marketing wealth presentation

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How to Implement Successful Social Media Strategies Within A Regulated Corporate Environment

April Rudin, The Rudin Group


April Rudin The Rudin Group

CEO


Corporate Experience plus private banking background

Skilled in structuring strategic alliances/social media marketing producing successful campaigns for winning new business

Seasoned professional in wealth marketing and frequently speaks in front of groups such as IPI, Tiger 21 and other wealth management industry conferences.

Frequent contributor/blogger on social media/marketing for Huffington Post, Registered Rep, Fundfire, Family Wealth Report, etc.

April Rudin is the founder of The Rudin Group, a wealth marketing firm. Her firm specializes in creating customized marketing solutions for family offices, wealth managers, private banks and other financial service firms. She works alongside clients to strategize and implement solutions for attracting and retaining UHNW/HNW clients.


Flintstones to Jetsons:


Where Are We Now?• Financial services notoriously slow to adopt new ideas

• Wealth management firms have not felt serious pressure until now due to their best clients being their oldest clients and thus the least likely to use new technology including mobile internet and social networks

• Older FA’s are typically the ones with the biggest book of business

• BabyBoomers (ages 55 +) are the largest group of wealth holders

• Wealth Management is a person to person industry

• Wealth is being created at a younger age and succession planning is contributing to this phenomenon .


Making the Case: Younger Generations Lead in the Adoption of….

Social NetworksPercent who have an account with at least one social networking site

Base : 26,749 AdultsSource: North American Technographics online Benchmark Survey, Q2 2010 US

Gen-Y (18-30) 87%

Gen-X (31-44) 77%

Younger Boomers (45-54) 66%

Older Boomers (55-65) 56%

Seniors (66+) 47%


No More Sitting on the Sidelines!Younger generations are:

– much more likely to use the mobile Internet– much more likely to view and access accounts via mobile

Most importantly, younger generations are accumulating assets at a faster pace either through their own efforts or via succession planning.

FINRA/IILOC have communicated some common sense guidelines which are clear and easy to follow.

71% of US adults are on social networks like

Facebook, LinkedIn or Twitter.

Source: Forrester Research 2011


Follow The Leaders• E-Trade offers investors access to account data, prices,

charts and transactions through their own applications • Commonwealth Financial Network--April 2011 – FB,

Twitter, LinkedIn and Blogs

• Morgan Stanley Smith Barney—LinkedIn and limited Twitter for 600 wealth managers and 18,000 by October 2011

• Merrill Lynch--LinkedIn for over 16,000 wealth advisors by October 2011

• Wells Fargo –LinkedIn for over 15,ooo wealth advisors.

• LPL Financial 10,000 advisors with 2,500 social media accounts including LinkedIn, Facebook and Twitter


What Is A Brand?• It’s a mental picture in someone’s mind that is associated with your

offering

• Brands provide consumers with a way of distinguishing between offerings in the marketplace

• Brands usually have two elements:

– Functional elements– Emotional elements


Branding In Financial Services • Logos represent brands to people and

help them recall your corporate elements

• Financial services’ brands create the security, consistency and trust with the target market and are developed at the corporate level but must be executable at the local level or the brand loses value

• Strong corporate brands (especially in financial services) lead future clients away from making decisions based on price when other more meaningful differences between brands are communicated


How Do You Create Your


Extending the Brand and Other Strategies• Branding can be extended from one or more core products to others. For example: one might offer wealth management services and partner with other service providers in insurance products, etc.

• Partnerships and strategic alliances are ways of extending your brand and gaining access to “warm leads” and pre-vetted future clients

• White-labeling is another brand extension strategy where additional products or services are offered from the outside but under the same brand.

• Naturally, brand extensions must be logical and fit with the given brand and business model but can provide additional revenue streams


Discover your DifferentiatorsBe Visible and Communicate


Variety of Social Media Platforms


Platforms and Content TypesPlatform Unique Factors Number of Users Strategies and Best

Practices

LinkedIn Business networking and relationship building, introductions

115 Million Structuring your profile and joining groups

Facebook Small Business/Personal branding/Consumer brands

750 Million B to C, Business pages

Twitter Opportunistic, newswire, short burst in real-time

200 Million Aggregating and curating content to attract

YouTube Most AuthenticTeach and LearnLook + Listen

440 Million In five years, all websites will be video

Google+ Feasting on SEO and Adword content

18 Million Struggling to be all things

Blogging Thought-Leadership + POV, Complex ideas

156 Million Content + opinion Commenting and engaging with others


Social Media Jargon


Facebook Vs Twitter in Financial Services

Why the explosion?Facebook is relationship-

drivenTwitter is content-driven

Source: Corporate Insight 2008 and 2011

Year Facebook Twitter

2008 32% 15%

2011 59% 67%


ROI for Social Media


Converting Chaos to Calm


If I Can Do It…


FINRA/ IIloc Regulations and Guidelines


Key FINRA GuidelinesInformational Only (Not Legal Advice) Regulations 10-06 and 11-39

• Main idea was to reinforce that as social media usage increases, investors are protected from false or misleading claims and firms are prepared to effectively and appropriately supervise their associated persons participation on these sites. This involves creating a written plan, policies and providing training to all users.

• All electronic communications shared over the internet are governed by the same rules covering communications with the public that firms already follow: recordkeeping, suitability, supervision and content requirements

• Distinction between Static and Interactive Content– Static is considered advertising and requires pre-approval– Interactive is considered akin to a public appearance did not require pre-approval but does require

supervision

• Blogs are considered static but comments are considered interactive

• Principal of firm or compliance department approves, retains and provides supervision over social media communications including those made through mobile devices. Must be retrievable through archiving softward.

• Training must provided to FA’s to learn how to uses social media + how to not present undue risk to investors


Key IIROC Guidelines


Build Templates for Static Profiles• Uniform, professional photograph & branded background with

“Important Reminders”• Branded, uniformly formatted biography


What to Tweet About?


Niche Your Posts and Tweets


“The Well-Placed Whisper”


Creating a Prospect Pipeline

Non-profits

T&E Attorneys

Real Estate Attorneys

Matrimonial Attorneys

CPA Firms

Wealth Manager


2011 Social Media Habits of the 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



33% of UHNW20% of HNW

50 % of UHNW 75% of HNW


Your HNW Toolbox

Social Media Marketing

Well-Placed WhisperRelationships

with Centers of

Influence

Prospect Pipeline

Existing Client Relationships +

Referrals

Marketing Plan


HNW Social Media Miscues

• Abandoned attempts at social media

• No plan in messaging – not nichey

• Inconsistent posting or blogging

• Too much original content and not enough curated content


Key Points

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

2. Determine your own unique differentiators = messaging

3. Design a social media strategy which is detailed and assign responsibilities

4. Document a social media policy, archival, training and other FINRA/IIROC essentials

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


LinkedIn Profile


April RudinThe Rudin Group

[email protected]

Visit us at:www.therudingroup.com

twitter: @TheRudinGroup

Thank You!

mailto:[email protected]

http://www.therudingroup.com/


FINRA Regulations Pertinent to Social Media


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