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JFAM West: Financial services professionals build trust through social media


Trust is the most important factor to financial professionals when making their buying and partnering decisions, according to a recent survey.
With this conclusion, Daniel Rothman of the Financial Times set the stage for Friday morning at JFAM West, a forward-thinking event focused on how financial services marketing will transform in the coming months and years. Technology or not, trust always tops a financial professional’s wish list.
And yet, more and more professionals today rely on social media to establish that trust.
“Social media and the advent of mobile devices has fundamentally changed what people expect from businesses,” said Hearsay Social CEO Clara Shih. “We expect to be able to talk to our colleagues and friends before making significant decisions about what to buy and whom we choose as our financial representative or advisor.”
After her opening remarks, Clara sat on a panel with technology and marketing leaders from LinkedIn, BlackRock, Franklin Templeton, and Intuit to discuss how that fundamental shift is playing out.

For example, Eileen Loustau (Global Director, Social Media, iShares/Blackrock) shared that 89% of professionals said they are more likely to purchase a product based on their financial organization doing social media right. That’s an incredible statistic showing just how crucial the new channel has become.
Increasingly, panel participants agreed, the financial services industry must not just allow but actually expect financial representatives to share information online with their business partners. Hurdles to adoption, like compliance restrictions or the lack of tools, are slowly dropping away.
One technology breakthrough Matt Dunn (Director, Social Strategies, Franklin Templeton) and the other panelists especially showed interest in was “social signals,” messages and cues made on social networks that indicate life events, like the birth of a new baby, moving to a new home, or a job change. Such cues offer a tremendous opportunity for advisors to keep in touch with their clients and continue to offer financial guidance.
Explore our blog and website to learn more about compliant social sales and marketing for financial services.