Wealth Management: Traveling the Social Street to Influence Minds and Investment Decisions

By developing a comprehensive social media strategy, wealth management firms can leverage various platforms such as LinkedIn, Facebook, YouTube and Twitter to build their brand, engage and educate customers, and create client networks to drive business while ensuring regulatory compliance.

• Cognizant Reports

cognizant reports | June 2013

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Executive SummaryDespite their old-world money roots, wealth management firms are following in the foot-steps of other financial services players by rap-idly embracing social media. With baby boomers nearing the end of their wealth-generation phase, these firms are devising new strategies to reach out and engage with younger clients.

Generation X1 and millennials2 are tech-savvy value seekers who prefer searching online for firms and advisors and seek peer advice on financial management through social media. They expect personalized service on-demand and will quickly shift to a rival if they become dissatisfied. Hence, it is important for wealth management firms to establish and extend a strong social media pres-ence to continuously communicate and engage with customers. Many firms and advisors are using social media primarily for client prospect-ing, sharing industry news, networking with peers, marketing, etc. Some early movers, such as Mor-gan Stanley, have succeeded in using social media to attract new clients and generate business.3

However, a mere presence on social media does not guarantee new customers. Social media should not be viewed as just another sales chan-nel. It must be part of an organization’s strategy to reach out to a wider audience, and build and effectively manage the brand. It is a valuable tool, if used properly, to interact with and learn more about client/prospect needs in a cost-effective and somewhat nonintrusive way to serve them better.

We recommend that firms looking to effectively utilize social media channels should develop a strategy around the “five Cs:” customer insights, content, conversation, channel integration and compliance and risk management.

Driving Forces The rapid rise of social media use among the general population, particularly younger clients (who are influenced by their anytime, anywhere interactions with retailers), is driving wealth managers to embrace social media platforms to enhance customer contact.

New-Generation Clients The 80 million baby boomers (born between 1946 and 1964) who kept wealth managers busy over the last few decades are on the verge of retire-ment or have retired. Their wealth-accumulation phase is clearly expiring. This means wealth

management firms must shift their focus to the next generation of clients — Generation X and millennials.

Young investors — and particularly those who stand to inherit wealth from baby boomers and the Silent Generation4 — will become the key client segment for wealth management firms.

The behavior and demands of these clients differ radically from those of previous generations. They are more tech-savvy and less apt to be influenced by vendor marketing, and they demand transparency and customized offerings. They scout for better deals online and quickly shift to new brands if they are not satis-fied with their current product or service. These customers also share effusively on social media and rely on online sources and interactions for information on nearly everything, including financial management and advisors.

Studies indicate that only 2% of adult children continue to use their parents’ financial advisor to manage their inherited wealth.5 Given this trend, wealth management firms and advisors face tough odds retaining these clients, particularly if they are not sensitive to their behaviors and desires.

Social Media and the WealthyIt is a common perception that the rich tend not to discuss their personal financial mat-ters on social media forums. However, recent studies disprove this. For instance, five million high-net-worth investors across the U.S. and Canada use social media for their investment decisions, according to a study by LinkedIn and Cogent Research.6 LinkedIn and Facebook are also used for researching wealth management firms, advisors and other financial information.7

Investors are rethinking their investment deci-sions based on the information found on social media, with about 70% changing their strate-gies or altering their relationship with providers, according to a survey by Cogent of 4,000 inves-tors with at least $100,000 in investable assets.8

Further, as social media usage increases, clients expect more from wealth management firms and advisors when it comes to social media use.

Key Social Media Issues Despite its resounding success among consumers, social media adoption among wealth managers has lagged behind (see sidebar,

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next page). Evolving regulations, persistent privacy and security concerns, and the need to create robust social media policies have so far discouraged firms and advisors from fully embracing social media.

• Regulations: In recognition of the interactive nature of social media communications, the U.S. Financial Industry Regulatory Author-ity (FINRA) in December 2011 withdrew the requirement that all social media posts must be filed with regulatory agencies before pub-lication. FINRA now considers social media communications to be retail communications rather than advertisements. This change removed a major hurdle for wealth manag-ers, as filing all social media posts with regu-lators was a cumbersome process. However, static content that does not allow comments or responses, such as company profiles, still requires prior approval. Firms must also archive both static and dynamic content, including content posted by a third party, even if the firms do not endorse the content. Addi-tionally, FINRA requires firms to monitor social media content and put robust social media policies in place to supervise employees.

In March 2013, the Securities and Exchange Commission (SEC) released new guidelines stating that certain types of interac-tive communications need not be filed with regulators. Such communications include responding to requests or inqui-ries from social media users, forwarding previously filed content and hyperlinking content to general financial and investment information.9 On the other hand, com-munications that discuss the investment merits of a fund or fund performance must be filed with regulators, such as tweeting information on fund returns.10 This has made it considerably easier for advisors to connect and communicate with individuals, raise awareness about products and provide hyperlinks to information about related products and services.

• New investments: Firms embarking on a social media journey must invest in tools and technology for content creation compli-ance and monitoring, as well as for analytics, employee training and managing risk and com-pliance. (See our white paper “Competing in the Social Era: Charting Your Digital Agenda” for more details.)

• Archiving: Firms are required to archive all social media communication and interac-tions. As advisors increasingly participate on social media, record-keeping may become an arduous task, particularly if the SEC requires records to be submitted within a specific time-frame. Further, uncertainty remains as to how long records need to be preserved.

• Data security: Wealth management firms and advisors are very concerned about protecting sensitive and private information that exists on social media or internal systems from unauthorized access or misuse. The SEC recommends firewalls to protect customer data, proprietary information and social media sites to minimize security risks.11 Further, firms must have robust policies and monitoring systems in place to prevent exposure of client data and other security breaches.

Benefits of Social MediaSocial media can help firms and advisors gain competitive advantage and drive business through improved communication and customer engagement. Key advantages of a social media presence include:

• Brand-building: By posting financial tips and differentiated content in the form of videos, debates and discussions that address the needs of various customer segments, firms can improve visibility and build credibility among customers.

• Improve business: Through relevant content and timely advice on social media, advisors can turn followers into clients and build a strong network of brand advocates who will refer others. A strong social media profile, backed by relevant content, can help advisors build an online reputation and gain referral leads. For example, social media allows advisors to track birthdays, weddings, etc. and provide relevant financial advice to customers during scheduled meetings.

• Enhance customer relationships: Social media chatter can help firms understand their clients’ needs and desires. This information can be used to develop customized strategies to serve clients better. Further, by engaging clients in a meaningful way and educating them about current trends and investment opportunities, firms and advisors can build long-term relationships.

• Preserve reputation: Bad news and innuendo spread like wildfire in the social media world.

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Quick Take

The Origins of Wealth Management Firms’ Relationship with Social Media

Morgan Stanley Smith Barney was the first major wealth management firm to enter the social media arena. In response to demand from clients and advisors, the firm commenced a pilot in mid-2011 with 600 advisors using LinkedIn and Twitter to post content taken from a library of approved, pre-written posts, in order to adhere to regulations. It used third-party software to send content to managers for approval, send pre-approved content to clients, archive content, etc.12

The results were mind-bending: Some 40% of the advisors who used social media daily won new clients. As a result, the firm expanded social media access to all 17,000 advisors in the next year.13 Other wealth management firms, such as Bank of America Merrill Lynch and Wells Fargo, took Morgan Stanley’s cue and allowed advisors to apply social media techniques with corporate Twitter feeds and Facebook pages.

The adoption gradually increased across all business types (wirehouse firms, RIAs, etc.), as indicated by separate surveys of 1,400 advisors in September 2011 and March 2012 (see Figure 1).

Growth in Social Media Adoption

Figure 1

Source: Wealthmanagement.com, 2012

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Top Social Media Platforms for Business and Personal Use

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Base: 301

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Source: American Century Investments, April 2013

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Social media usage among financial professionals continues to grow, according to a study of 301 advisors by American Investments. Of the respondents, 90% had a social media profile or account. LinkedIn, Facebook and Twitter have emerged as the major platforms, with LinkedIn being the preferred medium for business (see Figure 2, previous page).

Today, social media is being used primarily for networking with other professionals, prospecting for clients and broadcasting industry updates (see Figure 3). It is, therefore, not surprising that most advisors use LinkedIn for business.

To deal with prospective clients’ preference for seeking peer advice obtained on social media, firms such as Ameriprise allow socially-minded customers to find new advisors on its Web site and check into whether any of their LinkedIn network members already know listed advisors.14 Firms now allow their advisors to connect to prospective customers and share research and other insights about investment and financial planning via social media. A Morgan Stanley advisor who did just that generated about $10 million worth of business in 18 months via leads surfaced by LinkedIn. In some cases, independent advisors have gained millions of dollars in business through their online presence, and some advisors boast that half of their business comes from social media.15

As regulations ease further, and more advisors learn to successfully use social media, content and customer experience will be the key differentiators.

Reasons For Using Social Media

Figure 3

Base : 1,428 in 2012 and 1,579 in 2011

Source: Wealth Management.com, July 2012

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Do not use social media for business purposes

Other

Client management

Client presentation

Keeping up to date on news about my own firm

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Content Wealth management firms and financial advisors should create a social media presence that is consistent with their other customer touchpoints in terms of communication content, branding and appearance. Merely setting up a passive profile on several social networks is not enough (see sidebar, next page). Firms must plot out a theme for shared content and then publish a steady stream of relevant in-house material and external materials that may be of interest to customers. Too little content results in disen-gaged users, while too much irrelevant content and marketing material will likely be tuned out by the target audience. Firms may also consider targeted content based on client segments to improve relevance.

Firms tend to falter when they follow a “me-too” strategy or join social media just because their competitors have social media accounts. Content differentiation is essential to standing out among the many advisors promoting similar products and benefits; firms should begin providing unique content as soon as they create a social media profile.

It is also important to share content across numerous branded platforms in order to improve visibility. For instance, firms can create a series of videos on new investment oppor-tunities, tax planning, regu-lations, etc. and share them on YouTube, Facebook, Twitter and blogs. Interest-ing posts that are shared or retweeted by celebri-ties and famous athletes will also improve a firm’s visibility and perceived value proposition. By observing other platforms where similar discussions take place, firms can comment or share video links to reach out to more social media users.

Social media is not just about posting serious financial content. For example, Atlanta-based Balentine provides a peek into its advisors’ fam-ily life. The firm’s Facebook page looks more like an individual’s personal page, with posts about employee family outings, book recommendations and participation in major business and com-munity events, in addition to general investment advice and company achievements.17

By using social media monitoring tools, firms can receive real-time updates about conver-sations that include mention of their brand across Twitter, Facebook, YouTube, blogs and discussion forums, enabling them to respond quickly to rumors and alleviate client concerns. For instance, the U.S. Federal Emergency Management Agency (FEMA) used Twitter to announce the launch of a “rumor control” section on its Web site to counter the misinformation on its relief efforts following Hurricane Sandy.16

Addressing the ‘5 Cs’Although many firms have created profiles on popular social networks to stay current with clients, prospects and the competition, an online presence alone is not enough. In our view, firms need a holistic strategy to exploit social media’s full potential. We recommend that firms build such a strategy around five critical success factors, or the 5 Cs, as we call them.

Customer Insight Conversations on social media can help illuminate customer needs, including community chatter and customer reaction to the firm’s advice and predictions, participation in a social event, etc. For instance, if an advisor’s tweet or Facebook post on early retirement planning attracts notice-able customer reaction, the responses can be used to segment customers based on age, geography and life stage and devise customized strategies for each target segment. This can help with targeted messaging, which increases the efficacy of social media messages.

Focusing on the firm’s clients and the nature of their involvement in social media can uncover how and where to network with these clients and their peers. The firm’s client database contains information on client age, profession, education, wealth segment, life stage, etc., and this information can be augmented with social media intelligence solutions to build rich market knowledge. An effective social CRM solution — which integrates social media and CRM systems — draws upon the huge volumes of social media content in real-time, removes noise and provides meaningful insights into customer opinion and preferences, the competition, trends, etc. The information can be used to hone content strategy, customize campaigns, develop new products and provide inputs to drive dialog, both online and offline.

By observing other platforms where similar discussions take place, firms can comment or share video links to reach out to more social media users.

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ConversationThe true power of social media is revealed by its ability to facilitate dialog. Financial advi-sors and marketing/sales personnel must be equipped with information, curated talking points and technology readiness in order to engage in online exchanges, respond to address queries and resolve complaints. For instance, advisors can expand their LinkedIn networks to connect with future prospects, contribute to discussions on Facebook communities and Twitter, respond to blog comments or broadcast articles relevant to ongoing conversations and market concerns.

To engage customers effectively, advisors can stir up debates online and seek opinions on their investment philosophy and various other topics. Since not all customers are active on social media, firms must also educate uninitiated customers about the relevance of social media and how they

can benefit by following the firm’s updates on Facebook, Twitter, etc. Firms and advisors must also be ready to respond to criticism from cus-tomers. Instead of ignoring or deleting negative posts and tweets, firms must try to address them quickly and appropriately.

Social media also connects advisors to profes-sional networks of industry peers. Advisors can benefit from peer discussions on industry trends, interpretation of new regulations, products, software usage and market insights. Large firms may also consider setting up closed communities to provide in-house advisors with a professional network.

Channel Integration In today’s omni-channel world, it has become essential to preserve the context of an online conversation for interactions in other channels. A seamless information flow between social media and other customer touchpoints helps enrich the firm’s 360-degree view of the customer and ensure a superior customer experience. Social media offers the unique potential of providing advisors with the first glimpse of any changes

Quick Take

Using Social Media Successfully

To maximize social media’s growing influence, wealth management firms should first consider the following:

• Use social media every day. The best times are before 9:00 AM, later in the evening and over the weekend.

• Spend at least one hour per day on social media to listen, schedule content and see who is following.

• Maximize use of pre-designed and pre-approved original content to remain consistent with branding guidelines and in compliance with industry regulations.

• Avoid disseminating false or inaccurate information to clients. Share third-party content only from trusted and reputed sources.

• Share ideas, quotes, hobbies and other nonfinancial content, in addition to serious financial commentary.

• Respond to client/follower queries as soon as possible and provide hyperlinks to more information (such as the firm’s Web site and blog or trusted third-party resources).

• Build relationships with new followers by exchanging e-mails (avoid using auto-responders) or meeting them personally to understand their requirements.

• Gather as much information as possible about clients and their connections. Join groups in which target clients are active.

• Use multiple platforms to reach as many people as possible and retain them if they migrate to new services.

• Slowly but surely get all clients on-board (including new clients that come along with new advisors) to drive referral business.

To engage customers effectively,

advisors can stir up debates online and seek opinions

on their investment philosophy and

various other topics.

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affecting their clients — job movements, life stage transitions, indications of upcoming finan-cial responsibilities (a new home or children’s education, for example). By updating this type of information in real-time in their CRM systems, firms can vastly improve engagement during face-to-face conversations. Similarly, a customer query, request for service or complaint must be updated in the firm’s central systems so that the context is not lost as the customer switches among touchpoints.

Compliance and Risk Management Although regulations surrounding social media have been softened to some degree, compliance still poses certain challenges. Regulations around the use of social media by financial companies are continuously evolving. Advisors need to stay current with changing regulations, as well as the correct and compliant usage of social media plat-forms that undergo frequent feature updates.

For example, advisors are currently required to ensure that endorsements of their skills do not appear on their LinkedIn profiles, and they need to be aware that the “retweet” feature on Twitter and the “like” feature on Facebook may be mis-construed as recommendations, subjecting them and the firm to regulatory scrutiny.

Therefore, firms must design a comprehensive social media policy, train employees and record and monitor all social media content that they originate, and keep abreast of regulatory changes to avoid noncompliance. They need to keep guide-lines current and put in place robust workflow processes and systems with quick approval cycles that enable advisors to respond to online dialog as intuitively as possible, while staying on the right side of regulatory norms.

Social risk and reputation management tools are essential for picking up on early-warning signs and defusing potential crises before they occur. These systems monitor employee activities on internal and external social media systems and moni-tor online discussions and content, flagging potential compliance violations and reputation risks.

Advisors can use their personal Twitter and Face-book accounts for business, as well. However, they must avoid marketing and selling products, and instead use social media to build their net-works to gain referrals and share information.

Moving Forward Early movers that have realized the benefits of incorporating social media into their marketing strategies will try to extract additional returns by moving social to the core of their market outreach initiatives. Given its current trajectory, social media will become a primary channel to meet and convert prospects into customers, interact with and engage customers, and gener-ate new business opportunities with consistency, while remaining compliant with regulations. Further, social media will likely become the first platform choice for quickly responding to rumors and alleviating investor concerns.

Firms that have begun their social media jour-neys should quickly devise appropriate strategies and provide advisors with the necessary ammuni-tion to improve their digital presence and drive business. Firms that are still sitting on the fence need to move forward or risk becoming irrelevant to new-age customers.

Social risk and reputation management tools are essential for picking up on early-warning signs and defusing potential crises before they occur.

Footnotes1 Generation X refers to people born during 1965–80.

2 Millennials are the population who are currently between 15 and 35 years of age, have grown up online and will soon be the majority of employees and customers.

3 Tracy Alloway, “Morgan Stanley Green Light For Twitter,” Financial Times, June 24, 2012, http://www.ft.com/cms/s/0/2c6b0008-be00-11e1-9abf-00144feabdc0.html#axzz2SatiD6GA.

4 Silent Generation refers to people born during 1928-45, a period marked by the Great Depression and World War II.

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5 April Rudin, “Tearing Down the Great Wall,” Wealthmanagement.com, March 6, 2013, http:// wealthmanagement.com/practice-management/tearing-down-great-wall.

6 The study involved 600 customers with at least $100,000 in investable assets, classified into the following categories: “mass affluent” ($100,000 to less than $1 million), “affluent” ($1 million to less than $5 million) and “ultra–affluent” (greater than $5 million).

7 Chris Savio and Jake Raroque, “Social Media's Growing Influence Among High Net Worth Investors,” LinkedIn and Cogent Research, May 2012, http://marketing.linkedin.com/sites/default/files/pdfs/Linke-dIn_HNWInvestorResearch_2012.pdf.

8 “Cogent Research: Now Trending — Social Media Fuels Investor Decision Making,” BusinessWire, Feb. 22, 2013, http://www.businesswire.com/news/home/20130222005037/en.

9 “Filing Requirements for Certain Electronic Communications,” SEC, March 2013, http://www.sec.gov/divisions/investment/guidance/im-guidance-update-filing-requirements-for-certain-electronic- communications.pdf.

10 Amy McIlwain, “SEC’s 5 Things Not to Tell FINRA About Social Media Use,” AdvisorOne, April 11, 2013, http://www.advisorone.com/2013/04/11/sec-5-things-not-to-tell-finra-about-social-media?ref=hp.

11 “Investment Adviser Use of Social Media,” Securities and Exchange Commission, Jan. 4, 2012, http://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf.

12 April Debomsky, “Morgan Stanley to Let Advisers Use Social Media,” Financial Times, May 26, 2011, http://www.ft.com/cms/s/0/d36bc49e-8721-11e0-b983-00144feabdc0.html#axzz2P5y8RV8o.

13 Lorie Konish, “Morgan Stanley Expands Social Media Roll Out,” OnWallStreet, June 27, 2012, http://www.onwallstreet.com/news/morgan-stanley-expands-social-media-roll-out-2679589-1.html.

14 Srini Venkateswaran and Kunal Vaed, “The Future Of Wealth Management Services,” Financial Times, Jan. 28, 2013, http://www.ft.com/cms/s/0/cd144564-6986-11e2-8d07-00144feab49a.html#axzz2PIFibMlX.

15 Marie Swift, “Finding Your Social Media Groove,” Financial Planning, May 7, 2012, http://www.financial-planning.com/blogs/marketing-maven-marie-swift-social-media-advice-advisors-2678785-1.html?zkPrintable=1&nopagination=1.

16 John Ribeiro, “FEMA Sets Up 'Rumor Control' Site to Counter Online Misinformation,” Computerworld, Nov. 5, 2012, http://www.computerworld.com/s/article/9233240/FEMA_sets_up_rumor_control_site_to_counter_online_misinformation.

17 Thomas Coyle, “Firm Takes Unusually Bold Approach to Social Media,” The Wall Street Journal, June 26, 2012, http://blogs.wsj.com/wealth-manager/2012/06/26/firm-takes-unusually-bold-approach-to-social-media/.

References• “Wealth Management Industry Wary Over Year Ahead,” Reuters, Jan. 11, 2013, http://www.reuters.

com/article/2013/01/11/us-wealth-outlook-idUSBRE90A14A20130111.

• “Private Pursuits,” The Economist, May 2012, http://www.economist.com/node/21554745.

• Andrea Hopkins, “Canadian Advisors See Gains, Pitfalls in Social Media,” Reuters, March 25, 2013, http://www.reuters.com/article/2013/03/25/us-wealth-socialmedia-idUSBRE92O0WJ20130325.

• Vanessa Kortekaas and Lucy Warwick-Ching, “Wealth Managers Sign Up to Social Media,” Financial Times, March 29, 2013, http://www.ft.com/intl/cms/s/0/09fadc9c-8d75-11e2-a0fd-00144feabdc0.html#axzz2W0hid0HY.

About Cognizant

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 162,700 employees as of March 31, 2013, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world.

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• “Financial Professionals Social Media Adoption Study,” American Century Investments, First Quarter 2013, https://www.americancentury.com/pdf/Financial_Professionals_Social_Media_ Adoption_Study_2013.pdf.

• Georgios Marketakis and Natalie Tolles, “Social Media and its Impact on Wealth Management,” North Highland Financial Services Blog, March 20, 2013, http://financialservicesblog.northhighland.com/2013/03/20/social-media-and-its-impact-on-wealth-management/.

• Christopher Ricciuti, “5 Social Media Compliance Takeaways from the 2012 FINRA Advertising Regulations Conference,” eDynamics, Nov. 21, 2012, http://product.edynamicsllc.com/blog/bid/245620/5-Social-Media-Compliance-Takeaways-from-the-2012-FINRA-Advertising-Regulations-Conference.

• Annabelle Williams, “Social Media: A Marketing Tool To Tweet About, Or Just Hot Air?” Wealth Manager, Oct. 4, 2012, http://citywire.co.uk/wealth-manager/social-media-a-marketing-tool-to- tweet-about-or-just-hot-air/a621815.

Credits

AuthorVinaya Kumar Mylavarapu, Senior Research Associate, Cognizant Research Center

Subject Matter ExpertsDheeraj Toshniwal, Senior Manager, Consulting, Cognizant Banking and Financial ServicesRajas Raut, Senior Manager, Cognizant SocialSiddhi Chanchani, Senior Consultant, Cognizant Banking and Financial Services

DesignHarleen Bhatia, Design Team LeadSuresh Sambandhan, Designer