When it comes to social media compliance, omissions and oversights can prove almost as damaging as “active mistakes.” Investment firms and brokerages have to ensure that brand compliance is maintained at all times online. Running an audit of existing social media accounts is a great way to accomplish this. However, it can be easy to overlook certain aspects of social media governance. Here, we’ll provide a checklist to help corporate compliance professionals cover their bases and protect their brand reputation:
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In every industry, good sales and marketing professionals seek external data to support marketing ideas and business decisions. That is doubly true in a regulated industry, like financial services, where a decision could cost the company high compliance fines. So when external data is available, such as meaningful survey results showing social media industry trends, it's a great idea to leverage the findings to update, change, or confirm your existing social media programs.
Recently, Putnam Investments and Socialware conducted social media use surveys among advisors in financial services firms. In this article, I present highlights of the Putnam survey and more detail on the Socialware study.
The biggest data point from the Putnam Investment study that demonstrates why you should ramp up your social media program for advisors is:
- The share of advisors acquiring new clients through social media is up sharply to 79% (from 66% in 2014), with the average annual asset gain from these clients standing at $4.6 million.
The top findings in Socialware's Social Media Trends survey are:
- 48% of advisors are allowed to create their own social media posts, as well as share pre-approved content
- The top challenges center around social media risk management
- 39% of firms still have no ROI metrics to assess social media program success
We hope you find information in this article to help you navigate the chasm of corporate risk and build a bridge to social media success!