Wealth Management and Social Media: Insights from BDI Event in NYC
November 16, 2011 § 1 Comment
November 16, 2011. For the last couple of months, I have spent a lot of time thinking about the role of social media in wealth management, especially in firms that go-to-market with an advisor-led business model.
Here is the skinny, exploration and experimentation are the words of the day and most firms fit squarely into one bucket or the other. Here is how I think of them:
- Social Exploration: This is more of less the term being used for “we are looking at it.” This also typically means that corporate marketing is playing around with social networks like Facebook and Twitter as a PR channel and a few folks are trying to figure out what might be involved with enabling advisors (and meeting resistance – budget, priorities, loose business case, etc).
- Social Experimentation: This can be characterized as limited pilots – both in terms of the amount of advisors able to use social channels, scope of use, and incorporation within the overall business. Some firms are moving past initial experimentation into broader experimentation, which means advisors outside of the pilot group, but I would still call this experimentation. Experimenters are also using some forms of social within the firm as well.
The next bucket is Social at Scale and I don’t know of any single firm that can claim this (if you do…please tell me). This next bucket pushes social media into the DNA of the firm. It allows social media touch points and techniques to be considered part of the relationship process versus a fringe activity. It becomes a standard communication media, a source of insight, inputs into CRM, a part of meaningful relationship building, and most simply – a set of activities that allow advisors to do their job. This will not happen overnight, but that is what the vision should be.
So I skipped over insight from the BDI event, but if you read my words above you get a sense of what I walked away thinking. Also, I would like to give a shout out to:
- Greg Weiss (AVP for Social Media at New York Like): Outstanding job talking about social media in life insurance. Your words were inspirational and I would bet that you achieve scale faster than most for New York Life. You can follow a heavy hitter any day.
- Frank Eliason (SVP of Social Media at Citibank): As usual, Frank tells a compelling story based on his experience. Thanks for giving everyone your candid thoughts and a reminder – social media does not fix problems, but can help…if a firm has the courage to act. Thanks also for words and not slides.
- Nathan Bricklin (SVP and Head of Social Strategy – Wells Fargo): First of all, Nathan’s entire presentation was driven from his own comments in Twitter. Each comment he made in Twitter was a result of an article or thought that led his team to some success or insight that would lead to action. In addition to providing practical advice…Nathan helped us see the world though his eyes and not his PowerPoint. I am also left with the thought that despite how we might think folks will use social media tools, we need to give them some freedom to create their own use cases.
Lastly, for a sense of the conversation around wealth management and financial services, check out #BDI1 on Twitter, the sponsor of today’s session in NYC. For event details, go here: Financial Services Social Communications.