The Socially Savvy Advisor Compliant Social Media for the Financial Industry

The Socially Savvy Advisor: Compliant Social Media for the Financial Industry is the complete guide to creating an effective social media strategy without breaking the big rules. Written by an industry specialist Jennifer Openshaw, alongside Stuart Fross, Fidelity International's former general counsel, and Amy McIlwain, president of Financial Social Media, this book merges marketing basics with FINRA and SEC guidelines to help readers create an effective social media campaign specifically for the finance and investing world. Contributions from industry leaders at Charles Schwab, Citibank, and others provide inside perspective and experience so readers can tap into a new audience. With a focus on compliance, the book clears common hurdles while dispelling myths and outlining effective methods and techniques. Readers also gain access to a website featuring videos, Q & As, tutorials, Slideshare, and a social media policy template.

Social media is one of the hottest topics in finance. From solo practitioners to large asset managers, everyone's consumed by how, when, and where to use this new and powerful medium—but guidance is hard to find. The Socially Savvy Advisor covers the entire issue, from platform, to content, to what not to do.

• Best practices in using social media for advisors and compliance officers
• Planning for the regulators, vs. failing to plan
• Challenges with LinkedIn, Facebook, Twitter and other social platforms
• Elements of a good social media policy
• Managing the top issues related to marketing and business development, engagement, and compliance

With the right plan and the proper technique, social media marketing can dramatically improve client outreach and retention. The Socially Savvy Advisor provides the expert insight, tools, and guidance that shape a robust, effective strategy.

JENNIFER OPENSHAW, a nationally known leader in wealth management and consumer advocacy, has observed first-hand how technology is rapidly changing the financial industry. She has advised Fortune 500 firms, including Microsoft, on technology, social media, and communications, and writes a column on consumer investing and tech tools for MarketWatch and the LinkedIn Influencer program. She was named among the 25 Rising Stars of the Internet for her work as founder and CEO of Women's Financial

Network, a pioneer in serving women investors online, and later sold the business to Wall Street legend Muriel Siebert. Jennifer has held senior positions at Bank of America, Wilshire Associates, and BankOne, and has been an executive of several social networking platforms geared toward investors. She has appeared on Oprah, Dr. Phil, CNN, and Fox and speaks nationwide. She lives in Connecticut with her husband and two daughters.

Contact the author at LinkedIn/in/jenopenshaw or info@sociallysavvyadvisor.com. Written with:

STUART FROSS, partner, Foley & Lardner, former general counsel, Fidelity International.

AMY McILWAIN, president, Financial Social Media.

Foreword xi

Acknowledgments xiii

Introduction xv

Part One The New Business Environment

Chapter 1 How is Social Media Changing Investor Behavior? 3

Chapter 2 What Are Social Media's Implications for the Financial Industry? 9

Chapter 3 What Are the Tensions Between Social Media and Regulation? 19

Chapter 4 Are the Risks of Using Social Media Worth the Benefits? 25

Chapter 5 How Will Social Media Change Our Industry in 10 Years? 33

Chapter 6 What Are the Biggest Social Media Myths? 41

Part Two The Regulatory Environment

Chapter 7 What Are the Top Challenges Compliance Officers Face? 49

Chapter 8 What Does FINRA Say about Social Media? 55

Chapter 9 What Does the SEC Say about Social Media? 63

Chapter 10 What Gets Financial Professionals into Trouble with Social Media? 71

Chapter 11 How Do We Create a Social Media Policy? 79

Part Three Key Playing Fields in Social Media

Chapter 12 How Can We Use LinkedIn? 87

Chapter 13 How Can We Use Facebook? 99

Chapter 14 How Can We Use Twitter? 109

Chapter 15 How Can We Use YouTube? 119

Chapter 16 How Can We Use Google+? 127

Chapter 17 What Other Social Media Platforms Can Professionals Use? 133

Part Four Marketing and Business Development

Chapter 18 How Do We Decide Which Social Media Platforms to Use? 147

Chapter 19 How Do We Integrate Social Media with Overall Marketing? 153

Chapter 20 How Do We Measure Social Media ROI? 165

Chapter 21 What Types of Content Work Best? 171

Chapter 22 How Do We Use SEO to Reach Key Audiences? 181

Chapter 23 How Can We Leverage Paid Social Media Promotions? 193

Chapter 24 How Do We Avoid Copyright Problems? 199

Chapter 25 How Do We Track and Defend Our Reputation on Social Media? 203

Chapter 26 How Can We Use Social Media to Promote Our Events? 209

Chapter 27 Do We Need a Social Media Manager? 219

Part Five Client Servicing

Chapter 28 How Can Social Media Be Used to Save Time and Money in Servicing Clients? 227

Chapter 29 How Can We Use Social Media to Create Client Groups? 237

Chapter 30 How Do We Prevent Competitors from Poaching Our Clients on Social Media? 245

Part Six Managing Social Media Compliantly

Chapter 31 What Are the Investor-Protection Rules as They Relate to Social Media? 251

Chapter 32 How Can We Comply with Making Securities Recommendations Through Social Media? 255

Chapter 33 How Can We Pre-Approve Content? 261

Chapter 34 How Can We Comply with Rules Related to Testimonials, Endorsements, and Advertising? 267

Chapter 35 How Can We Spot-Check Employee Behavior on Social Media? 273

Chapter 36 What Cybersecurity Mistakes Should Advisors Avoid? 277

Chapter 37 How Does the JOBS Act Impact Social Media and Hedge Funds? 287

Chapter 38 How Will Social Media Change the Role of the CCO in the Years Ahead? 293

Appendix Sample Social Media Policy 297

About the Author 343

About the Contributors 344

About the Companion Website 345

Index 346

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