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1. Web Presence and Social Media:
For Financial Advisors
How web presence and social media fuels business growth
John C. Stone III Dan A. Bernstein
President & CEO Director of Professional Services
Revenue Architects, LLC Market Counsel
2. Person and firm are not affiliated with nor
employed by Charles Schwab & Co., Inc.
("Schwab"). The views of independent third-
party speakers and their materials are their
own and do not necessarily represent the
views of Charles Schwab & Co., Inc. Schwab
makes no representations about the accuracy
of the information in the publication or its
appropriateness for any given situation.
3. Discussion Agenda
Web Presence and Social Media
How can we How do we
Why should
use this in ensure
we care?
our firm? compliance?
4. Discussion Agenda
Web Presence and Social Media
How can we How do we
Why should
use this in ensure
we care?
our firm? compliance?
5. A fundamental shift toward digital
The web has transformed the way we
communicate, spend money and invest
Clients are increasingly ―digital‖ and expect their
advisors to be as well
According to the ―World Wealth
Report‖, clients increasingly favor
real-time digital media for
communications and transactions
and expect choice in the means of
communication, including tools such
as digital media and mobile
applications.
6. New buyer steps
Engaging an advisor remains a highly personal process, but
digital engagement is playing an increasingly important role.
Aware Research Compare Evaluate Advocate
Word of mouth Social Media Download Services Post
Traditional Blogs, Forums Tools Access ―Like‖
media Articles Research Reference ReTweet
Friend Forums Webinar Meeting
networks
―One out of five advisors said they had used social media
sites to introduce themselves to at least one prospect so
far in 2011.‖ – SEI Advisor Network
7. We usually begin here…
With the right web and social media strategy,
advisors can increase visibility, and grow
their practice.
8. Yet, many advisors remain uncertain..
Is our web presence important to our current
clients and targeted prospects?
Do we have the capability to engage social media
and web presence effectively?
Would an integrated marketing strategy help us
reinforce our value proposition?
Can social media and web presence help us
accelerate referrals?
Can we employ these strategies while remaining
compliant?
11. More Americans … with influence
% Americans with a social Yes Millennials, but over 55
media profile
51% driving growth – esp. mobile
48%
4 in 5 active Internet users
34% visit blogs and social daily
24% 25% time on Internet is blogs
and social
Email still most popular
Search is 2nd
Women view video more,
men watch longer
2008 2009 2010 2011
Active social media users
source: Edison Research & Mashable, Nielsen influence offline
12. The web and financial decision making
―More than one-half of financial services product
searches in the United States begin online, according to
Accenture research, and that figure is likely to increase.‖
They are comfortable using the Internet as part of their
decision making process.
13. Wealthy under-50s are poised to move
Cisco IBSG
research shows that
Wealthy Under-50s
are poised to move
to firms that provide
a new approach to
financial advice—
and to leave those
that don’t.
Percentage of Wealthy U.S. Investors Interested in
Using Different Technologies To Interact with Their
Financial Advisor or Investment Firm, by Age
16. LinkedIn – a new member per second
More than 100 million members
18M Group Members
More than 2 million companies have LinkedIn
Company Pages
Executives from all 2010 Fortune 500 companies
Affluent & influential membership
18. You must establish guidelines and policies
Recommendations &
Testimonials
Archiving Content
Static content =
advertisements
Real‐time
communications
Personal use &
publishing
Controls and systems.
19. Advisor adoption is growing
85% of financial services professionals under 50
are utilizing social media
73% of the advisors who use social media have a
profile or account with one or more of the social
media types mentioned; 55% use Facebook and
46% use LinkedIn
71% of advisors say they have one or more future
business uses planned for social media
46% of financial advisors are interested in learning
how to harness social networking platforms for
securing new clients
http://www.socialware.com/resources/research/social-media-industry-statistics/
20. Discussion Agenda
Web Presence and Social Media
How can we How do we
Why should
use this in ensure
we care?
our firm? compliance?
21. The ―A-E-I-O-U‖ for Digital Marketing
Aquire
audience from the
web and direct
Optimize Understand Engage
the website for with experience
behaviors, values, p
conversions design and content
erformance
Influence
visitors to share
with others
22. ACQUIRE audience from the web
PR AD
SEO BLOG
SEM EMAIL
ARTICLE
TWEET
mywebsite.com SHARE
GROUP SLIDE-
COMMENT SHARE
23. Using On and Off Page Strategies
SEO Strategies
• Easily identifiable tags
• Identification of key words
• Integration of key words
42% of search users click the
top-ranking link. 8% click the
Credit: newwebmarketing.com second-ranking link 62% of
search users click a link on the
first page of search results
Link to blog and website in social
media | Link to social media in
blog and website
24. Twitter and Hashtag Strategies
A Twitter hashtag is
#RIASmithDiscussion
used to increase
#retirement
conversation
#401k
visibility
Use trending tags to increase you conversation visibility and
follower base. Be authentic in your tweeting and don’t try to
sell on twitter. Use it as an opportunity to expose your
thought leadership on a specific topic.
25. ENGAGE with experience design and content
mywebsite.com
BRAND DESIGN
MESSAGE
ARTICLES
TOOLS
BLOG VIDEOS
OFFERS
26. Effective Branding and Design
Imagery that
relates to the
local area…not
stock images
Branding
Easy
and
navigation and
messaging
a blog with
ties together
dynamic
content
Value
Proposition
Opportunities
tailored to
to dive deeper
me…
This advisor is current with
technology…
27. INFLUENCE visitors to share with others
mywebsite.com
GREAT
CONTENT
EMAIL/
SHARE
WIDGETS
28. Influence content sharing
Quality blog
content
accelerates LinkedIn profile
sharing views reinforce
professional
credentials
Social widgets provide
links for readers to share
content with others
29. OPTIMIZE website for conversions
SHARE FOLLOW
WIDGET WIDGET
mywebsite.com
REGISTRATION
FORM
NEWSLETTER APP
DOWNLOADS EVENT
BLOG RSS WEBINAR
30. Example: Conversion Points
Sincerely, links to company
Bill Jones website and Twitter in
xyzcompany.com signature
@billjones
Linkedin/us/billjones
Website blog attracts
reader
Blog post shared
through Social
Media
31. Landing Page for targeted value proposition
Microsites/Landing
Pages are
conversion-oriented
web pages that
may function
separately from an
existing website.
Conversion forms
facilitate
registrations for a
value exchange
32. Social Media velocity based on interest
Clients
Interest =
Opt-in
Discussions posted on New
social media are easily Contacts
followed by friends of Clients’
friends of friends. Networks
Interested parties will
self-select..
42. Google+: new and compelling channel
Why?
• Another publishing platform
• Better control of ―circles‖
• Rapid adoption – watch this space
How?
• Set up circles
• Streams – pages
• Publish
• Sparks, hangout, huddle
47. Alex Joanne Francoise
Lead Financial Advisor CPA Attorney
Meet the Players….
Tim Jane Greg Emily Ina
Client Tim’s Wife Tim’s son Greg’s Wife
Greg’s Friend
48. Alex – Registered Investment Advisor
Alex
Financial Advisor
$350M AUM
Comprehensive wealth management services
• Family Wealth
• Women
• Business Owners
• Retirement Resource Strategies
• Tax And Estate Planning
49. Situation and Challenges
• Steady Growth for 15 years
• Semi-urban demographic
Situation
• HNW Professionals, business owners
• Good COI Network
• Target growth of 10% AUM/ 20-30 clients
Challenge
• Aging client base
• How to reach the new generations in an authentic
Issue
and natural way?
• Develop a clear value proposition
• Authentic and aligned content strategy
Strategy • Establish a strong web presence
• Engage Social Media
51. Alex scans the news and sees coverage of an earthquake in Peru
Illustrative
For illustrative purposes. Confidential, do not reproduce.
52. Remembering that his client, Tim Jones, is in Peru for the Winter,
he looks to Facebook to see if there is any updates.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
53. While on Facebook, Alex links easily to Tim’s son Greg’s Page. St.
Supéry Vineyards and Winery produces fine wines.
On the Facebook Page, he notices links to a range of positive
press about the wine – including some recent awards!
Illustrative
For illustrative purposes. Confidential, do not reproduce.
54. From the Twitter page for the winery, Alex retweets a press
clipping with positive news.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
55. Greg later replies with a ―Thanks for the retweet‖ and a Twitter
conversation ensues.
@alexAdvisor thanks for the
mention!
@gregwineguy you are welcome,
congratulations! I was pleased to see
your parents are well.
@alexAdvisor yes thanks, it was
scary when it happened – we were
relieved.
@gregwineguy Agree. Great that
the vineyard is doing so well!
@alexAdvisor yes thanks, it is
great very exciting
@gregwineguy Perhaps we will see
you in Napa – I will be up in a few
weeks
@alexAdvisor Great, let’s plan that.
Email me if you want to visit the
winery
Illustrative
For illustrative purposes. Confidential, do not reproduce.
56. Greg visits Alex’s Twitter and LinkedIn Profile and views some
articles and events. One piques his interest.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
57. Because Alex’s website has relevant content and services, Greg
bookmarks the site using Delicious.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
58. Alex and his affiliates launched a multi-touch campaign
featuring events, articles, PR and videos.
Illustrative
A range of SEO, SEM, and Digital PR strategies helped the team
publicize the events and drive registrations.
For illustrative purposes. Confidential, do not reproduce.
59. Greg views a campaign video, and reads about the upcoming
webinar.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
60. Greg hopes to recover AMT from earlier ISO transactions so he
registers for the webinar. He also shares a link to the event.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
61. Ina notices Greg’s post on Twitter and because she trusts Greg,
she also registers for the webinar.
62. While attending the webinar Greg uses the hashtag #taxwebinar
and shares thoughts with his Twitter network.
Illustrative
Greg’s To Dos:
College savings plan
Roth IRA?
Tax Planning?
Investment choices?
Allocation?
Insurance?
Trust or no Trust?
He refines his priorities and needs.
For illustrative purposes. Confidential, do not reproduce.
63. Alex and Greg later meet at the winery and discuss a range of
financial issues.
Illustrative
For illustrative purposes. Confidential, do not reproduce.
64. With the families’ financial picture emerging, Alex forms a team to
support a range of financial and investment goals.
Estate Tim Jane
Tim
Client Jane
Tim’s Wife
Planning
Francoise Client Tim’s Wife
Attorney
Alex
Bank Accounts Advisor
Financial
for Children
Joanne
CPA
Investment
Accounts Emily Greg James
Emily
Greg’s Wife Greg
Jim’s son James
Greg’s Brother
Greg’s Wife Jim’s son
Cheese Maker Greg’s Brother
Cheese Maker
Illustrative
For illustrative purposes. Confidential, do not reproduce.
65. Greg introduces Ina to Alex and the two meet to discuss topics
from the Webinar.
Greg Ina
Jim’s son Greg’s Friend
Cheese Maker New Client Alex
Financial Advisor
67. What we saw - using digital and social media
A-E-I-O-U Strategies in action
Multi-touch Campaigns, SEO, PR, Social Presence
Acquire
Compelling website, branding and design, clear
Engage value proposition, good content
LinkedIn Profile, Twitter Engagement, Facebook
Influence Presence, Sharing Widgets, RSS Feeds
Event and Webinars, landing page registrations
Optimize
Google Analytics and Measurement Scorecards,
Understand relationship intelligence tools
69. Put together your plan
Craft your Build your Launch your
Strategy Systems Programs
• Your Target • Compelling • Content
Audience Website Programs
• Your • Marketing • Creative
Capability Technologies Campaigns
• Value • Social Media • Promotion
Proposition • Measurement
• Strategy and tracking
70. Understand your audience and capabilities
YES
Accelerate Innovate
Our clients are digital?
Engagement Digitally
Maintain Target
Status Quo Segments
NO Our firm is digital? YES
71. Define your ambition
Level 1 Level 2 Level 3 Level 4 Level 5
Traditional Presence Networked Leader Celebrity
Clean, More modern Active Big active Global
branded website, following and following, following, daily
website – no branded social group leading publishing,
social media outposts, participation, publisher, branded blog,
presence. regular active media dynamic blog, Big personal
Traditional updates. publishing. 3- media visible. brand, 200k
positioning. 5k followers 5k-20k plus followers
followers
Level of Time and effort
72. Top 3 ―Must Haves‖?
1. Professional Website
• Clean professionally branded
• Relevant, current content
• Conversion options
2. Relevant Content
• Produce, sharing relevant material Compliance
• Curation and Authoring
• Regular publishing and sharing
3. Core Social Presence
• LinkedIn first
• Keyword aligned, current, descriptive
• Activated network / connections
73. An Offer: Web Presence ―Healthcheck‖
Digital Diagnostic
• Brand Review
• Website Performance
• Social Media Presence
• Content and Value Proposition
Facilitated Review Session
• Review Findings
• Outline Opportunities
74. Summary Message
Your digital presence is increasingly
important as an element of an integrated
marketing strategy
The A-E-I-O-U process can help you enhance
visibility and deepen and extend relationships
Follow three steps to get started: 1) craft your
strategy, 2) build your systems, 3) launch
your programs.
75. Thank You
John C. Stone III
Founder & CEO
Revenue Architects
www.revenuearchitects.com
jcstone@revenuearchitects.com
w – 877.738.3276
c – 617.686.7305
@jcstone3
76. Discussion Agenda
Digital and Social Media Marketing
What is it and How can we How do we
why should use this in ensure
we care? our firm? compliance?
In Ed Session – add “other ways” Advisors are capitalizing on this. In Ed Session – add “other ways” Advisors are capitalizing on this.
Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
Introduce the relationship life cycle
Window to audience intent
Why should you AS AN Advisor careGet into specifics – Something about Alex – the Advisor – and his strategy that led into the use of Social mediaBusiness reason – needs to tie to your strategy.Tie together – may not need too much detail on the specific tools (refer to lounge)Times
More than one-half of financial services product searches in the United States begin online, according to Accenture research, and that figure is likely to increase. Indeed, customers rank the online channel as the single most important way of interacting with their banks.
Several findings from Cisco IBSG’s study support these perspectives:● Wealthy Under-50s spend more time managing their investments and interactmore frequently with their advisors: 39 percent of Wealthy Under-50s spend atleast eight hours a month managing investments (versus 27 percent of olderinvestors), and 38 percent interact with their advisors at least weekly (versus only 7percent of older clients).● Despite being in frequent contact with their financial advisors, Wealthy Under-50s are much more likely than older investors to switch advisors: 27 percent ofWealthy Under-50s switched advisors in the past two years, versus 7 percent of olderwealthy investors; 32 percent of Wealthy Under-50s say they will switch advisors inthe next year, compared to 8 percent of wealthy boomers and 5 percent of wealthysilvers.● Wealthy Under-50s are restless in part because financial services firms do notdeliver the appropriate mix of interactions. They want faster, more convenientoptions for interacting with their advisors and firms—beyond in-person meetings,phone conversations, and email.● The interactions and services desired by Wealthy Under-50s can be enabled bya range of technologies:– Wealthy Under-50s are much more likely than older investors to consult otherprofessionals such as accountants or lawyers when making investment decisions.Thus, they are far more interested in using high-definition video meetings to meetwith multiple financial experts at the same time: 63 percent of Wealthy Under-50swere interested, versus 30 percent of boomers and 21 percent of silvers.– Wealthy Under-50s were about twice as likely as wealthy boomers and silvers tobe interested in using the six technologies Cisco IBSG tested (see Figure 2). Thedifference in interest was greatest in the area of mobility.– Using social networking for investment advice is also becoming more common,especially with Wealthy Under-50s: 55 percent of these clients have used socialnetworking for investment advice, and 34 percent have contributed to aninvestment blog or message board concerning financial investments. Given theircurrent use of social networking for investing, it is not surprising that 66 percent ofWealthy Under-50s are interested in joining an online investor community (socialnetwork) to discuss strategies, ideas, and stock picks with other investors, versus23 percent of boomers and 14 percent of silvers.– Especially for Wealthy Under-50s, these capabilities can serve as incentives forclients to stay with their current firm or shift assets to a new firm: 63 percent ofWealthy Under-50s said they would shift some of their assets to a firm thatoffered high-definition video meetings to meet with multiple financial experts (seeFigure 3). IBSG estimates that the willingness of Wealthy Under-50s to moveassets to access technology-enabled capabilities translates into an $18.6 billionrevenue opportunity for North American financial services firms. When olderinvestors are included, the figure jumps to $28.6 billion.7
42% of the RIAs in the study make some use of LinkedIn.45% of RIAs surveyed use Facebook, but only 6% of them say they use it for professional use, compared to 39% who use it only personally.Twitter gets no respect with 3% saying they use it professionally and 7% saying they use it only personally.14% of RIAs saying that they keep a public journal or Blog. This includes 8% who only blog professionally and 2% who consider their blogging efforts both a personal and professional endeavorReference: Study conducted by Koski Research published July 2010 by Schwab Advisor Services. http://www.riabiz.com/a/2042013
FINRA Regulatory Notice 10‐06NASD 2210 (public communications)NASD 2310 (suitability)NASD 3010 (supervision)NASD 3110 (books & records)SEC Rule 17a‐3 & 17a‐4 (record retention)Rule 206(4)‐1 (advertising & testimonials / “fraudulent, deceptive, or manipulative.” )Rule 204‐2 (books & records, record retention)
Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.
- over 500 millions monthly active users- 50% of active users logging in on any given day with 130 friends on average- more time on the site than on Google, Yahoo, YouTube, Microsoft, Wikipedia and Amazon combined
NotificationsUse Facebook as…No more automatic – Sept 30Curation
DILO(Day in the Life of) is a high-level conceptualization of a financial Advisor using social media to build cross-generation relationships. The personas represented in the DILO are fictional and for illustrative purposes only.
Alex, a financial Advisor in Boston checks the news and sees coverage of the earthquake in Chile. Realizing his friend and client, Jim is there, he uses his Outlook Xobni plugin to quickly scan Jim’s social networks.
Alex, a financial Advisor in Boston checks the news and sees coverage of the earthquake in Chile. Realizing his friend and client, Jim is there, he uses his Outlook Xobni plugin to quickly scan Jim’s social networks.
While visiting Greg’s page he sees the business page - a fan page for Jazz Farms – makers of fine cheeses. On the page, he notices a recent award - World Champion Cheese Contest!
From the Twitter page, Alex re-tweets the news about the big award to his own network of followers. Soon after, Greg replies with a “Thanks for the re-tweet” message and a conversation ensues…
From the Twitter page, Alex re-tweets the news about the big award to his own network of followers. Soon after, Greg replies with a “Thanks for the re-tweet” message and a conversation ensues…
Following the conversation on Twitter, Greg links to Alex’s LinkedIn page and sees the site offers a professional profile along with links to recently published articles. One item about tax solutions piques his interest.
Greg links out to Alex’s web site and sees more relevant content and valuable resources including events and webinars. He bookmarks the page using Delicious for social bookmarking.
To develop new relationships, Alex had set up an integrated marketing program with his affiliate CPA partner, Joanne. The program deals with a range of executive compensation topics and includes webinars, events, articles, PR and digital video.
Greg watches a short YouTube video about tax planning on the Alex’s web site then clicks to read about the upcoming webinar.
Greg has been trying to recover over $100,000 in AMT from some ISO transactions back in in 2000 and 2001!! He registers for the webinar.
Seeing Greg’s registration come through, Alex connects with Jim and his wife, Jane to let them know of the connection. At the web conference, Jim and Jane shed some more light on financial considerations in the family and are pleased that Greg made the connection with Alex.
Greg attends the webinar which answers some of his initial questions. He is eager to learn more about how he can recover the AMT as well as address a broader set of financial planning goals.
Alex and Greg later meet in Vermont and Greg introduces his brother James and together they give Alex a tour of the farm. The scale of the operation is impressive! They also sit down to discuss financial planning.However impressive the farm is, there is still a need for comprehensive planning. Solid financial advice is what allows the farm to be successful.
After a few months and with the overall financial picture of the family emerging, Alex coordinates an integrated Advisory team to support a multi-generation strategy and address the family’s growing range of financial needs.
Deepen your understanding of social media and digital marketing and the various tools and strategies you can useExplore the regulations that guide the use of online media and offer guidelines to manage compliance.Share a day-in-the-life of how an advisor might engage the web and social media to expand and deepen relationships.Answer your questions about how to go about building a compliant online presence that aligns with your strategy.