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Hearsay Social Achieves Record Quarter and Strong Annual Growth, Now Powering Over 90,000 Relationship Managers on Social Media

Over 90% year-over-year growth, international expansion, continuous product innovation and streamlined compliance

September 4, 2014 — San Francisco, CA — Hearsay Social, provider of the leading social business platform for the financial services industry, today announced incredible year-over-year growth, several new customers in the financial services sector, and success both domestically and internationally. Since more than doubling its customer base in the past year, Hearsay Social is now used by the world’s top financial services organizations, including New York Life, AXA US, Scotiabank, and Pacific Life, and has rapidly become the industry standard for financial services firms to compliantly engage with clients across multiple social networks, such as Facebook, LinkedIn, Twitter and Google+.

As the major social networks continue to grow and regulatory guidelines for the use of social media in financial services evolve, Hearsay Social has focused its SaaS offering to help financial professionals compliantly engage their clients on these networks. With nearly two billion people worldwide on social networks and seven billion hours spent on social networks each month, it’s clear to wealth management firms, insurance companies, and other financial services organizations that their relationship managers must be where their customers and prospects are, including social networks like Facebook, LinkedIn, Twitter and Google+.

Hearsay Social has achieved the following key milestones in the past year:

  • Substantial business growth: Hearsay Social achieved over 100% growth in the quarter ended June 30, 2014 compared to the prior year’s quarter.  In addition, the company has grown over 90% year-over-year with a nearly 100% customer renewal rate. The Hearsay Social platform now powers social business success for over 90,000 financial professionals around the world.
  • New customers: Hearsay Social added several marquee customers in the financial services industry, including New York Life, Pacific Life, Mutual of Omaha, Scotiabank, Woodmen of the World Life Insurance Society, American National, Vanguard, and others.
  • International expansion: After entering Europe last year, Hearsay Social continues to see strong demand and growth across Western Europe including France, where it recently launched a new presence. Hearsay Social’s platform is now used by financial professionals in 15 countries around the world, including the United States, Canada, Austria, France, and Germany, and has been updated to support several new languages including German, Spanish (Mexico), Spanish (Spain), French (Canada), French (France), Italian, and Portuguese.
  • Expanded partnership ecosystem: Over the past several months, Hearsay Social broadened its partnership ecosystem to include both write once read many (WORM) archiving vendors (Autonomy, Daegis AXS-One, Presensoft, Proofpoint, and Symantec) and content marketing vendors (Broadridge Financial Solutions, Life Happens, NewsCred, Trapit). Hearsay Social also remains strategically aligned with the most vital social networks–including Facebook, Google, LinkedIn, and Twitter–in addition to industry associations LIMRA, the Securities Industry and Financial Markets Association (SIFMA), GAMA International, and Efma.
  • Industry achievements and accolades: In a 2014 evaluation of “Social Risk and Compliance Solutions,” Forrester Research identified Hearsay Social as a “Leader” with the highest scores in risk and compliance enablement, end user experience, and global reach. (Source: The Forrester Wave™: Social Risk and Compliance Solutions, Q2 2014, Forrester Research, Inc., May 7, 2014.) Hearsay Social was also recently selected by AlwaysOn as one of the “2014 OnDemand 100 Top Private Companies.”

“Networking is at the heart of our agents’ business, so we want to empower them to make social business an increasingly core part of their practice,” said Liz McCarthy, Senior Vice President, Agency Communications, at New York Life. “That’s why New York Life partnered with Hearsay Social to help our agents deepen relationships with their clients, increase their productivity, and grow their business.”

“Now is the time for the financial services industry to embrace the enormous opportunities afforded by social media and Hearsay Social’s enterprise-ready solution,” said Hearsay Social CEO Clara Shih. “Being active on social media brings firms and intermediaries back to what the financial services industry has always been about: listening to people, understanding their dreams, and guiding some of their most important and impactful decisions regarding the future. We’re proud to be fueling the return to that vision with the leading and most innovative financial services and insurance firms in the world.”

Read more about Hearsay Social and today’s announcement on our blog.

About Hearsay Social

Hearsay Social empowers global financial services teams to efficiently and successfully use social media to attract prospects, retain customers, and grow business. The enterprise-ready solution helps agents and advisors quickly and easily move beyond yesterday’s relationship building tactics and to get found and strengthen relationships with social media. Tens of thousands of financial services professionals worldwide use Hearsay Social every day to hear and respond to everything their customers and prospects are saying on top social networks, including Facebook, LinkedIn, Twitter, and Google+. The Hearsay Social platform boosts advisor and agent productivity across multiple social networks while enabling brand integrity and compliance for even the most regulated industries.

Hearsay Social, a LIMRA Elite Strategic partner and SIFMA strategic partner, has raised $51M from Sequoia Capital, NEA, and top executives from Facebook, Twitter, and Google, and is headquartered in Silicon Valley with dedicated local presences in New York, Chicago, Atlanta, Austin, Toronto, London, and Paris.

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