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Celebrating SIFMA's 2014 Year in Review

sifma-mainEarlier this year, our strategic partner the Securities Industry and Financial Markets Association (SIFMA) shared its 2014 Year in Review, a downloadable resource encapsulating the work of more than 10,000 professionals from 500 member firms who participate in 100 committees and countless working groups–all together representing one of the largest financial associations in the world.
The report opens with a message from the SIFMA Board of Directors as well as a snapshot of the U.S. securities industry today:

  • There are over 4,000 registered broker-dealers with 380,000 financial advisors in 170,000 branch offices, serving clients with over $16 trillion in assets.
  • In 2014, those firms raised $1.7 trillion in public debt and equity, as well as $102 billion in private placements, for corporate issuers; $334 billion for municipal issuers; and $300 billion in non-agency securitizations, playing a critical role in the capital formation that fuels economic growth, development and job creation.
  • There are 32,000 registered investment advisory firms with more than $62 trillion in assets under management for clients such as individuals, mutual funds and pension plans, among others.

“America has the largest and deepest capital markets in the world – according to the Federal Reserve,” cites SIFMA, and “the capital markets provide approximately 75% of financing for businesses in the U.S.”
sifma 2014 data
Further along in the report, SIFMA highlights its policy and advocacy agenda, explores the member committees that help amplify the association’s collective voice, and highlights the community work achieved through the SIFMA Foundation.
In short, the state of our financial union is strong, and we at Hearsay Social are committed to the continual development of the products, services and solutions that will enable financial professionals the leverage to connect, engage and serve their clients.  To that end, follow along as Clara Shih and Yasmin Zarabi take the stage at the SIFMA Social Media Seminar this Thursday in San Francisco. Clara and Tom Sagissor of RBC Wealth Management, will kick off the event with a fireside chat on the ROI of Social Media with perspectives from the field, and later Yasmin will be part of panel discussing navigating the web of social media.  You can follow all our tweets using hashtag #SIFMASocial.
Read the full report or click some stories below to learn more.

Congratulations to Research magazine's 2014 Advisor Hall of Fame

res1214coverstorymi600-resize-600x338For nearly a quarter of a century, Research magazine has annually recognized advisors in the financial services industry who have proven to hold themselves to a benchmark of excellence worthy of remark across the industry.
Those honored have served a minimum of 20 years in the industry, have acquired substantial assets under management, have demonstrated superior client service and have earned recognition from their peers and the broader community for the honor they reflect on their profession.
Today we want to take a moment to thank and congratulate this year’s winners for their achievements:

  • Lewis Altfest, CEO and Principal Advisor, Atlfest Personal Wealth Management
  • Sally Law, Chairman and CEO, Law & Associates, Raymond James Financial Services
  • Eugene Lerner, Managing Director/Partner/Founder, The Lerner Group, HighTower
  • Robert Reich, Senior Vice President, Wealth Brokerage Services, Wells Fargo Advisors
  • Greg Sarian, Managing Director/Partner/Founder, The Sarian Group, HighTower

Learn more about the winners below and in the full article on ThinkAdvisor.

Interview with social strategist Jay Palter: #HSonAir Episode 16

Jay PalterIn episode 16 of Hearsay Social On the Air we go north to Canada to interview Jay Palter (@JayPalter), Social Strategist, Coach, Speaker, and Chief Engagement Officer of Jay Palter Social Advisory to discuss the state of social business.
We explore how Jay is helping individuals and businesses in the financial services industry develop their brands using social media to connect with clients and prospects, add value, and drive results. Follow the conversation on Twitter with @VictorGaxiola and @ronnykerr using hashtag #HSonAir.
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Research: Financial advisors improve client retention and increase AUM with digital and social tools

Digital Wealth Management researchAt Hearsay Social, one of the most frequent questions we hear from the financial services industry is this: “What is the ROI of social media?”
Depending on who you ask, there are a few answers. What we’ve seen is that social media ROI is largely qualitative, with a social media presence alone resulting in new business or better relationships with existing clients. Additionally, the ROI for each firm will depend on the goals associated with that firm’s particular social strategy. For many firms, the first measure was growth, connectivity, and having a compliant social presence with little to no infractions.
Beyond that, however, we’ve heard countless anecdotes directly from financial advisors attributing increased business to their use of social media. Backing up these anecdotes, Accenture recently published a report entitled Reimagining Wealth Management for the Digital Age, which explores not only how digital technologies and social media are changing the wealth management industry, but also what results have been seen.
Here are a few of the best results:

  • Over half of financial advisors have found and/or converted clients via digital channels
  • 77% of financial advisors have improved client retention via digital/social tools
  • 74% of financial advisors have increased assets under management (AUM) via digital/social tools

Besides these and other eye-opening statistics, Accenture’s 20-page report analyzes how digital technologies and the new “digital generation” have disrupted traditional ways of doing business in the wealth management industry. Near the report’s conclusion, the consulting firm offers three essential components that will help financial firms, advisors, and their clients find success in the new digital era:

  1. Empowerment: of both client and advisor, building trust by making clients better informed
  2. Engagement: to enable a more collaborative relationship between client and advisor
  3. Agility: of both mindset and business model, to adjust rapidly to the speed of change

To learn more, download the full Accenture report here.