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The Socially Savvy Advisor + Website: Compliant Social Media for the Financial Industry

Book Description

The social media marketing bible for the financial industry

The Socially Savvy Advisor: Compliant Social Media for the Financial Industry is the complete guide to creating an effective social media strategy without breaking the big rules. Written by an industry specialist Jennifer Openshaw, alongside Stuart Fross, Fidelity International's former general counsel, and Amy McIlwain, president of Financial Social Media, this book merges marketing basics with FINRA and SEC guidelines to help readers create an effective social media campaign specifically for the finance and investing world. Contributions from industry leaders at Charles Schwab, Citibank, and others provide inside perspective and experience so readers can tap into a new audience. With a focus on compliance, the book clears common hurdles while dispelling myths and outlining effective methods and techniques. Readers also gain access to a website featuring videos, Q & As, tutorials, Slideshare, and a social media policy template.

Social media is one of the hottest topics in finance. From solo practitioners to large asset managers, everyone's consumed by how, when, and where to use this new and powerful medium—but guidance is hard to find. The Socially Savvy Advisor covers the entire issue, from platform, to content, to what not to do.

  • Best practices in using social media for advisors and compliance officers

  • Planning for the regulators, vs. failing to plan

  • Challenges with LinkedIn, Facebook, Twitter and other social platforms

  • Elements of a good social media policy

  • Managing the top issues related to marketing and business development, engagement, and compliance

  • With the right plan and the proper technique, social media marketing can dramatically improve client outreach and retention. The Socially Savvy Advisor provides the expert insight, tools, and guidance that shape a robust, effective strategy.

    Table of Contents

    1. Cover
    2. Related Titles
    3. Title Page
    4. Copyright
    5. Dedication
    6. Foreword
    7. Acknowledgments
    8. Introduction
    9. Part One: The New Business Environment
      1. Chapter 1: How Is Social Media Changing Investor Behavior?
        1. How Investors Are Getting Social
        2. Investors Are Demanding More with Transparency and Real-Time Access
        3. What Investors Really Want: Find Their Advisors on Social Media
      2. Chapter 2: What Are Social Media's Implications for the Financial Industry?
        1. Sitting Out the Game?
        2. Financial Advisory World in Flux
        3. Four Obstacles to Greater Social Media Engagement
        4. What Does This Mean For the Industry, CEOs, CCOs, and Marketers?
        5. What the Future Holds
      3. Chapter 3: What Are the Tensions Between Social Media and Regulation?
        1. Three Reasons Why Advisors Feel Regulators Make Social Media Difficult
        2. What Regulators Could Do to Make Social Media Easier
        3. A Defense: Policies in Place
        4. The Real Barrier: Regulators or Industry?
        5. Some Final Thoughts
      4. Chapter 4: Are the Risks of Using Social Media Worth the Benefits?
        1. Social Media'S Shifting Winds in Financial Advisory
        2. Four Social Media Risks and Solutions
      5. Chapter 5: How Will Social Media Change Our Industry in 10 Years?
        1. Get Ready: More Change Is Coming
        2. A 10-Year Look: How the Financial Industry Will Change
        3. Eight Predictions for the Next Decade
      6. Chapter 6: What Are the Biggest Social Media Myths?
    10. Part Two: The Regulatory Environment
      1. Chapter 7: What Are the Top Challenges Compliance Officers Face?
        1. What CCOs Should Know
        2. Five Key CCO Challenges
        3. When to Call For Help
      2. Chapter 8: What Does FINRA Say about Social Media?
        1. Three New Areas of Finra Guidance
        2. Choosing Your Content: Static Versus Interactive
        3. A Finra Sweep of Advisor Practices
        4. New Cybersecurity Initiative
      3. Chapter 9: What Does the SEC Say about Social Media?
        1. Seven New Guidelines That CCOs Should Know
        2. Testing for Testimonials
        3. A Looser Interpretation
        4. Three Clarifications on Earlier Guidance
      4. Chapter 10: What Gets Financial Professionals into Trouble with Social Media?
        1. Remember The Ground Rules
        2. Remember: There's Risk
        3. Drawing Lines Between Business and Personal
        4. Four Ways to Manage Social Media Risk
        5. Keys to Handling Bad Content
      5. Chapter 11: How Do We Create a Social Media Policy?
        1. Five Steps to Starting Your Policy
        2. Five Policy Elements the Sec Likes to See
        3. The Three “Ss” of A Social Media Policy
    11. Part Three: Key Playing Fields in Social Media
      1. Chapter 12: How Can We Use LinkedIn?
        1. First, What Exactly is Linkedin?
        2. Why is Linkedin Different From Other Social Networks?
        3. Three Steps to Getting Started on Linkedin
        4. The Problematic Endorse Function
      2. Chapter 13: How Can We Use Facebook?
        1. Seven Ways to Start on Facebook
      3. Chapter 14: How Can We Use Twitter?
        1. Twitter in Financial Services
        2. How to Get Started With Twitter
        3. What to Tweet
        4. What Not to Tweet
      4. Chapter 15: How Can We Use YouTube?
        1. Six Tips for Staying Compliant on Youtube
        2. Eight Ways Financial Professionals are Using Video
        3. Six Steps to Getting Started With Video
        4. Case Study: Matson Money
      5. Chapter 16: How Can We Use Google+?
      6. Chapter 17: What Other Social Media Platforms Can Professionals Use?
        1. Instagram
        2. Pinterest
        3. Slideshare
        4. Skype
        5. Vine
    12. Part Four: Marketing and Business Development
      1. Chapter 18: How Do We Decide Which Social Media Platforms to Use?
        1. Three Questions to Ask…And it all Starts With Compliance
        2. A Case: Choosing the Right Platforms
        3. Three Steps to Choosing the Right Social Media Platforms
      2. Chapter 19: How Do We Integrate Social Media with Overall Marketing?
        1. The Challenges of Unifying Social Media with Overall Marketing
        2. Two Approaches to Incorporating Social Media into Marketing
        3. The New Model: Getting Your Firm Behind a Social Media Program
        4. Three Social Media Elements of Marketing
        5. Putnam Retail: Asset Manager Moving from Traditional to Digital Media
        6. A Small Advisor and His Big-Time Marketing Plan
        7. Five Ways to Give Social Media Legs to Your Marketing Efforts
      3. Chapter 20: How Do We Measure Social Media ROI?
        1. Defining Success With Roi and Kpi
        2. Three Strategies to Measuring Your Social Media Roi
      4. Chapter 21: What Types of Content Work Best?
        1. The Benefits of Content Marketing
        2. Six Steps to Successful Content Marketing
      5. Chapter 22: How Do We Use SEO to Reach Key Audiences?
        1. Three Ways SEO is Changing Right Now
        2. A Case Study: Heron Financial Group
        3. Top Mistakes the Financial Industry Makes
        4. Five Keys to Building Seo-Friendly Content
        5. Multiple Offices? How a Firm or Advisor Can Reach Locally Via SEO
        6. When to Hire Help
      6. Chapter 23: How Can We Leverage Paid Social Media Promotions?
        1. Why Paid Promotions May be Beneficial
        2. Steps Toward Starting Your Paid Social Media Campaign
        3. Network-Specific Advice
      7. Chapter 24: How Do We Avoid Copyright Problems?
        1. Mastering the Rules of Fair Use
        2. Standards for Using Photos and Graphics
      8. Chapter 25: How Do We Track and Defend Our Reputation on Social Media?
        1. Key Methods to Manage and Enhance Your Web Presence
        2. Duking it Out in the Social World
      9. Chapter 26: How Can We Use Social Media to Promote Our Events?
        1. Create a Shareable Story
        2. How to Find Influencers
        3. Influencers: A New Mindset
        4. It's Not Just About Text
        5. Promoting Your Events Via Social Media
      10. Chapter 27: Do We Need a Social Media Manager?
        1. So What Does a Social Media Manager Do?
        2. How Can Advisors and Asset Managers Further Benefit from Hiring a Social Media Manager?
        3. How Do I Know if I Should Hire Someone to Manage My Social Media?
        4. What Should Advisors or Asset Management Firms Look for in a Good Social Media Manager?
    13. Part Five: Client Servicing
      1. Chapter 28: How Can Social Media Be Used to Save Time and Money in Servicing Clients?
        1. Four Facts to Know
        2. Overcoming Challenges in the Financial Industry
        3. Schwab: A Closer Look
        4. Can Social Care Help You Save Time and Money?
        5. Five Key Steps to Setting up Client Servicing on Social Media
      2. Chapter 29: How Can We Use Social Media to Create Client Groups?
        1. The Biggest Marketing Misunderstanding About Social Media
        2. Five Steps to Creating Social Media Groups
        3. Party Venues: Linkedin, Facebook, Twitter
        4. Best Practices with Groups
      3. Chapter 30: How Do We Prevent Competitors from Poaching Our Clients on Social Media?
        1. Three Ways to Protect Yourself from Poaching
        2. Clues to Tip You off to Poachers
        3. Leaving on Good Terms—And Getting Your Client Back?
    14. Part Six: Managing Social Media Compliantly
      1. Chapter 31: What Are the Investor-Protection Rules as They Relate to Social Media?
        1. Four Services That Draw Sec Attention
        2. Recurring Problems in Sec Examinations
      2. Chapter 32: How Can We Comply with Making Securities Recommendations Through Social Media?
        1. The Trouble with Recommendations
        2. Solving the Suitability Problem in Social Media
        3. An Advisor's Responsibility for Blog Recommendations
        4. Five Things Advisors Should Know When Making Recommendations
      3. Chapter 33: How Can We Pre-Approve Content?
        1. What's Driving the Shift Away from Pre-Approved Content?
        2. The Risks of Pre-Approving Content
        3. A Stepping Stone: The Pros of Pre-Approving
        4. Raymond James' Social Evolution
        5. Approaches to Pre-Approved Content
        6. A Next Step: Education
      4. Chapter 34: How Can We Comply with Rules Related to Testimonials, Endorsements, and Advertising?
        1. Hating the Like Button
        2. Overseeing What's Said on Social Media
        3. Five Conversations That Don't Require Filing
        4. Two Conversation Topics That Advisorsmust File
      5. Chapter 35: How Can We Spot-Check Employee Behavior on Social Media?
        1. Business Use of Personal Websites
        2. The Regulators are Searching on Social Media
      6. Chapter 36: What Cybersecurity Mistakes Should Advisors Avoid?
        1. What Criminals Gain and Consumers Lose
        2. Implications for Advisors and Organizations
        3. A Closer Look at the Risks
        4. What Finra and the SEC Say
        5. Not Hip to Hackers? Three Risks for Advisors
        6. Key Moves to Ward off Risks
        7. Other Social Media Protection Tips
        8. The Future of Cybersecurity
      7. Chapter 37: How Does the JOBS Act Impact Social Media and Hedge Funds?
        1. Who Wants to Buy a Placement?
        2. A Tech Upgrade for Private Investment
      8. Chapter 38: How Will Social Media Change the Role of the CCO in the Years Ahead?
        1. Three Areas of Change for CCOs
        2. A Rising Tide of Costs
        3. A Changing Role for CCOs
    15. Appendix Sample Social Media Policy
    16. About the Author
    17. About the Contributors
    18. About the Companion Website
    19. Index
    20. End User License Agreement