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Confidential
Texas Tech’s Dept of Personal Financial
Planning
Confidential
Jennifer Openshaw
• A nationally known expert
• National columnist, speaker
• President of Finect, compliant social media simplified for the financial services industry
• Founder of Women's Financial Network
• Author of “The Millionaire Zone”
@jopenshaw
Confidential
Deena Katz, CFP
• 35 years in wealth management
• Associate Professor, TTU’s Dept of Personal Financial Planning
• Chairwoman, Evensky & Katz
• Author
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Barry Mulholland
• CFP, ChFC
• Assistant Professor, TTU’s Dept Personal Financial Planning
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TTU Students
• Heather Ford, 24, pursuing masters in PFP
• Jeremy Ransom, 24, military vet, head PFPA
• Thanay Binford, 37 – joint MBA & PFP
• Dustin Parks, 43 – Career changer: IT to PFP
Dustin Parks, Jeremy Ransom, Heather Ford, Thanay Binford, and Mulholland.
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Facts: Social Media is Top Growth Area
• 500 million Facebook users
• 200 million LinkedIn members – 2 million in financial services
• 400 million tweets per day
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And Investors Want, Use Social
• 48% of advisors report using social media to interact with investors on a daily basis (Accenture)
• 4% of advised social media users interact with their advisors thru SM… BUT:
• 52% of advised social media users would interact like to interact with their advisors via SM if they were using it (Cogent Rsch)
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Compliant Social Media: A Top Industry Challenge
Social networking sites, however, have caused a great deal of angst for compliance departments at firms. Many compliance professionals have worried that using social media would expose their firms to scrutiny from regulators for, among other things, not saving copies of the messages sent through the sites.
Confidential
Advisors, Firms Need Help
“We’re just starting to think about how to use social media.”
“We need to do something.”
“I don’t have time. I need something easy.”
“We spend $10K per month on an outside PR firm.”
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Next Gen Students Are the Answer
• Skilled students in financial planning have better-than-average job prospects
• Financial planning growth:
– 32 percent from 2010 to 2020– More than double the average of all occupations.– 95% of TTU PFPC students are placed after graduation
• remaining 5% join parent biz or decide otherwise
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Partnership with Finect for StudentsCompliant Social Media
Over 200 Students – Largest PFP Degree Program
Includes both current students and national online program
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Deena: Why is social media being integrated into curriculum?Where?
Q:
1ssddd
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Barry: What industry changes are you seeing? What are expectations of students in financial planning practices today?
Q:
1ssddd
Investor
Investor
Investor
Investor
Investor
Investor
Investor
Asset Manager
RIARIA
InvestmentResearch
InvestmentResearch
Service Tools
Asset Manager Hedge
Fund
InvestorRIA & B-D
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Students: Why is social media important? How will it impact your careers?Q:
1ssddd
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I’m a Financial Advisor: How Can I Use Social Media?
• One-Stop Social
• Engage with clients
• Remain compliant for FINRA/SEC
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Demo
Jen – key features
Groups – Barry speaks
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Public Group
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Private Group
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Partnership
Free premium access to Finect for all TTU PFP students
$250/mo (enterprise access)Basic membership always free
Groups to engage students
Group for peer exchange among the student board of PFPA
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Questions
Discussion…
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Investor
Investor
Investor
Investor
Investor
Investor
Investor
Asset Manager
RIARIA
InvestmentResearch
InvestmentResearch
Service Tools
Asset Manager Hedge
Fund
Investor
RIA & B-D
Bringing Organization to the Industry
Advisors
Vendors
Asset Manage
rs
Investors
Content Compliance
Social comm. & marketing
Community
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What They’re SayingThe Press The Users
“This is easier than LinkedIn and Facebook, and it offers more customization,” Sam Rines, Economist, Chilton Capital, Houston, TX
“Compliance – yuck. Finect has integrated everything – it’s compliance made easy. Plus, I can build my brand and have my ‘Free Advice Fridays” in a closed group with clients. Jim Ludwick, MainStreet Planning, member of the Garrett Planning Network
“Finect’s site allows advisory firms to set content and social media controls and permissions for their staff, and it tracks and keeps records of content for SEC and FINRA compliance.”
“Reports and notes can be posted to Finect and sent out to LinkedIn and Twitter from there, and archived for compliance purposes.”
“It's the first social network that I see as being slick enough with the development chops to really have a chance of making it in financial services the way that LinkedIn and some of its features have over the years. You could invite clients and share things without the scrutiny that you’d get on LinkedIn, Twitter or Facebook
Press
“Companies can finally operate in the social media world and track all employees in one location through the Finect platform with archiving, reporting and more.” Theresa Hamacher, CEO of the National Investment Company Services Association (NICSA).
Video Press
Press
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“If social networks have taught us anything, it’s that the quality of information matters. That’s what
[Finect] has done.”
Tested & Proven in Europe
“We get real-time, instant feedback on our products, articles and opinions through our group here,” Gema Martin, Head of Institutional Investments, BBVA Asset Management
“It helps me connect with potential customers quickly and efficiently,” Javier Benito, Financial Advisor
“We have 40,000 customers and only one branch. We have used the site to communicate with our customers in a new, more engaging way.” Beltran Parages, Head of Sales, Bestinver Asset Management
“It’s a great way to exchange ideas and information with our members. We recommend it to all financial planners,” European Financial Planning Association
Customers & Sponsors
”[Finect], the next LinkedIn?”“Thanks to [Finect], investors can learn and share
knowledge.”
Winner, 2011 Financial Congress Awards (Europe)
“[Finect] makes the financial sector think.”
The Press
Testimonials
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Offering the 4 C’s
Community Content Social Communications Compliance
• High quality • Find & follow
• Peers• Experts• Products
• Learn, share • Join groups
• Peer content• Peer reviews• Top trends
• Products• People• Groups
• Global library• Smart search
• SEC, FINRA compliant • Tracking, reporting• Content approval
controls • Led by ex-Fidelity
compliance chief
• Post once• Share with many
• Linked-In• Twitter
• Build followers• Increase brand
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We’re Asset Managers: How Can We Use Social Media?
A Single Platform to:
• Reach advisors more efficiently
• Distribute content to social media (Twitter, LlinkedIn)
• Stay compliant with tracking, reporting
• Increase engagement thru groups
• Get real-time feedback on investment products
• Get industry-wide
news alerts and events
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• Smart search for new products, events & content• Client referral tool & tracking• Community/pro validation of new ideas (top lists)• Turnkey social media tracking, reporting• Low-cost aggregation
The Unbiased Planner
The Backend Vendor
Asset Manager
Limited investment experience
Serving its Members’ Needs
• Member-ranked vendors by key topics• Filter and rank targeted people, companies• Access latest industry & advisor info, trends• Content distribution• Speaking/marketing opps
• Step-by-step set-up from FB, other SM• Fun, engaging content based on interests• Success stories of others like her• See what the pros are doing• Tools (ie instant aggregation) and quick rankings/lists to help with decisions (college, insur)
• Modern, dynamic site to filter and rank targeted people, products or new ideas• Access to advisors to target her products• Two way comm: 1:1 and 1-to-many (Twitter, LinkedIn)• Sponsorship/speaking/marketing opportunities• Groups to increase engagement (clients, sales reps), display expertise, gather data
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Features Focused on the Investment IndustryFeature Functions
Profiles (advisors, companies, products)
Post content, blogsAllow professionals to find & connect with one anotherSee what peers are saying
Groups Engage with clients & prospectsAnswer questions & share best practicesSurveys, polls, live events
Professional badge (validation services)
Ability to become a “verified” professionalIndustry’s only social platform with professional validation
Pros on Products The “Zagat’s for investment products”Comment, follow, see peer opinions
Unique Search Find products, professionalsFollow competitors, peersLocation, AUM, asset, key word
Central Library Distribute tailored research & presentationsBuild brand, followers, reach
Compliance Controls One-stop posting & tracking. Twitter/FaceBook/LinkedInAccessible, archived reports for compliance04/11/2023 27
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AppendixAdditional screenshots2
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Finect vs LinkedInLinkedIn Finect
Basic Create a profile/Online presence ✔ ✔
Create a group ✔ ✔
Control a Group (public, private) ✔ ✔
InBox/Direct Messaging ✔ ✔
Content Post Content & Comment ✔ ✔
Trending Content (in your network) ✔ ✔
View Comments by Professionals vs All Users ✔
Distribute Content to Other Social Media ✔ ✔
Search Industry-wide relevant events ✔
Investment Decisions
Follow Investment Products ✔
One-stop Peer Comments & Recco’s of Products ✔
Trending Products, Groups, Discussions ToCome
Share Products/WatchList w/ Group (advisor> clients) ✔
Compliance Integrated Compliance Tracking of Social Media Third party ✔
Integrated mgmt of employees on social media ✔
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Feature LinkedIn Finect
CommunityIntegrity
Professional “verification” & badge ✔
Reputation Score/Rank ✔
View product recommendations by user type (pros) To come
Data Resume ✔ ✔
Company/Advisor business (assets, clients, etc) Limited ✔
Licenses & certifications (verified) ✔
Market Data/charts ✔
To Come Community Answers ✔ ✔
Career & M&A Center ✔ ✔
Global Library/repository ✔
Robust targeted search and filter (industry focused) ✔
Account aggregation (for advisors, investors) ✔
Find an advisor (smart) ✔
Social networking/profiling for client development ✔
Finect vs LinkedIn
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NICSA – Industry AssociationPublic Group – Industry Association
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Investing for College - ThemePublic Group Around a Theme
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WallStreet Strategies – Thought LeadershipPublic Group – Thought Leader
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Profiles: Be Found, Find OthersExample of professional profile with access to all relevant information within the community
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Real-Time Market Data & NewsGlobal market info
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Social ProductsInvestment Products Can Now Be Followed. One-Stop Review of Social Comments Helps Advisors Make Decisions.
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Compliance: RolesFlexible roles. Control over permitted activity
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Compliance: Managing Who Shares WhatOne stop shop for social media sharing
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Compliance: RecordkeepingCompany wide extremely easy recordkeeping functionality
