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Webinar: Using Facebook Promoted Posts to Boost Your Financial Marketing Efforts

Ever wonder what leading financial services organizations are doing to increase their social business ROI?
We’re excited to share a replay of our webinar How to Boost Your Financial Marketing Efforts Using Facebook Promoted Posts, featuring Facebook’s US Industry Lead, Brad Auerbach, and Thrivent Financial’s marketing experts, Kyle Marie Woods and Quinn Gorski.
In this one-hour webinar, you’ll hear how Thrivent has successfully enabled their field representations to drive social business success as they share:

  • How to use Facebook Promoted Posts to increase engagement and amplify reach
  • Thrivent Financial’s Social Marketing Programs and how they use Facebook Promoted Posts
  • What types of content to promote to engage Facebook audience
  • How to measure effectiveness of promoted posts

Listen to the replay at your convenience and learn how you can successfully use Promoted Posts to build your local brand, amplify your reach, and increase engagement with customers and prospects on social media.
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.

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Survey: 66% of advisors report social media has helped them gain new clients

The number of financial advisors who are gaining new clients through social media is growing, according to a survey released by Putnam Investments today.
In the 2013 Putnam survey, 49% of advisors using social media for business indicated that social media had helped them gain new clients. This year that number is up, with 66% of advisors reporting that social has helped them gain new clients.
Putnam Investments 2014 Social Media Survey
The size of the new clients advisors are gaining through social media is growing too. This year, 39% of respondents who reported gaining new clients through social media gained new assets of more than $1 million, with an average gain of $5.5 million. The median booking was almost $2 million in new assets, close to triple the level reported by the 2013 respondents.
It’s also interesting to note that while the business value of social media is becoming more evident for advisors, the percentage of advisors using social has not grown year-over-year, remaining steady at 75% of respondents. LinkedIn remains the top network for advisors, with 64% of advisors reporting that they use the professional social network.
The survey also shares some interesting demographics: women and advisors under 30 are the most likely to use social networks for business. Wirehouse advisors are using social media more than independent advisors or RIAs and are the most likely segment of advisors to gain new clients.
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To learn more, check out the Putnam Investments 2014 Social Advisor Study.

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.

The huge productivity advantage of social media

Ed. note: This post is the third in a series drawing from Mainstay Salire’s study on Social Media ROI: Quantifying the Benefits of Social Media Marketing Platforms for the Enterprise. Download the entire report for free here.

Increased Employee Business Use of Social Media and Productivity

While most of the businesses previously had local social media presences, Hearsay Social offered a level of convenience and scalability that attracted agents, advisors, and local-branch marketers. Access to corporate content libraries, auto-scheduling, compliance tools, analytics, and the flexibility to customize each post were all features that appealed to users. Uptake of the solution was rapid across the companies studied and training needs were reported to be minimal.

  • Average of 4X increase in employee activity on social media across companies studied
  • 90% of advisors at financial firm joined a pilot rollout of Hearsay Social and 87% continued to use the platform after the pilot, demonstrating strong buy-in, adoption, and ease of use
  • 75% of advisors said the platform improved how they used Facebook as a business tool

Faster, More Efficient Delivery of Corporate Content to Local Networks

At the corporate level, marketers noted the productivity advantage of an enterprise-wide platform for managing social media programs. Reusable content libraries, automated compliance checks, and other management tools were key to streamlining production and delivery of content to field networks. Ease of integration with back-end systems (e.g., ERP systems, compliance supervision and archiving systems, and monitoring tools such as Lithium) contributed to minimizing maintenance and support costs.

  • More than 70% reduction in steps to convert, package, and deliver corporate content to local networks
  • Creating and leveraging content library reduced compliance administration, content reviews, and rework

Easier Creation of Content at Local Level

Local teams leveraged the social media platformto access corporate content and marketing ideas, customized to local needs. By providing a common, easy-to-use platform across all channels, Hearsay Social enabled more frequent use of social media. On average, companies reported a 50% reduction in effort needed to create and manage social media content at the local level.

Thanks for reading! If you want to learn more, download Mainstay Salire’s study on Social Media ROI: Quantifying the Benefits of Social Media Marketing Platforms for the Enterprise.

Hearsay Social speaks on keynote panel at LinkedIn Financial Services Marketing Summit #INFinServ

The statistics don’t lie. LinkedIn, the world’s largest professional social network with over 150 million members, is increasingly becoming one of the most important platforms for financial advisors and representatives who want to engage with their customers and prospects on social media.
Integrated with LinkedIn and the other popular social networks, Hearsay Social already provides a complete compliance and marketing solution for enterprise organizations like Northwestern Mutual, Thrivent Financial, and Farmers Insurance Group.
As a thought leader for social media in the financial services industry, Hearsay Social CEO Clara Shih spoke on a panel this morning at the first-ever LinkedIn Financial Services Summit in New York City. Clara joined other industry leaders including Kara Segreto (CMO, Prudential Retirement), Audrey Hendley (GM, New Customer Acquisition, American Express), Frank Eliason (SVP, Social Media, Citi), and Sean Belka (SVP, Fidelity Center for Applied Technology, Fidelity Investments). Moderating was Mike Gamson (SVP, Global Solutions, LinkedIn).

The conversation onstage wove through big topics like how social media has transformed relationships, especially between advisors and clients, and it zeroed in specifically on what organizations should be looking for when they begin defining social business ROI.
Here are some of our favorite tweets sent out during the panel:!/lewisgoldman/status/200609202895458305!/heatherAtaylor/status/200608247915356161!/m_aarti/status/200607414213541888!/m_aarti/status/200606673667235841!/m_aarti/status/200603825931952128!/JoyceMSullivan/status/200602968549105665!/theROSEsocial/status/200602224420864000!/MathewZimmer/status/200601588321091585!/AdsOnLinkedIn/status/200601048140873728!/heatherAtaylor/status/200600642035793920!/kimberlyjohns/status/200600641083686912!/iraa/status/200596749172228097!/greggweiss/status/200596677059555330!/sanhenriques/status/200595044053422081!/bklynisbetter/status/200594913354715136

Six steps to transform your bank into a social business

Ed. note: The following post on social business ROI for banks, penned by Hearsay Social Compliance Officer Ally Basak Russell, originally appeared on American Banker’s Bank Technology News.

One need only to visit a local bank branch to know that social media has taken the banking industry by storm. Wells Fargo ATMs display “We’re on Twitter” as a parting thought to customers. Citibank proudly posts the Facebook, Twitter and YouTube logos on its home page. U.S. Bank and SunTrust have switched over to the new Facebook time-line format, complete with branded cover photos.
Yet at a recent conference, Cathy Nash, CEO at Citizens Republic Bancorp, said she was “very reticent today to dive in” to social media for the company. The bank has two FTEs devoted to social media and will not spend a penny more until Nash sees a return on investment on that effort.
Why would any bank embrace social media only halfheartedly?
Some fear they will run afoul of existing and pending regulations. But I believe the more compelling answer is that many banks are unaware of the immense business opportunity that social media presents across the enterprise in many business units and roles.

1. Marketing

U.S. Bank asks customers to “like” its Facebook page, to “learn how to stay on top of your savings with S.T.A.R.T. (Savings Today and Rewards Tomorrow).” The S.T.A.R.T. program not only helps consumers put money away through automatic transfers to a savings account, but also benefits the bank by having more consumers establish long-term accounts with more assets at U.S. Bank.
In its Facebook promotions for its Freedom Card, Chase asks consumers to answer a question and enter personal information for a chance to win a $1,000 gift card for grocery shopping. Consumers’ self-reported information generates new leads for the credit card division. Wells Fargo also gets it right with a recent post asking consumers, “Does retirement planning stress you out? You’re not alone. The good news is saving for retirement just got a lot easier … you can make it automatic!” When consumers engage, they are taken to a page where they can open a retirement account online.
Corporate communications and public relations can be enhanced with social media. SunTrust uses its Facebook page to promote its “Wall of Service,” a digital place where employees are honored for community service with organizations like the Susan B. Anthony Recovery Center or the United Way. Such an application fosters a sense of community for current employees and humanizes the SunTrust brand. Consumers are either compelled to return to the page or persuaded to allow SunTrust’s posts to remain in their news feeds.
Likewise, social media can be valuable in mitigating and managing bad press. Take the protest launched against Bank of America last October for imposing a $5 debit card fee on customers or the social fiascoes that Citibank and PNC experienced when their online sites went down. Addressing PR risks in the form in which they catch fire is an effective way to contain trouble that could cost the bank customers, investors and consulting fees to bandage a tarnished reputation.

2. Customer Service

Quick and authentic customer service on Twitter can provide value through operational efficiency, a point illustrated by Citi’s hiring former Comcast executive Frank Eliason. Give customers a place to be heard and they will put more money in their checking and savings accounts. Answer their questions about checking and savings accounts, and they will be more likely to open a credit card or take out a home mortgage with the bank. The costs per customer are minuscule compared with other modes of communication. For every happy customer you serve via Twitter or Facebook, many more see your reply and respond favorably. And while you serve customers, you learn valuable information about your customer base – their preferences and behaviors based on where they live, income level, cultural affiliations and other key demographics.

3. Sales

This is the No. 1 underutilized group with respect to social media. Sales teams should be prospecting in social media. LinkedIn boasts a more affluent and educated audience than TheWall Street Journal. In the private banking and wealth management lines of business, sales reps need to use it as a prospecting tool. Likewise, the LinkedIn profile is a branded point of contact for inbound leads to get in touch with your people.

4. Market Research

On the institutional side, social media presents another tool for banking analysts to research market trends, get timely market news, and better analyze the exposures and strengths of the companies the bank merges, finances or buys.

5. Human Resources

Studies show that the new era of financial professionals have grown up with Facebook and are more likely to apply, interview and accept offers with a company that exhibits innovation and embraces the tools that work best for them. JPMorgan Chase uses Facebook to attract undergraduate and graduate students to internships and full-time opportunities on its Careers application. Banks can also purchase Facebook Ads targeting profiles of ideal candidates – for example, undergraduate economics majors at top-10 universities.

6. Employee Satisfaction and Retention

Public or private LinkedIn and Facebook groups, with proper privacy controls built in, are ripe forums for internal collaboration and building a sense of community among bank employees. Bank of America does a nice job of this and has recently created subgroups for employees to have richer and more tailored discussions.