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LIMRA Study Reveals How Financial Brands Can Help Advisors With Social Media

LIMRA recently released a study of financial services companies that looked into if, and how, they are arming their advisors with the resources and support needed to succeed on social media.
According to the Supporting Social Media report, six out of 10 financial services companies have deployed programs to assist their advisors and representatives on social media, realizing the importance of social media at the field level.

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Figure 1 showing the percentage of companies that have initiatives in place to support their financial professionals in using social media. Fewer than 10 percent have no plans. Source: Supporting Social Media (2015), LIMRA

However, participating companies also report that content continues to be a challenge, including a shortage of compliant content in addition to slow approval processes. This points to a need for meaningful content that moves faster in order to keep pace with – and rise above – the constant stream of “noise” often presented in social media.
“In some cases, the content that is created can pass through a lot of hands, meaning the process is resource intensive and the content, less timely,” says Norah Denley, LIMRA’s senior research analyst and the report’s author, in the press release.
Still, the overall picture is improving. Not only are financial services companies recognizing the business value of social media, many also are investing in the development of training, education and best practices programs to ensure their advisors are both compliant and equipped with the know-how to succeed on social.
“Companies and financial professionals successful with social media know it is not a magic bullet,” says Denley. “They realize it’s a powerful tool to establish and nurture relationships, part of their broader marketing efforts, and that over time it can help contribute to success.”
There are other factors that are critical to social media success, according to the report. Characteristics of those who are successful on this front include companies that 1) can secure executive buy-in and support from the top; 2) have compliance and sales teams that know and use social media themselves; and 3) have home office staff that know about their social media program and can build greater awareness around its benefits.
For more details, see the full LIMRA press announcement.
Tune in to our #HSonAir podcast later this month where we speak with Denley about the report’s findings and other interesting tidbits.

Hearsay Social customer success story: Thrivent Financial

Thrivent thumbWhen Thrivent Financial first got started on social media, the project was incredibly manual and time-consuming. Hours and hours spent snapping screenshots for compliance review left their social supervisory media team feeling drained and inefficient.
Realizing they needed a way to automate social media supervision for all their financial representatives, Thrivent started searching for social media management software that would not only ensure compliance coverage, but that would also be a valuable marketing tool for the entire organization. With a waitlist of field representatives asking for the green light to get on social, Thrivent wanted to do right by them.
After carrying out an exhaustive discovery, RFP, and proof of concept selection process, Thrivent selected Hearsay Social for both the sophistication of our technology as well as our team’s social media savvy.  Their vigorous selection process analyzed our ability to serve the needs across several different departments, from field representatives, to creative services, to principal reviewers, to recruiters.  Each of these teams weighed in throughout the process, ultimately deciding on the whole that Hearsay Social was the best choice.
Now, Hearsay Social has become Thrivent’s “one stop shop” for their social media program.  It has reduced content delivery time to field representatives by 75% and streamlined compliance supervision time (no more painful screenshots!).  Today, hundreds of financial representatives at Thrivent use Hearsay Social to power their social media pages with engaging daily content and complete compliance peace of mind. In the next year, more than a thousand representatives will come on board.
Hearsay Social is proud of and grateful for our partnership with Thrivent Financial.  Building a viable and successful social media program, within the bounds of the financial services industry, is no small task. Together, Thrivent Financial and Hearsay Social have put one in place that sets new industry standards, and we couldn’t be more excited to share this customer interview with Thrivent Financial explaining how we did it:

To learn more about how Thrivent finds success on social media, please read this analyst case study entitled How to achieve social media ROI in financial services.