joyce sullivan talks social media and financial services with jpmorgan chase & co smart program
DESCRIPTION
This JPMorgan Chase SMART session will focus on the intersection of social media and financial services. With the exponentially increasing use of social media around the globe, by individuals and organizations, the financial services industry has an additional challenge in ensuring social media use follows regulatory and compliance guidance. Understanding who your audience is and how they want to engage, are essential components in putting together a social media plan. Ensuring the compliance element is effectively integrated is also critically important for an effective and successful program. The session will be led by Joyce Sullivan, who transformed herself from a financial services industry veteran running global enterprise-level programs and technology deployments, to becoming a pioneer in the emergence of social media use in the financial services industry. In this session, we’ll review the following: What are the major social media platforms, emerging and established, and how financial firms are approaching their use Latest U.S. regulatory rules and compliance guidance for social media use in financial firms How to identify your audience and their preferred means to connect in developing a compliant social media engagement program Engaging key stakeholders and project champions for a social media pilot program How to know if a social media program can benefit your business Background on our presenter: Joyce Sullivan MBA PMP and founder and CEO of SocMediaFin, Inc., brings together her years of financial services industry experience to the emerging world of social media. She has more than over 20 years of program management and product development experience with firms including, Citi, Credit Suisse, JPMorgan Chase, and Wells Fargo/First Fidelity. As an advisory board member of the Financial Women’s Association, Joyce serves as their Chief Digital Strategist. Joyce has spoken at numerous industry conferences about the convergence of social media and financial services. As an enthusiastic Silicon Alley (NYC) emerging technology beta tester and evangelist, Joyce is an active member of the New York Tech community and is a founding mentor of Women Innovate Mobile, a startup accelerator and mentorship-driven program designed for women-founded companies in mobile technology.TRANSCRIPT
Social Media & Financial Services
Created and presented by:
Joyce Sullivan
Founder and CEO
SocMediaFin, Inc.
Exclusive presentation for
SMART session – December 17, 2012
Agenda
• Overview and introductions• The 5 questions℠• Social media tools – established and emerging• U.S. compliance and regulation overview• Getting started with social media training & pilot programs• Suggested next steps• Discussion and questions
Social Media & Financial Services
Social Media Strategy for Financial Servicesfor 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?
• Are there steps for creating a project plan including social media?
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?
5. Once you connect, then what?
4. How do they WANT to be reached?... or not
The 5 questions℠
1. Who are you?Employee, business-line owner, industry executive, wealth manager, private banker
2. What do you have to say?
Great skills, great products, excellent company to work with, outstanding service
3. Who are you trying to reach?
Your current customer, potential new customer, industry leaders, competitors
The 5 questions℠
4. How do they WANT to be
reached? ... Or not.
Email (home or work) Voicemail Phone text Instant message Twitter LinkedIn Facebook (public or private message)
5. Once you are ready to connect,
then what?
How do you develop meaningful connections
while complying with industry regulations?
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?
Social media communications
Social media compliance software needs to be in place to monitor and archive social media posts
Social Media Tools – established and emerging
And many more…
20062004
2011
2005Launched: 2002
20112009 2009
US Regulations and Guidance: Use of Social MediaInvestment Advisors and Broker-Dealers
Recordkeeping it’s the content that mattersAll 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 standardsSuitability – 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)
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
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 1934http://www.sec.gov/rules/final/34-44992.htmEffective: May 2, 2003
Same recordkeeping requirements with guidance for electronics records
http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
Same recordkeeping requirements with guidance for social media and electronic devices
Highlights - US Regulations and Guidance: Record Retention
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 4, 2013)
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p037553.pdf
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p120779.pdf
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p124186.pdf
http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p127014.pdf
Social Media Pilot Project PlanningInclude at the Business Initiation / Evolution stages
Social media integration
Identify social media program key stakeholders and senior management champions
Pilot proposal
Integrate social media throughout business and system development life cycle
Include legal, compliance and social media training teams as key stakeholders
Suggested Next Steps Social media policy
Become familiar with your firm’s social media policyGet to know the group working on social media training
Rachel Polish is your social media training leadVolunteer to partner with a team working on social media planning
Social media trainingInclude social media training for employees and staffTypes of social media training you’re looking for
contact Rachel Polish with your ideasAssist pilot team in co-creating social media training modules Eventually empower employees to support and protect your brand
Suggested Next Steps
Learn the social media regulatory basicsGet to know your legal and compliance departmentDiscuss how together you can come up with a pilot programEngage senior stakeholders and functional groups for a pilot
Keep up with the competitive landscapeParticipate in and attend industry events to stay current
Thank you!Please connect with me. I would enjoy hearing from you.
LinkedIn http://linkedin.com/in/joycemsullivan
About.me http://about.me/joycemsullivan
Twitter http://twitter.com/joycemsullivan
Website http://socmediafin.com
email: [email protected]
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Joyce
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
Social Media & Financial Services
Created and presented by:
Joyce Sullivan
Founder and CEO
Exclusive presentation for
SMART session – December 17, 2012