Opal Financial Group Webinar--How To Use Digital/Social Media To Reach UHNW Investors

What Ultra High-Net Worth and Financial Services Firms

Need to Know About Social Media Marketing Strategies

• Series created specifically to help high-net worth community manage for the future

• Featuring industry experts and innovators addressing critical issues facing wealth management firms

HNW MATTERS WEBINAR SERIES

About The Rudin Group

• Integrated marketing, branding and communications strategies for the financial services industry.

• Helps UHNW / HNW community create client acquisition plans taking advantage of next generation /digital platforms and communications.

Challenging “Business as Usual” Practices

April Rudin

• Financial Services Industry Marketing Consultant

• Ultra-High-Net Worth / High-Net Worth Sector Specialist

• Digital and Social Media Engagement and Client Acquisition Expert

• Multi-Generational Communications and Media Relations Strategist

• Frequent contributor to national media outlets including The Huffington Post, BusinessWeek, Bloomberg, Reuters, Fundfire, Family Wealth Report and AssetTV

• High-Net Worth Advisory Board Chair for The Hedge Fund Association (HFA)

CONSULTANT TO THE STARSOF THE FINANCIAL SERVICES INDUSTRY

Our Agenda

• The Risks of Neglecting Social Media Strategies

• Understanding “Next Gen” Wealth• Managing Your Online Presence• Best Practices in Social Media

Social Media Strategies for Financial Services Firms: No Longer a Luxury

Characteristics of the Young and Wealthy

• Value transparency, community and mobile convenience

• Trust friends more than their parents• Eager to rate their advisors and others• Don’t trust the “suits”

Ready to take advantage of affinity investment opportunities

Where Are They Found?

Virtually Everywhere – Via Mobile Platforms

Social Media Activity Among the Young & Wealthy

Source: Social Media and the Affluent Household 2011 Report—Spectrum GroupUHNW = Net worth of between $5 million and $25 millionHNW = Net worth of between $1million and $5 million

6% of UHNW 3% of HNW

20% of UHNW 19% of HNW

33% of UHNW20% of HNW

50 % of UHNW 75% of HNW

Ignites (Financial Times) Survey Results

Characteristics of “Boomers”

• They value trust, loyalty and long-standing relationships

• Represent 70 percent ($7 trillion) of total U.S. household net-worth

• Watch more TV than any other demographics

• Boomers value experience over product, need to know functional outcomes

The Same, But Different…

• Boomers are apt to rely on personal referrals rather than perform actual research (conversation, email, or traditional print media)

• If friends “like” it they will, not inclined to seek outside opinions

• Boomers value experience over product, need to know functional outcomes

Boomers lag in mobile 25% own smart phones or tablets in 2011.

Expected to grow to 39.8% in 2015

Where Are We Now?

Baby Boomers (ages 55 +) remain the largest group of wealth holders.

Established FAs are typically the ones with the biggest book of business

So Why Change?

Wealth is being created and transferred at a younger age.

Polling Question: Do you really believe that Next Gen individuals will fire their parents’ advisors?

Most Wealth Management Iconography is Dated

♫ Go where you want ♪

So Are Its Platforms

How Allocations of Marketing Resources Have Changed

That Will Leave A Mark

Up to 98% of wealth inheritors change financial advisors as they have no relationship, and don’t relate value to properties of older generations

Has the Ship Sailed?

Yes. Sort of. Many firms should pivot toward attracting new clients rather than focus on developing Next Gen relationships with existing ones.

Now is the ideal time to revamp your overall marketing to capture market share during a period of unprecedented generational wealth transfer.

Social Media: The New Way to Connect with Clients…

Which Ones Should We Use?...

How Many People are Really on Social Networking Sites?

Source: Media Bistro/ Go-Gulf.com, May 2012

How Do We Utilize Social Media?

Platform Unique Factors Strategies and Best Practices

LinkedIn Business networking and relationship building, introductions

Structuring your profile and joining groups

Facebook Small Business/Personal branding/Consumer brands B to C, Business pages

Twitter Opportunistic, newswire, short burst in real-time Aggregating and curating content to attract

YouTube Most AuthenticTeach and LearnLook + Listen

In five years, all websites will be video

Google+ Feasting on SEO and Adword content Struggling to be all things

Blogging Thought-Leadership + POV, Complex ideas Content + opinion;Commenting and engaging with others

Social Networks that are Popular with the UHNW

Facebook and Twitter usage is greatest among younger UHNW.

Facebook and LinkedIn are relationship-driven

Twitter is content-driven

Source: Spectrem Group “Use of Mobile Technology, Tablets, Online Tools / Social Media Vol. II” 2012

Generational Use of Social Networks Over the Years

2005 2006 2007 2008 2009 2010 2011 20120%

87% 86%

49%50%

29%34%

Source: Pew Research Center/American Life Project

Communicating via Social Media

Source: Spectrem Group “Use of Mobile Technology, Tablets, Online Tools and Social Media Vol. II” 2012

Younger UHNW investors are more inclined to use social media as a communication tool and read their advisors’ blogs.

Social Media Stats - Next Gen

Younger generations lead in the early adoption of…Social Media

Source: Media Bistro/Go-Gulf.com, May 2012

Primary Challenges to Financial Services Marketing

• Industry / Organizational Inertia

• Available Resources

• Compliance Culture

• Reputational Risks

Recent Findings on Resource Challenges

Resources for brand initiatives are lagging perceived importance

Biggest areas of concern:• Client acquisition and retention• Global economic conditions• Product-line strategy• Limited resources

Key Influencers

The most important factors in advisors’ manager selection process?

• Strong client service• Useful website • Brand

Strategic Client Acquisition

1. Look at your brand, its elements and your own firm’s differentiators

2. Determine your own unique differentiators = messaging

3. Target messages and activities by client type or persona

4. Design a social media strategy and detailed plan with accountability and timing

5. Execute the plan and monitor its progress. Make changes where necessary.

Active Engagement vs. Passive Profiles

• Integrate with offerings and focus on firm activities

• Share successes via amplified social media platforms

• Lather…rinse…repeat.

Where it Can Go Wrong – HNW Social Media Miscues

• Abandoned attempts at social media

• No plan in messaging

– not niche-oriented

• Inconsistent posting or blogging

• Too much original content and

not enough curated material

A Few Social Media Best Practices

• Develop templates for consistent online branding

• Niche content – “socialize” print materials for digital distribution

• Metrics and Analytics

ROI for Social Media

Creating a Referral Network

Non-profits

T&E Attorneys

Real Estate Attorneys

Matrimonial Attorneys

CPA Firms

Financial Services

Q & A Discussion

April RudinThe Rudin Group

april@therudingroup.com - www.therudingroup.comtwitter: @TheRudinGroup

201-482-8369

Thank You!

FINRA Regulations Pertinent to Social Media

Opal Financial Group Webinar--How To Use Digital/Social Media To Reach UHNW Investors

Investor Relations

Top 5 Problems of UHNW Investor Portfolios

LUXEMBOURG AND THE UHNW INDIVIDUAL STEP Benelux – 26 th February 2014

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