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McKinsey Study: Analytics Investments in Insurance Sector Falling Short

Data, data, data. It’s nearly impossible to get through a day without reading or hearing something about the power or potential of data. As consumers increasingly expect their brand experiences to be hyper-customized and prescriptive, companies must be able to analyze enormous amounts of data to get to truly meaningful CX insights, no matter what industry you’re in. And that, of course, requires a substantial investment.
In a recent McKinsey survey of data and analytics leaders at global life and P&C insurance carriers, researchers found that they were investing as much as $80 million per year in data analytics, and nearly all planned to invest more in 2017. At least half of the firms’ CEOs consider data and analytics a top-five priority.
Yet only about one in six survey respondents reported that data and analytics were delivering high impact. Why? The largest percentage (nearly 40 percent) said efforts fail because of limited frontline adoption or inability to integrate data and analytics solutions into workflows.
Merging data and analytics solutions into critical workflows is essential to unlocking true business transformation. At a time when advisors and agents are facing insurmountable pressure on all sides – from a growing robo-advice market to changing regulations to a new generation of digital-first consumers – the data they have on (and can get from) their clients and prospects is critical to improving the customer experience.
The challenge facing firms is how to make the collection of field data as easy and seamless as possible. Manual data entry into a CRM system, as we all know, is neither efficient nor scalable. The key is identifying ways to deeply embed data collection, analysis and synchronization into everyday workflows so that it’s no longer a burden on the advisor or agent. Only then can data and analytics deliver the impact that financial services firms want and need in order to stay relevant.
Read the full McKinsey analysis here.

It’s the Advisor, Sherlock! Global Leaders Agree on Key Issues, Opportunities in Private Banking

global private bankingThe recent Future of Private Banking and Wealth Management conference in London brought together leaders and CEOs from some of the most influential global firms to discuss the state of private banking and what’s ahead. Speakers included Coutts CEO Peter Flavel, UBS Wealth Management CEO Jamie Broderick, Credit Suisse CEO Philip Harris, HSBC Private Bank Global Solutions Group Head Nick Levitt and Hearsay Managing Director of EMEA Chris Andrew, among many others.
Here are some some of the recurring themes and highlights:

The New ‘Centaur’ Advisor: A Hybrid of Human and Machine

Almost everyone agreed that human advisors are not going away. Coutts’ Flavel brought home this point aptly when he gave the example of a cancer patient: However advanced our artificial intelligence (AI) might be, we will not let “Siri” tell a patient they have cancer and what they should do. While machines can crunch data and accelerate insights, human beings bring that all-important and powerful element to all relationship based business: empathy.

dena brumpton
Dena Brumpton of Barclays

Dena Brumpton, Head of UK Private Banking at Barclays, echoed the same sentiment when she said private banking will always be a face-to-face relationship business, but the services provided by private bankers will get progressively more digitized. Brumpton added that a successful strategy in this industry will need all three components: human, digital and data. In her words, “technology is here to enhance the client experience,” but not to replace it. As a result, we must find a middle ground – a digitally enhanced client experience – where certain tasks are automated so human advisors can focus on high-priority client activities.
Greg B. Davies, Founder of decision science firm Centapse and an expert in behavioral finance, agreed. In his opinion, the ultimate knowledge worker is a “centaur” – a hybrid between human and machine – that is capable of making the most optimized decisions. He views every client interaction as data and a touchpoint that gives a better idea of suitability, which will serve to optimize future decisions. But both must work hand in hand, and the ideal equilibrium has to be found.

Advisors are Critical to Customer Loyalty

Another big theme of the conference was how banking processes need to change from being focused on the bank to being focused on the customer. Regulatory guidance like the Retail Distribution Review (RDR) in the UK have made providing advice too expensive, thus creating a growing advice gap. Michael Harding, Partner at Oliver Wyman, shared global research which showed:

More than 60 percent of consumers surveyed said they didn’t know if they will stay with the same bank; only 20 percent said they would stay.

UBS CEO Broderick urged the audience to focus on asking, “what is the money?” as a general question to keep clients engaged. Broderick also spoke about the necessity to use digital channels and analytics to keep research accessible (and not too overwhelming) for clients.  UBS seeks to serve relevant content at the right time and proactively educating customers on what they should do with market information is where technology helps, and to do this at scale reliably and consistently, even for small clients, via technology.

Chris Andrew
Chris Andrew of Hearsay

Hearsay’s Andrew discussed how the customer experience is ultimately every company’s key differentiator, and how the advisor is the closest and most critical component of the client experience. Andrew emphasised that many companies spend a lot of effort investing in direct digital channels at the corporate level, but many times leave the advisor behind, resulting in a confusing and inconsistent experience for the client. If organisations are to become more customer-centric, they need to bring the advisor along in the digital journey.

Banks Must Re-establish Customer Trust

In his opening keynote, Coutts’ Flavel spoke about how “bankers” have become a collective noun for “bad people.” Many other speakers throughout the day alluded to this large gap when it comes to clients trusting their bankers. Building this trust again needs to be at the centre of any transformation project. Harris of Credit Suisse emphasised the need to focus on delivering advice, and not products, to help rebuild that relationship and remain relevant.
Perhaps this lack of trust and need for transparency is the biggest attraction of robo-advice platforms because they have created more transparency in fee structures, according to research done by Oliver Wyman’s Harding.

New Segments of Wealth = New Engagement Approaches

HSBC’s Levitt spoke about HSBC’s focus on the millennial entrepreneur, saying that they perceive this group of customers to be the fastest growing. According to their research, those that make up this segment are motivated and aspirational but not specific, and prioritize family and personal life over business success. And more importantly, Levitt added, “slightly less than half are thinking of selling their business.”
In Asia in particular, entrepreneurs are younger and have a larger proportion of women. These segments are different compared to current client segments served and will require private banks to rethink the way they communicate and address these customers.
In summary, the conference yielded great insights and discussions from top speakers, and saw attendees stay until close. While the vision for the future of wealth and asset management remains bright, the industry must prioritize its advisors and customers above all else.

What Do Financial Advisors Want From Asset Management Firms?

UK financial advisors say more contact and communication from asset management firms are their biggest unmet needs, according to a new Financial Times (FT) Insights survey recently presented at a Gramercy Institute event in London. The survey collected responses from 226 UK financial advisors who represented national, regional and advisor networks.
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When asked specifically about the type of contact and communication advisors are looking for from asset management firms, the comments included:

“More communication and updates. Quicker response to global markets and downturns. More information direct from the fund managers on economic outlook.”

“Greater live communication strategies.”

“More access to fund managers.”

Given that the same study also reported that most advisory firms work with an average of 11 to 17 asset management firms, it’s all the more important for these companies to do whatever they can to build trust and credibility with advisors – or risk losing business to a competing firm.
Here are three tips on how asset management firms can deepen their relationship with their distribution networks:

1. Leverage distribution to humanize your brand

According to one respondent, “Current views/comments from managers that have not been so heavily diluted by marketing and compliance departments … they have no residual use.” While this perception may not be true in every case, this sentiment exists because there is too much noise, including a lot of content that is not always relevant to that specific audience.
The trick to maximizing the value of your content (blessed by the marketing and compliance teams) is to ensure that the right audience receives the right content at the right time – and your fund managers play a critical role in achieving this. They’re the ones who know what is relevant to what audience, so get them on board to amplify your content via the right channels. Leverage your sales teams and fund managers to personalize your core content in a way that is meaningful and personal to the audience you ultimately want to reach.

2. Strengthen your fund managers’ online presence

With evolving demographics and changes in investor expectations, it is increasingly more important for fund managers to have their fingers on the pulse of what investors need. New digital channels like social media offer a way for fund managers to directly interact with their clients and even the end consumer. This helps the enterprise in two ways.
First, fund managers (and, by association their asset management companies) can establish trust and credibility by sharing relevant expert views and research right when their clients are looking for them. Second, it also helps fund managers understand the evolving needs in the marketplace and create more personalized investment products. Helping your fund managers create a professional online presence and training them on how to engage with their clients is no longer a nice-to-have, but mandatory.

3. Share content thoughtfully and in bite-sized form

Google, Twitter, Instagram, email and text have all changed the way people expect information to be presented to them. Long-form content is essential to forming views and opinions, but requires time to absorb and process. Videos, blog posts, infographics and other bite-sized content – when shared with the right audience – can have a long-term impact on people’s minds.
In today’s digital world, the lines between an asset management firm, its fund managers and distribution teams, and the end investor have blurred. Managers are craving more open communication from firms, as the FT survey illustrates, and investors are craving more personalized, relevant advice and products. Thanks to technology, the potential to strengthen relationships across all these stakeholders is vast.
To receive the full fingings from the FT Insights study, please email Daniel Rothman, FT Times Director of Insight, at

Highlights from Hearsay Social London Customer Forum 2016 – Key Trends and Takeaways

Hearsay Social customers from across Europe gathered for the 2nd annual customer forum in London on June 16. The interactive forum — geared for customers to learn how to derive success from their social media programs — was filled with practical tips and insights on the most pressing questions concerning their programs today, including those related to product queries and requests, scaling the business, and measuring ROI.  
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The afternoon opened with an address by Steve D’Angelo (@stephendangelo), global head of sales at Hearsay Social, and focused on major global trends shaping digital programs in the financial services industry. Steve thanked everyone for joining and and for their continued business. Steve stressed that this was their meeting and that they were free to ask any pressing topics that were on their minds concerning their programs. 
Below are some of the key trends and takeaways from the day’s event:

Industry Trends

Trend #1:  Communicate on your clients’ terms
Steve spoke about the changing preferences of the consumer in interacting with businesses.  Like other brands they are used to, customers expect their advisers to communicate on different channels with relevant and timely content, tailored to them. He emphasised the need to become a customer-centric organisation which goes beyond just having a single data view of the customer. The need to provide an omni-channel experience – where interactions move seamlessly between online and mobile SMS via phone and in-person – is increasingly important in this hyper-connected era. By being findable and available on multiple channels and platforms, the easier it is for customers to engage with you.
Trend #2:  Better connect marketing with relationship managers
Across our clients, there is no shortage of great content generated by marketing teams. But for that content to reach the right audience at the right time, firms need to leverage their front line salespeople – client advisers, relationship managers and agents. This not only ensures that marketing content gets amplified many times over, but it also creates a more personal relationship between the client or prospect and the advisor.
Trend #3: Get access to “dark data”
All companies collect and store dark data. Dark data is defined as operational data that is collected by firms but is currently not used by relationship managers in the field.  Steve emphasized the importance of this information for serving clients in an optimized way and improving the customer experience. For example, if a customer comes to your corporate website and then visits an advisor’s site, you should be able to have this data against the customer available to the advisor for timely and effective lead follow-up.  

Product Roadmap

Opening remarks was followed by an interactive session on our product roadmap led by Mark Gilbert (@Markegilbert), vp of products and Chris Andrew (@chriswandrew), managing director for Hearsay Europe. There was ample time for active discussion during the product session on how to enable agents/advisers to use Hearsay more often.
Scaling the program  
In one of the more interactive sessions presented by customers such as Thomas Rudelle (@ThomasRudelle ) ofAXA France, James McQueen (@McQueenUK) of Charles Derby (part of Old Mutual Wealth) and Liz Thompson of Aberdeen Asset Management, participants received practical tips for motivating and growing their social program. Some of the key takeaways on what makes for a successful program, included the following advice from Thomas:

  • Start small
  • Teach your Sales team to use social media through discussion forums, weekly meetings, and Facebook/LinkedIn groups
  • Engage in change management
  • Test and learn
  • Amplify and share adviser success stories, including through the use of regular video testimonials

Start small when measuring ROI
The day concluded with an informative discussion on how to measure ROI led by Hearsay Social’s Matthias Göllner (@goellnermat) and Andreea Costea of Allianz Romania. Matthias demystified ROI by presenting the Hearsay ROI framework mapped against the stage of digital maturity the customer is in – outlining a journey towards measurable ROI (see illustration below).
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Andreea showed the framework in action as she shared a recent case study based off of an online survey with advisers to understand the impact of social media on an adviser’s business.  Her presentation was full of practical tips on how to think about ROI, such as:

  • Leverage multi-dimensional views on ROI (NPS, agent success stories, agent survey)
  • Use the right measurement approach depending on the maturity of the program
  • Measure success early on in order to influence the actions and strategic direction of the project (e.g. agent training, social signals, Facebook ads)
  • Share successes in various ways (agent stories, best practices, leader boards for social)
  • Develop a community of agents on social media (e.g. Facebook group) to motivate them to actively share their success.  

Finally, a big thank you to everyone who took time out of their busy schedules to come for the annual customer forum in London.  Your engagement and dialog are the reason we strive to do better.  
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France’s AMF Issues Public Consultation on the Business Use of Social Media

With social media playing an increasingly important role in communications, France’s financial regulator, the Autorité des Marchés Financiers (AMF), has issued a public consultation to clarify its approach to regulation on the business use of social media by asset management companies and debt securities issuers. According to the AMF, communications and marketing professionals were quick to understand the powerful penetration and distribution of information that these media allowed, and at a lower cost.”
The consultation contains proposals for five different topics:

  • targeting by type of investors
  • archiving
  • treatment of third party publications
  • opinion posting on the internet and on social media
  • internal organization of companies to communicate using social media.

Additionally, since business communication today is being carried over these new channels, AMF advises financial services companies to be responsible for archiving all communications on social media including private messages between two users and messages that may have been deleted from social media.  Moreover, it recommends an archiving policy that is “harmonious, stable over time, organised by type of information, and with an archiving period of sufficient length for investors.”
Since targeting by type of investor is difficult in an open medium such as social media, firms are advised to ensure “standalone compliance” of every tweet or message.  This means that the AMF expects every tweet on its own to be balanced, with benefits and risks equally clear. AMF believes that this ensures that marketing messages are fair, clear and not misleading.
AMF states that retweeting/sharing third party opinions or communications is the responsibility of the company since the company is only sharing such comments because it is favorable.
Regarding internal organization, AMF recommends that asset management companies and debt securities issuers have a policy that clarifies social media communication rules for employees and partners.  To ensure that these new mediums are used appropriately in financial firms, AMF provides a number of proposals ranging from ensuring head of compliance is involved in drafting the editorial policy to asking firms to differentiate and systemize content that needs to be pre-approved and those that don’t.
Overall, the AMF consultation proposals are in agreement with the recent guidance issued by the UK’s Financial Conduct Authority (FCA) and FINRA in the US.  It is important that the regulatory authorities continue to protect the public from misleading financial advertisings but in a way that is practical in today’s digitized world. Hearsay Social intends to provide our recommendations and comments to AMF and will continue to work with our banking clients to manage their communications on social media with the right balance.
The consultation will run until November 13, 2015 and is open for comments, suggestions and questions directed to
Read the full AMF consultation.

Recapping The Financial Services Forum and Hearsay Social's Social Media and Compliance Event in London

The following post was written by Ellie Kirk of The Financial Services Forum and Anita Moorthy, Head of EMEA Marketing at Hearsay Social. 
The first part of 2015 saw The Financial Services Forum and Hearsay Social collaborate on a project to help educate the financial services industry on social media and compliance best practices. UK event_1
Following a series of interactive breakfast meetings, an industry working group was formed that included senior marketing and compliance decision makers across the UK financial services industry. Later, a social media and compliance best practices guide was presented to the FCA for comment. This culminated in a Social Media and Compliance event on September 24, hosted very aptly at Facebook’s London office where speakers from the FCA, Killik and Co, Shawbrook Bank, Hearsay Social, and others were in attendance.
Below are highlights and key takeaways from the event. Names of individuals were omitted, as the conference was held under the Chatham House Rules.
The Social Media and Compliance half-day event revealed some interesting data: affluent millennials — the most prominent generation at present — are up to five times more likely to seek financial advice via social media than any other generation. This is news that may frighten some financial services providers, whom we acknowledged are known to be late adopters of new technologies. This set the scene for the rest of the day: with more consumers seeking advice on social media, it’s critical that your company is present on social media or risk being left behind.
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This is, in part, why Hearsay Social and The Financial Services Forum teamed up to create a Social Media and Compliance reference document for compliance in financial services, which is in line with the FCA requirements for social media. The team behind the reference document are also creators of the LinkedIn Social Media and Compliance for UK Financial Services Companies, a private group where financial professionals can continue the discussion around compliance and keep an open dialogue amongst peers.
It was clear during the session that not only does it make perfect business sense for financial services companies to adopt social media policies that can be rolled out company-wide, it will become inevitable. With strong audience participation, everybody agreed that financial services companies should embrace social media (as long as they remain compliant)! UK event-image 3
Moreover, the benefits of social media in financial services companies should not be overlooked. From giving a place for start-ups to reach their target audience, to allowing large financial industry players to reach a wider audience, Twitter, Facebook, and LinkedIn can — and should — be used responsibly to help the industry keep the customer at the heart of their businesses.
From the presentations, we learned that the key to using social media successfully is to use it to communicate with customers, not sell to them. Social media allows companies to define their voice, tone, and way of doing things. It’s their chance to position themselves as a friendly and approachable business; not a hard-selling, faceless machine.
Furthermore, while compliance may be daunting for some, it’s important for marketing and compliance teams to work together to drive social media forward in business, including by providing training and mentoring to best educate these teams on new digital technologies. While the framework should be compliant with regulations in the UK, social media as a tool to give a human face to a business should not be ignored. Therefore, it’s more critical than ever that financial services companies don’t get left behind!
To continue the conversation online, join the LinkedIn group for Social Media and Compliance for UK Financial Serv Companies.
To learn more about implementing a compliant social media program in your financial organization, download the Social Media and Compliance Reference Guide.
Related Resources:

First European Customer Forum: Keys to Social Business Success for Financial Services Firms

Screen Shot 2015-08-10 at 9.56.54 AMHearsay Social recently hosted its first European Customer Forum in London to highlight best practices around social business in an ever-changing global financial services industry. Customers hailed from all parts of Europe including France, Germany, Spain and the UK and spanned multiple industries including wealth and asset management, banking, and insurance. This varied customer base provided an excellent opportunity to share best practices and tips for rolling out a successful social business program.
Motown-inspired entertainment from The Chapman Brothers set a lively and fun atmosphere for the bulk of the day, which included an interactive discussion around three main topics: content strategy, adoption best practices, and compliance. Members of Hearsay Social’s Customer Success team facilitated and guided the discussion to capture best practices and insights shared by our customers.
Below are key takeaways from the event:
1. Robo-advisors can be an opportunity for financial services firms
Abhay Rajaram, VP of Customer Success at Hearsay Social, kicked off the program with some high level thoughts on trends in the financial industry and what it means for the financial advisor. His overall message: It’s imperative for advisors to become “technology empowered” and to supplement what can’t be replaced by automation (i.e. the human touch) with digital technologies.
2. Targeting based on life events is key
Chris Andrew, Managing Director at Hearsay Social UK and Europe, gave an update on Hearsay Social’s product roadmap and new products, such as Hearsay Sites and new modules like Facebook Ads that allow finer targeting of audience segments. Our customers were particularly excited about the ability to target ads based on life events, such as marriage, retirement, and saving for college. As one participant said, “If you don’t have a lot of connections, then this functionality is incredibly valuable.” He also emphasized that the Facebook Ads module leverages Hearsay Social’s compliance workflow as well as the Content Library for finding and promoting pre-approved content.
3. Know your audience well
The more you know and understanding your audience, the better it is to create appealing content to connect with those audiences. That was the overall takeaway during the discussion on content strategy. Below are tips participants shared on effective content creation habits:

  • Fresher, more informal content for agents is better vs. stuffy, brand speak.
  • Visual content wins.
  • Include cultured themes, even if they do not relate to industry insights or products and services.
  • Go for original images over stock photos.
  • Use infographics or videos to point to long form content (such as whitepapers) as attention-grabbers.
  • Consider using content that is entertaining or even “risky” or satirical.
  • Mix it up. Link to content at the local or macro level (such as general news updates) and content that resonates with “niche” audiences.
  • Personalize content. People like to engage with other people.
  • Interesting idea for a post: “Have a title and picture that is not related to the main text but to a link at the end of the post: this insures the reader is interested by the entire post, and intrigued to click on the link at the end of the post to ‘find out more.’

4. The keys to successful rollout and adoption of Hearsay Social is to continuously train and share your successes
The adoption and rollout table focused on ideas for initial agent activation and the on-going task of maintaining momentum of the program.

  • Get all stakeholders involved early in the program.
  • Convince sales management to set objectives for the agents/advisors upfront, include social as part of the sales methodology.
  • Organize in-person training sessions in the beginning: explain social media, Hearsay Social but be very practical.
  • Keep trainings ongoing – preferably in-person. If doing webinars do them as “lunch & learn”; give points/rewards for agents who participate in the trainings.
  • Ensure your content strategy stays relevant; gather agents feedback and adjust your content accordingly.
  • Ensure there is close supervision by sales management.
  • Keep momentum going by creating internal Facebook/LinkedIn groups for agents and advisors to share their experience & challenges.
  • Send a weekly or monthly newsletter with social media tips; share best practices or run a contest among agents.
  • Identify success stories, record a video of the testimonies and share during sales events.

5. Varying levels of risk profile and understanding of key regulations remains a challenge for financial services firms
Most banks and asset management firms in the audience were heavily focused on compliance while others were early in their approach to social media risks. Firms that were farther down the social media maturity curve shared that protecting employees from saying or doing the wrong thing depended heavily on having clear social media policies and guidelines in place and enforcing them through rigorous training.
Across all countries, it was clear that regulators held the companies responsible for any wrong doings of the employees. And hence it was in the best interest of the companies that there are systems and processes in place to supervise social media communications relating to business.
On the question of protecting an individual’s privacy on their personal social media accounts, the best practice Hearsay Social has recommended to its clients is to be clear on what channels can be used for business and how they can be used. So for example, Twitter allows a person to have multiple accounts, similar to emails, which means people can have a personal Twitter handle and a business Twitter handle. For Linkedin, companies can set up the use of Linkedin Sales Navigator for business communication and allow the advisors to continue using Inmail for personal communication.
Screen Shot 2015-08-10 at 9.58.27 AMThe big takeaway from all the sessions? A forum to interact with other users of Hearsay Social who share similar vision and objectives for their advisors is invaluable. We will continue to create opportunities like this to share insights and learnings so that we can innovate and grow together as an industry.
Thank you to the entire Hearsay Social team, our attendees and invited guests for the support and for making this inaugural European Customer Forum a great success!
Related Resources:

Social Selling in a Regulated World [Webinar Replay]

We’re Hearsay Social, so we obviously know a thing or two about social media. But how should financial services sales professionals leverage social media to achieve their sales goals? And how should financial services companies in other countries such as Europe, Germany, and France, which have strict regulations around social media, leverage the demands and risks around social media?

We’re excited to share a replay of our recent webinar, Social Selling in a Regulated World, where we partnered with LinkedIn to explore what European financial services consumers and advisors are doing on social networks and what that means for companies trying to protect themselves from regulatory and business risk. Learn how sales and marketing teams can implement scalable social media programs while staying compliant.

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In this 45-minute webinar, you’ll learn:How the business of selling has changed

  • How a financial buyer uses social
  • The different business risks of using social media
  • Practical tips for implementing regulatory guidance with examples from the UK, France and Germany

Listen to the replay at your convenience and learn how you can successfully use social media while remaining compliant.
Related Posts:

3 strategies to overcome social media challenges in wealth management

Article first appeared on thewealthnet on Tue, Dec 9, 2014.

logoThe wealth management industry has been slow to embrace and understand how to harness the power of social networks in their organizations. However, with a billion people on Facebook and 200 million on Twitter and LinkedIn each, there’s no question that your customers – both young and old – are already there. Clients today expect their advisors to interact more often, to offer them more personalized service and to communicate when and where they want.
A recent 2014 survey by PAM Insight of financial advisors shows that, compared to last year where only 67.9% used Linkedin, this year that number has increased to 83%. The other network that was mentioned was Twitter with 54% having corporate Twitter accounts. The future also seems bright for social media initiatives with over 72% planning to increase spend in the next year.
Hearsay Social recently had the opportunity to dig behind these numbers when it partnered with Financial Services Forum to host a meeting with heads of marketing from some of the largest wealth management firms in UK. A roundtable discussion on the state of social media and the challenges facing this industry brought to light three key challenges and strategies to overcome perceived barriers:


When it comes to the biggest barriers in adopting social, compliance and risk took center stage. PAM Insight reports that “as with previous year’s survey, 66.7% of advisors stated compliance as the main concern.” But the problem here was less about specific requirements and more about the fact that there is no clarity on what the rules are, which has paralyzed many companies into taking no action.
Recent guidelines from FCA were applauded by the group to be a move in the right direction but there were still a lot of questions on what FCA will and will not accept. There was agreement that the industry can’t wait indefinitely for the rules to be clear, so companies should start by implementing some basic social media strategies:

  • Provide advisors with a pre-approved library of content
  • Enable a workflow to automate content approval
  • Adopt a third-party system to capture social conversations and archive it.


Another area that sparked a lot of conversation amongst the group was content. How do you differentiate your content from your competitors? How do you ensure that your content is not “spam” for your customers? And, more importantly, how do you shape the conversation on social media?
This concern was consistent with PAM Insight’s finding that showed 64.3% of respondents were concerned about lack of control on what content is communicated. After much discussion on this topic, attendees agreed that the best strategy to overcome content issues is education. Education on how to represent yourself online in a manner that is true, trustworthy and personal. Education on the right type of content for the right audience. And education on regulatory risk and social media policies of the company.


Most participants feel that social media moves too fast. If you want to be on social media channels, you need to be prepared to respond in time. Many people spoke about the compliance process and the length of time it takes, often making social conversations less relevant by the time they are ready.
Since introducing any change takes time, it is imperative that companies start now to understand what social media can do for them and take incremental steps to help their people build relationships online. Creating cross-functional teams with marketing, sales and compliance and educating themselves on how social media works are a couple strategies that can help with timeliness and embracing these new channels of communication.
Overall the impact and benefits of social media dominated the conversation. This is again in line with the survey results of PAM Insight. The survey showed that 61% of advisors believed “building industry presence and credibility” was the biggest benefit. While 44% said attracting clients and retention of existing clients (80%) were important benefits of social media.

Your customers are evolving – change your ways! A message to private banking and wealth management

IMG_8119Hearsay Social was recently invited by The Financial Services Forum to attend an event where Mr. Robert Taylor of UK Financial Conduct Authority (FCA) was addressing the private banking/wealth management industry. Robert Taylor is the Head of Wealth Management and Private Banking Supervision at The Financial Conduct Authority.
The early part of Taylor’s talk focused on how the private banking world has not evolved to where the customers are and where they are going. He spoke about how most companies are still focused on finding and retaining the star relationship manager who the company believes will bring the clients. He cautioned that this model was not generating new clients or new revenue but instead is churning old ones.
To hear other key takeaways from the session, read the full post here.