financial advisor integrated sales experience

© 2011 Blue Panda Interactive. Proprietary And Confidential.! 1!I N T E R A C T I V E

Financial Advisor Integrated Customer Experience How content management, social media, & mobile are shaping the future!

© 2011 Blue Panda Interactive. Proprietary And Confidential.! 1!

Jeff Fleischman CEO, Blue Panda Interac9ve

October 2012


We’re Transitioning To A New Paradigm In Which Advice, Customer Experience, And Personalized Content Will Merge

² The engagement model between companies, financial advisors, and their clients will undergo a drama8c change over the next 3 years

² Three underlying drivers that companies need to focus on are content strategy, social media, and mobile

² Digital na8ves will not engage brands in ways past genera8ons have, they will expect to engage brands through digital touch points

² Social-‐mobile experiences will dominate how firms reach and engage their clients and should be integrated into a cross-‐channel strategy

² Advisors will need to build and maintain their personal brand via social media networks whilst balancing regulatory constraints

² There will be winners and losers largely based on the response to these inevitable changes


Drivers Of Integrated Sales Experience There are several factors that will impact how financial advisors interact with their clients


Content Is The Connective Tissue Across All Channels And Touch Points

Content has become:

•  Dynamic

•  Real-‐8me

•  Personalized

•  Integrated, cross-‐channel

•  Two-‐way

•  Portable

Leverage content to reinforce the brand promise; engage all customer segments throughout the customer lifecycle; achieve desired business outcomes and objec8ves

Content Ecosystem

Searchable • SEO/SEM • Keywords • Linguis8c Profiling

Distributed • Print • Web • eMail • Social Media • Mobile

Personalized • Experience • Educa8on • Advice • Transac8on

Op8mized • Lead Genera8on

• Site Cross-‐Sell • Engagement

User Generated • Pos8ngs • Ra8ngs • Comments • Tes8monials


Creating Content Should Promote Thought Leadership And Expertise Across Owned, Paid, And Earned Media. Personalized content is an important part of engaging and conver8ng leads as well as retaining and growing exis8ng business


Managing Content Used To Be Simple


Content Distribution Has Proliferated Beyond Traditional Channels

Company

A central repository is needed to efficiently manage content crea8on and dissemina8on across all customer touch points


Content “Publishing” Ecosystem: End To End Content Oversight And Execution

Web Social Media Mobile Live

Person Print

Priori8zed Publishing Calendar

PlaTorm: Cross-‐Channel Content Produc8on and Maintenance

Branded Content

Campaign Content

Targeted Content

Updates & News

Management & Maintenance

Execu8ve Direc8on

Content “Editor”

Content Commi[ee

Content Ops Team

Governance & Oversight

Behavioral Analysis, Results


Open Forum Is American Express’ Strategy To Create Market Leadership And Engagement In The Small Business Community

² OPEN Forum is a content rich destination that provides small business owners useful information and share issues within the community!

!² OPEN Forum includes pertinent

articles, blogs, and contributors that are regularly updated!

²  Articles and content throughout OPEN Forum can be shared through Twitter, Facebook, LinkedIn, email, RSS, etc. !

!² Mobile and tablet applications have

been introduced as additional distribution points!


Social Media Represents A Significant Opportunity To Engage Clients And Prospects ² Growing expecta8on that firms have social media presence as part of their

engagement model – Digital Na8ves have a “social media first” mindset

² Social media is becoming an increasing source of proac8ve customer servicing and more companies are using so]ware to monitor social cha[er

² 52% of Twi[er and Facebook users are over 35 and 50-‐56 age bracket has seen a sharp increase from 9% of users in 2008 to 20% in 2011

² The use of social media amongst wealth clients is increasing: 70% of millionaires use social media with 46% using Facebook in 2011, nearly doubling from 26% in 2010

²  In contrast, 60% of wealth management firms have no presence or occasionally update their ac8vi8es on social networks

² Tradi8onal measures of success need to be reexamined and new ways of quan8fying the impact of social media need to be established

Source: Pew Internet & American Life Project


Social Networks/Blogs Grabbing A Large Share Of Consumers Time!

Facebook remains the primary social media platform eclipsing all others!

Source: comScore, Google, Statista

Time spent by U.S. consumers condensed to the equivalent of one hour – social media/blogs take up approximately 13 minutes of every hour!

Source: Nielsen NetView June 2010


Over 50% Of Online Users Expect Weekly or Monthly Updates Through Social Networks

3%

7% 6%

11%

26%

13%

28%

4% 2%

More than once a day

Once a day

Every other day

Twice a week

Once a week

Twice a month Once a month or less

Never Other

Marketing Contact via Social Networks % of respondents June 2011

Source: ROI Research and Performics


Social Platforms Are A Trusted Source Of Information And A Growing Influence On Buying Behavior

Social Tools that Impact Purchasing Decisions, June 2011

Source: e-‐tailing group, PowerReviews, ROI Research, and Performics


² More people access Twitter and Facebook on mobile devices than on desktop computers!

² Americans spend an average 2.7 hours socializing on their mobile phones!

² Mobile banking has tripled to 15% between 2008 and 2011; more than 40MM U.S. consumers will be using mobile banking by the end of 2012!

² Nearly 30% of consumers conduct product research on mobile devices!

² 70% of all mobile searches result in action within 1 hour!

² Smartphone shipments are the fastest growing mobile segment and tablets will out sell computers within the next few years.!

² Mobile web traffic will exceed desktop traffic by 2015!

Source: Mobile Banking News

Mobile’s Growing Influence – Expect It To Become The Channel Of Choice For Most Ac8vi8es


The Rise Of The Mobile Web As The Dominant Channel Of Choice

Social networking accounted for over of all page views on mobile phones in 2011!

Facebook mobile users have!

from 50MM in 2009 to 200MM in 2011!

There are mobile video playbacks from YouTube every day!

Over 300k apps have been developed in the past 3 years and downloaded more than

10.9B times!

Nearly 30% of consumers conduct product research on mobile devices !

Twitter has over active users

sending over tweets a day!

86% of mobile internet users use their mobile phone while watching TV !

90% of the largest retailers have a mobile site or smartphone app!


The Emergence Of The “Mobile First” Mindset – Companies Need To Develop Alternative Screen Experiences Mobile phones have become an indispensible tool for real time research and purchasing behavior – tablets will accelerate these rates!

Javelin Strategy 2009

% of respondents


Tablets Will Play An Integral Role For Digital Consumers – Firms Need To Adjust Their Strategy And Experiences In-person experience and tools/calculators will become more prevalent, consumers will expect more complexity without sacrificing ease of use!

*Estimate Source: Pew Research; Independent Research


Mobile Consumer Behavior Fueled by apps, mobile devices have become indispensible part of our lives!

Over 300k apps have been developed in the past 3

years and downloaded more than 10.9B times!

Consumer’s use mobile devices is ubiquitous !


Where do we go from here?


Over The Next 3-5 Years Expect A Major Shift In How Financial Advisors Interact With Clients and Prospects

² Acknowledgement in the growing influence of social media and mobile usage in the financial advisor community

² Skep8cism exists that digital touch points can be used to build rela8onships in an industry that has tradi8onally been a high touch, personal service

² Firms/financial advisors will need to figure out how to increase their social media presence in order engage prospects and clients

² Companies need to navigate the regulatory and privacy hurdles that exist internally and externally

² Generally, advisors need to build up their social-‐mobile skills to be more effec8ve in engaging a growing digital-‐first audience

² Social-‐mobile ini8a8ves should not be managed in isola8on, integra8on with exis8ng channels is cri8cal


Firms Are Gradually Introducing Their Financial Advisors To Social Media, But Within Three Years It Will Be Commonplace

Morgan Stanley Smith Barney plans to give par9al access to TwiLer and LinkedIn for it’s 17,000 financial advisors which amounts to a bet that social media can be an effec9ve business tool for financial advisers.”

“Morgan Stanley’s retail brokerage unit, using TwiLer and LinkedIn has helped financial advisers win more business over the past year.”

“Goldman Sachs, which recently said it was looking to hire a ‘social media community manager,’ has taken to TwiLer to post news about the firm.”

“The Blackstone Group also maintains a TwiLer account.”

“AllianceBernstein, has given employees access to LinkedIn.”

“Putnam investments launches video blog to help financial advisors tap social media”

Source: The Securi8es Industry and Financial Markets Associa8on


Social Media Activity Is Growing Across Firms, However, Success Should Be Measured By Level Of Engagement

JPM – Facebook JPM Community, Twi[er JPM Funds Blackrock –DSP Blackrock Mutual Funds Facebook Followers = 151.9k


Advisors Are Increasingly Using Social Media Although Its Use For Business Purposes Lags Personal Use

Source: Registered Rep and Wealthmanagement.com

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Approximately 30% -‐ 40% of advisors do not use social media for business purposes


LinkedIn Is The Leading Social Network Among Advisors ² Among advisors using at least one social network for business, 90% use LinkedIn and are more than three 8mes as likely to use it over other social networks

² Facebook is the dominant social network for personal use at 71%

Source: LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012

Total Usage

78% 75%

38%

37%

Social Networks Used for Business Among financial advisors who use at least one for business

Overall Social Network Usage for Business/ Personal Purposes


Active Rates And Frequency In The Usage Of Social Networks Among Advisors Is Increasing

²  Nine out of 10 advisors now have a social media profile or account and 56% are ac8ve (vs. 51% in 2011)

²  Among advisors with social network accounts, LinkedIn and Facebook have highest penetra8on rates but Twi[er is growing at the fastest pace

²  Although most advisors report that their social media use is restricted, it has not deterred the overall adop8on rate of social media

²  Twi[er can be an effec8ve high frequency communica8ons tool to lead users to specific sites and content

Source: Registered Rep and American Century; LinkedIn Marke8ng Solu8ons and FTI Consul8ng, May 2012

Used Social Network Foe Business Purposes At Least

1x Week 1x Month

LinkedIn 53% 74%

Facebook 37% 48%

Twi[er 31% 37%

Google+ 20% 27%

% Of A

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ith An Accoun

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(1) Source: American Century


Among Advisors, LinkedIn Is The Leading Social Network Because It Most Closely Complements How They Grow Their Book Of Business Among social networks, LinkedIn is far ahead for business usage to drive lead genera8on, connec8ng with clients//prospects, and genera8ng asset inflows



Advisors Believe That Using LinkedIn For Prospecting Has Led To New Client Acquisition And AUM Advisors that gained clients from LinkedIn were 2-‐2.5X more successful in engaging and cul8va8ng client rela8onships than those who did not acquire clients on LinkedIn



The “Social-Advisor” Era Has Begun To Take Shape – Are You Ready?

Source: Registered Rep and WealthManagement.com

FACTS & STATS IMPLICATIONS

Social networking usage increased 10%+ in 2012 and is approaching or exceeding 50% at many firms

Laggards in adop8ng a social strategy will be at a compe88ve disadvantage

25% of advisors acquired clients through social media efforts following a tradi8onal first contact

Its impera8ve that firms to adopt an integrated channel strategy

Social media usage among advisors: LinkedIn 84%, Facebook 28%, Twi[er 16%

Each social network has a specific a[ributes and its usage should be clearly defined

43% of advisors do not use social media for business purposes, but 74% are interested in it for prospec8ng, marke8ng and communica8ons

Companies and advisors need a coordinated strategy and training to develop the appropriate social skills to engage prospects and customers

For those with policies in place, nearly 67% of firms prohibit the use of Facebook, YouTube and Twi[er for business purposes; 25% prohibit the use of LinkedIn

There is a large gap between the personal usage and business prohibi8on of social media needs to be resolved to minimize compliance and reputa8onal risks

Among advisors, compliance and regulatory concerns are considered to be the primary challenge when using social media; specific areas of uncertainty are how to answer ques8ons and permissibility in sharing opinions or advice with clients

Coordina8on needed among advisors and compliance teams to understand regula8ons. Policies need to outline permissible usage of social media by advisors.


Advisor Social Media Playbook – Building A Personal Brand In A Socially Connected World

Build Your Social Media Profile!² Ensure a LinkedIn profile articulates and highlights experience and expertise. Recommendations and endorsements add credibility. !² Create a Facebook profile that highlights a personal side, interests, include content that will garner attention and sharing among your followers.!² Use Twitter as a communication platform to connect with websites and other social media platforms.!!Expand Your Circle Of Influence!² Facebook, LinkedIn, and other social media platforms provide a window into personal events/milestones that an advisor can connect to with relevant, targeted content. !² LinkedIn and Facebook enables an advisor to scan a clients' network for potential prospects. Engaging with one’s network provides exposure to contacts and potential leads, but avoid overt selling tactics, take a consultative approach.!

Broadcast To Your Network And Their Connections!² It’s important to publish useful, relevant information, research papers, etc. Sharing this information across LinkedIn Groups, Facebook, email will expand reach. !² Twitter is a good way to broadcast to your network and lead them to relevant information.!² Every client is a sphere of influence and social media is an efficient and effective method to connect with them and their network.!


Considerations As You Plan Out Your Digital Strategy

² Know your community and create compelling content for them; ensure that content is 8mely, relevant, and can be shared across social networks

² Focus efforts on conversa8on and engagement rather than selling products or services

² Devise ways to harness user generated content and audience engagement to a[ract a larger base of followers

² Use social media as a customer listening tool and provide proac8ve customer service

² Tools, calculators, benchmarks are ways to engage your audience; they should be built for mobile devices and tablets for use as standalone applica8ons or for face-‐to-‐face advice sessions

² Advisors already on social media should be pro-‐ac8ve and reacquaint themselves with internal and regulatory policies

It is important to clearly define your goals when cra]ing your social media plan. Decide if you want to increase sales, create a stronger brand iden8ty and posi8oning as a thought leader, generate deeper engagement, etc.


“The era of the Social-Mobile Financial Advisor has dawned. Companies and financial advisors need to focus on engaging with their clients across social media platforms. Advice, customer experience, and personalized content will converge and the winners will be those that can make the transition.”!!

Jeffrey Fleischman, CEOBlue Panda Interactive!


Q&A


Blue Panda Interac8ve [Digital Consultancy + Crea8ve Agency]: Merging the brains of a strategic consultancy and the innova8ve approach of an agency to transform customer experiences. We focus on digital strategy, media, and analy8cs to connect brands with their customers. We leverage innova8ve ideas that are based on business goals and customer needs to execute winning strategies. Our belief is that integrated marke8ng and content are key ingredients to connect and engage with your audience. It’s about sharing a passion to drive business outcomes and delight customers. If you would like to learn more about how we can partner with you please contact us at [email protected]

financial advisor integrated sales experience

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