Social media strategies for financial professionals

Social Networks for

Financial Professionals

Presented by

National Advisor Conferences6 Nov 2012 – Vancouver21 Nov 2012 – Toronto

Background

• 2 decades of business experience

• marketing/communications & tech/software

• Life-licensed insurance producer

• social media consultant & columnist

Overview

• Social media: definition & demographics

• Power of search

• Strategic considerations

• Tools and tactics

• Overcoming barriers

Social Media is...

A synthesis of new and traditional media

that incorporates advertising, public relations, customer service, marketing, sales, and

community relations.

It’s disruptive.It’s about human sociology.It’s enabled by technology.

+ +

Once upon a time...our media choices were limited.

Today, our media options are virtually unlimited.

And growing.

Driven by content

media

articlescharts

picturesvideos

ads/creativeslide decks

doodles

social

commentsfeedbackcriticismanalysis

sharing/curationdiscussion

user created

Demographics

Work force is changing

Percentage of Wealthy US Investors Who Use the Following Online Investment Resources, by Age

Search

Search facts

93 % of consumers worldwide that use search engines to find and access websites.

Source: Forrester Research

75 % of search engine users who never scroll past the first page of results.

Source: Seventh WWW User Survey - Georgia Institute of Technology

The power of search

• Eventually, everyone is “Googled”

• Your website matters, but less

• Social media engagement improves search engine positioning

OwnedPaid

Owned

Earned

Earned

Earned

Earned

Strategic Considerations for professionals

People do business with people they know,

like and trust.

Social media changes everything else.

Some things never change.

Social media changes everything...

All events happen in real time.

Marketing,public relations, branding and client supportget all mixed up together.



It’s a dialogue, not a monologue.

It’s a dialogue, not a monologue.


You have no control, only influence.


You cannot outsource your voice.


Attention is the most scarce

commodity of all.

The time you spend is more precious than the money.



Personal brand is at least as

important as corporate

brand.

5 social media strategies

➊ Build social capital

➋ Curate great content

➌ Be personal

➍ Build trust and credibility

➎ Strive for engagement

➊ Influence economy

Social capital

Currency

Assets“Earned media”

Goodwill

=

=

=

Networked people

and content

Find and share remarkable content

to add value and express your

brand’s personality.

➋ Curate content

➌ Build a personal brand

Personal is professional.

Relationships are grounded in personality.

Personal brand is what people say about you when you leave the room.

- Jeff Bezos, Founder, Amazon.com

Build trust

___________________________________

Self-orientation

Source:Brogan and Smith -Trust AgentsMaister, Galford and Green - The Trusted Advisor

T = (C x R x I)/S

Trust =

➍

Credibility X Reliability X Intimacy

➎ Power of engagement

Engaged clients provide referrals.

TOOLS

& Tactics

Focus on these...

Use LinkedIn to...

• Be found by clients, prospects and peers

• Research, find prospects

• Establish credibility by sharing content

• Connect with clients and peers

Use Twitter to...

• Stay informed through feeds

• Identify and follow influencers

• Broaden social networks

• Curate/share and promote content

Use Facebook to...

• Build community of clients/customers

• Show personality and compassion

• Share content and info updates

Why blog?

• Your blog is your publishing base

• Demonstrate subject matter expertise and how you think

• Great for search engine optimization (SEO)

Compliance Time Knowledge

Hurdles

Compliance

• Listen, don’t talk

• Focus on credibility, relationships and trust

• Leave transactional “heavy lifting” to traditional channels (meetings, phone, corporate email)

• Archive, archive, archive

Time

• Re-evaluate all your time allocations

• Leverage your support team to help you

• Put in some “after hours” time

• Outsource strategy and implementation support

Knowledge

• Trial and error

• Be an early adopter

• Overcome your fear

• Read books & blogs

[email protected]

780-868-8433

Copyright 2012 Jay Palter. All rights reserved. Not for reproduction or distribution without written consent.

JayPalter.ca

twitter.com/jaypalter

www.linkedin.com/in/jaypalter

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Education

Social media strategies for financial professionals