ubs may23,2012 joyce-sullivan
DESCRIPTION
Learn about the evolution of Social Media from Joyce Sullivan, social media leader and innovator. You will get a high-level view of industry regulations and where to find clear and concise direction in this area, and will learn about the big three: LinkedIn, Twitter and Facebook. You can apply this to your work, your career, and your personal life.TRANSCRIPT
Created and Presented by:
Joyce SullivanCEO | Founder
SocMediaFin.com
Exclusive Presentation for:
677 Washington BoulevardStamford, CT 06901 USA
Wednesday, May 23, 20126:30-7:30 pm EDT
Financial Services and Social MediaWhat it Means to You in Your Career Success
Created and Presented by:
Joyce SullivanCEO | Founder
SocMediaFin.com
Exclusive Presentation for:
Financial Services and Social Media
- overview and introductions- financial services and social media use - industry trends - compliance and regulation update
Your Personal Brand and Online Identify- LinkedIn- Facebook- Twitter
What’s next- discussion and questions
AGENDA:
677 Washington BoulevardStamford, CT 06901 USA
Wednesday, May 23, 20126:30-7:30 pm EDT
What it Means to You in Your Career Success
3Visit us > FWA.org
4Visit us > SocMediaFin.com
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SXSW 2012 Financial Services & Technology Rockstar Women
Five global women – NZ, UK, US - who work in financial services and use social media for work
http://schedule.sxsw.com/2012/events/event_IAP9392
Social Media Tools: How Do I Know Which App I Should Use?
Who are you?
What do you have to say?
Who are you trying to reach?
How do THEY want to be reached?
Once you connect, then what?
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Council of Economic Advisors, February 2012 report
US Industry Trends: Shrinking and Growing Industries 2007 - 2011
Social Media Strategy for Financial Services
for US Firms
Can you use social media in financial services?
What are the rules?
The Fun stuff: FINRA, SEC and other regulatory guidance
How do you use social media compliantly at your firm and in your own personal career development
Who are you? Social Media and Financial Services
New graduate joining a financial services firm
Moving from another industry that used social media extensively
Public Relations firm with financial services clients
Advertising firm working with financial services
External Legal or Compliance firm working with financial services firms
Internal Legal or Compliance firm supporting line of business
Sales or Marketing department who want to use social media to increase sales
Senior Leaders wondering if you should get into social media
Your new hires have ideas to grow the business using social media
FINRA Regulatory Notice 10-06In January, 2010, The Financial Industry Regulatory Authority
(FINRA) provided its first high level industry guidance for social
media activities for investment broker dealer firms.
10-06 provided no specific rule changes, but offered clarification in a
Q & A format.
Summary Highlights
Record Keeping Responsibilities
Suitability Responsibilities
Types of Interactive Electronic Forums
Supervision of Social Media Sites
Third Party Posts
@JoyceMSullivan @SocMediaFin
#SMWfinserv
Feb 14, 2012
@JoyceMSullivan @SocMediaFin
#SMWfinserv
Feb 14, 2012
FINRA Regulatory Notice 10-06
FINRA Regulatory Notice 11-39In August 2011, The Financial Industry Regulatory Authority (FINRA)
provided clarification of 10-06 guidance for social media activities
for
investment broker dealer firms with focus on:
- Social media websites
- Use of Personal Devices for Business Communications
11-39 Summary Highlights
Communication content is determinative; not the communication
channel
A Firm is subject to the “adoption” and “entanglement” theories
regarding third party posts (Retweets, LIKES, of others’ content)
Business communications through personal devices must be
supervised and recorded
FINRA Regulation 11-39
Securities & Exchange Commission (SEC) National Examination Risk Alert
In January 2012, The SEC issued their observations related to the
use of social media by registered investment advisers
Key Takeaways: Investment advisers that use or permit the use of
social media by their representatives, solicitors and/or third parties
should consider periodically evaluating the effectiveness of
their compliance program as it relates to social media.
Factors that might be considered include usage guidelines,
content standards, sufficient monitoring, approval of
content, training, etc. Particular attention should be paid to third
party content (if permitted) and recordkeeping responsibilities.
SEC Investment Adviser Use of Social Media
Types of Financial Advisors
Registered Representatives (Broker-Dealer)*
Investment Advisors(Registered Investment Advisor)*
Regulated by FINRA and the SEC
Regulated by SEC or state regulators
Paid via commission Paid fee by client
Suitability – recommendation must be consistent with best interest of client
Fiduciary responsibility – must place clients interest above own
Ethics Legality
Transactions Advice
*Dually registered firms must adhere to both SEC and FINRA rules
Best Practices
If your firm has approved business use of social media
DO1.Discuss macro economic concepts
2.Discuss various sectors or industries
3.Discuss retirement concepts
4.Educate the public on financial markets and products
5.Post company non-product or services related announcements
6.Post messages that have a broad appeal (i.e. charity events or good will activities)
7.Post generic responses to third-party postings
DON’T1.Mention individual stocks or investment names
2.Provide investment advice
3.Promote your products and services
4.Make provocative or promissory statements regarding direction of the markets or price of commodities
5.No retweets on Twitter
6.No ‘Likes’ on Facebook
7.No unauthorized employee postings @joycemsullivan
Financial Services and Social MediaWhat it Means to You in Your Career Success
Your Personal Brand and Online Identity:- LinkedIn- Facebook- Twitter
Founded in 2002As of May 2012:- 162 million members- 200 countries- World’s largest professional network on the internet
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27Mashable.com
Founded February 4th 2004As of May 2012:900 million members
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First “tweet” March 26, 2006 by Jack Dorsey @jackAs of May 2012:500 million registered users
http://twitter.com/about
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Thank you!Connect with me!
LinkedIn: http://linkedin.com/in/joycemsullivan
Website: http://socmediafin.com
Twitter: http://twitter.com/joycemsullivan
Facebook: SocMediaFin, Inc on Facebook
CNBC TV: Joyce Sullivan on WSJR with Maria
Bartiromo
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Created and Presented by:
Joyce SullivanCEO | Founder
SocMediaFin.com
Exclusive Presentation for:
677 Washington BoulevardStamford, CT 06901 USA
Wednesday, May 23, 20126:30-7:30 pm EDT
Financial Services and Social MediaWhat it Means to You in Your Career Success