirements for Brokers and Dealers
 May 2003
 National Examination Risk Alert - Investment Advisor Use of Social Media
 January 2012
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

13. Highlights - US Regulations and Guidance: Record Retention
SEC Rule 17a-4
Amendments to Books and Records Requirements for Brokers and Dealers Under the Securities
Exchange Act of 1934
http://www.sec.gov/rules/final/34-44992.htm
Effective: May 2, 2003
Same recordkeeping requirements with guidance for electronics records
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

14. Highlights - US Regulations and Guidance: Record Retention
http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
Same recordkeeping requirements with guidance for social media and electronic
devices

15. Highlights - US Regulations and Guidance:
Electronic Communications & Social Media Use
 Regulatory Notice 07-59 Supervision of Electronic Communications (2007)
 Regulatory Notice 10-06 Guidance on Blogs and Social Media Websites (2010)
 Regulatory Notice 11-39 Guidance on Electronic Devices (2011)
 Regulatory Notice 12-29 New Rules Governing Communications With The Public (effective Feb
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

16. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

17. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

18. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p124186.pdf
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

19. http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p127014.pdf
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

20. Before asking “Which social media tools should I use?”
answer these 5 questions℠
1. Who are you?
2. What do you have to say?
3. Who are you trying to reach?
4. How do they WANT to be reached?.. Or not?
4. How do they WANT to be reached?.. Or not?
5. Once you connect, then what?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

21. The 5 questions℠
 Email (home or work)
4. How do they  Voicemail
WANT to be  Phone text
reached? ... Or  Instant message
not.  Twitter
 LinkedIn
 Facebook
 (public or private message)
5. Once you are How do you develop
ready to connect, meaningful connections
then what? while complying with
industry regulations?
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

22. When meeting with financial services firms,
What should I know about:
Wifi
Cloud Computing
Webinar Services
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

23. Should I say: How do I connect to your wifi?
Hmm, probably not…
Recommended approach:
Have non-wifi materials for presentation e.g. PowerPoint
Bring your own Mi-Fi (mobile hot spot)
- many regulated firms do not allow wifi access without prior approval
- many firms are network / hard-wired only
• Prior day approval for wifi or network access by outsiders
• Employees may not be allowed to connect to wifi (recordkeeping requirements)
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

24. Should I say:
“I’ll send you this file through: (examples)
Dropbox, Google Docs, or
any other cloud service?”
Hmm, probably not…
Recommended approach:
Ask prior to your visit:
• Is there a firm-approved service I may use for file forwarding to you?
• How do you prefer to receive information?
• Regular email with attachments may be preferred, and only method allowed
Bring presentation materials in a non-wifi / non-cloud format (e.g. PowerPoint)
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

25. Should I say:
“Let me set up a webinar with you using (examples: )”
You could, or better yet..
Recommended approach:
Ask prior to your visit:
• Is there a firm-approved webinar service I may use for setting up a demo with you
• Do your research and find out what approved webinar services they use before
asking
Bring presentation materials in a non-wifi / non-cloud format (e.g. PowerPoint)
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

26. For Financial Services Employees
Suggested Next Steps
Learn the social media regulatory basics
 Get to know your legal and compliance department
 Discuss how together you can come up with a pilot program
 Engage senior stakeholders and functional groups for a pilot
Keep up with the competitive landscape
 Participate in and attend industry events to stay current
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

27. For Financial Services Employees
Suggested Next Steps
Social media policy
Become familiar with your firm’s social media policy
Get to know the group working on social media training
Volunteer to partner with a team working on social media planning
Social media training
 Include social media training for employees and staff
 Types of social media training you’re looking for
 Eventually empower employees to support and protect your brand
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

28. Social Media Strategy and Program
Management Services
oSocial media seminars for regulated
industries, specializing in financial services
oProgram management services – enterprise
business and technology reengineering
oSocial media training and staff development
oIndustry executives and senior leadership
programs in social media
oKeynote speaker for company events and
industry conferences
Visit us > SocMediaFin.com
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc

29. Thank you!
Please connect with me.
I would enjoy hearing from you.
Joyce
LinkedIn http://linkedin.com/in/joycemsullivan
About.me http://about.me/joycemsullivan
Twitter http://twitter.com/joycemsullivan
Facebook http://facebook.com/socmediafin
Google+ http://gplus.to/joycemsullivan
Storify http://storify.com/joycemsullivan
Slideshare http://www.slideshare.net/joycemsullivan
Website http://socmediafin.com
Email joyce@socmediafin.com
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30. Financial Services & Social Media
February 20, 2013 2:00pm
New York Institute of Technology
@NYITManagement @JoyceMSullivan
@JoyceMSullivan @SocMediaFin #smwFINSERV #smwnyc