Hearsay 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.
Today we are thrilled to announce that on Tuesday, May 7, ahead of the LIMRA LOMA Canada Annual Conference in Toronto, Hearsay Social will be hosting an Innovation Summit for financial industry leaders to discuss the future of financial services and relationship management in the social era.
This will be the second Hearsay Social Innovation Summit, you can see a recap of the inaugural event here:
With a keynote from Kevin G. Lynch, Vice-Chair of BMO Financial Group, former Clerk of the Privy Council, executives from top insurance and financial services organizations (including BMO Financial Group, Scotiabank, and Sun Life Financial) will join Hearsay Social and LinkedIn at the Fairmont Royal York to to talk social sales and marketing.
The disruptive forces of social media are changing the way financial services and insurance companies do business. With the growing availability of social sales productivity tools, these organizations cannot afford to be behind the curve; by participating in this event, participants are committing to exploring the cutting edge of technology.
Kevin G. Lynch, Vice-Chair of BMO Financial Group, former Clerk of the Privy Council
Paul Regan, Head of Digital, Scotiabank
Michelle Smyth, Director, Social Media, Sun Life Financial (@michelle_smyth)
Following the Innovation Summit, Hearsay Social and its partners will be attending the LIMRA and LOMA Canada 2013 Annual Conference at the same location, connecting with corporate leaders across the industry.
We look forward to exchanging ideas with innovators from around the globe, helping some of the worlds largest organizations identify opportunities to leverage new technologies and build relationships in the social era
Today, Hearsay Social is hosting its inaugural Innovation Summit for financial industry leaders. The event brings together experts across fields to explore the rapidly changing technology landscape available to financial institutions. With the growing availability of social sales productivity tools, organizations cannot afford to be behind the curve.
After an opening fireside chat with Sallie Krawcheck, the afternoon continued with a panel featuring startup leaders transforming financial services; CreditKarma CEO Kenneth Lin, WePay CEO Bill Clerico, Trizic CEO Brad Matthews, and Simple CEO Josh Reich joined TechCrunch Senior Editor Leena Rao and Managing Director Chris Andrews from Northwestern Mutual for the discussion. The group of startup CEOs spoke to how their deep industry experience helped them build more consumer-centric organizations in the social era.
“The key to any successful program is to focus on the customer first,” according to Lin.
The panel viewed social media as a highly productive paradigm for financial organizations because the networks provide a critical opportunity for connecting employees with customers to alleviate corporate distrust.
“Financial services carry a lot of tension and anxiety,” said Reich. “We knew there would be times when people were frustrated. Consumers don’t like interacting with the brand, they do much better with people they know.”
From a marketing perspective, the ability to target and tailor messages to customers on social networks is invaluable.
“Stop spamming with traditional emails,” urged Clerico. “Engage your customers and prospects on social media. Don’t just broadcast a message; listen to your customers, and understand what their needs are.”
Echoing some of Krawcheck’s points earlier, Andrews emphasized the role of technology in scaling advisors’ networks and relationships with customers.
“The old-school approach of talking at people is not the best,” he said. “I spend my time managing relationships on social and directly reaching out to clients. When I get to annual review time, I can use Facebook to stay up-to-date on what’s been going on.”
Customer service also plays a role in many of these organization’s social strategies.
“There are TVs with Twitter feeds all around the office,” explained Clerico. “When there’s an angry customer, everyone knows about it. This is how to build a company with a culture that supports making the customer happy.”
We are so thrilled to host our inaugural Innovation Summit for financial industry leaders to discuss the future of financial services and relationship management in the social era. This afternoon event brings together experts across fields to explore the rapidly changing technology landscape available to financial institutions.
The event kicked off with a fireside chat featuring Sallie Krawcheck, former President of Bank of America/Merrill Lynch, Wealth Management and former CEO of Citi Wealth Management.
“We are at a very important time in the industry. We know where the points of weakness are but we do not fully understand where the strengths are,” Krawcheck said. “The strength of the client-advisor relationship isn’t only in good shape: among a good swath of clients, it’s in great shape.”
The number one reason a client leaves an advisor, according to Krawcheck, is that they didn’t return their phone calls fast enough. On the contrary, investment performance falls to #7 on the list. Therefore, enabling advisors to build and maintain relationships with customers is a key strategy, and business leaders must enable their advisors with technology to facilitate their productivity.