Ubs may23,2012 joyce-sullivan
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The document presents an exclusive event on financial services and social media, discussing their implications for career success, led by Joyce Sullivan, CEO of SocMediaFin. It covers topics like industry trends, compliance regulations, and personal branding strategies on platforms such as LinkedIn, Facebook, and Twitter. Additionally, it includes insights on regulatory guidance from FINRA and the SEC regarding the compliant use of social media in financial services.
Ubs may23,2012 joyce-sullivan
- 1. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDT Financial Services and Social Media What it Means to You in Your Career Success Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com
- 2. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDT Financial Services and Social Media What it Means to You in Your Career Success AGENDA: - overview and introductions - financial services and social media use - industry trends - compliance and regulation update Your Personal Brand and Online Identify - LinkedIn - Facebook - Twitter Created and Presented by: What’s next - discussion and questions Joyce Sullivan CEO | Founder SocMediaFin.com
- 3. Visit us > FWA.org 3
- 4. Visit us > SocMediaFin.com 4
- 5. 5 Five global women – NZ, UK, US - who work in financial services and use social media for work SXSW 2012 Financia http://schedule.sxsw.com/2012/events/event_IAP9392
- 6. Social Media Tools: How Do I 6 Know Which App I Should Use? Who are you? What do you have to say? Who are you trying to reach? How do THEY want to be reached? Once you connect, then what?
- 7. US Industry Trends: Shrinking and Growing Industries 2007 - 2 Council of Economic Advisors, February 2012 report 7
- 8. Social Media Strategy for Financial Services for US Firms Can you use social media in financial services? What are the rules? The Fun stuff: FINRA, SEC and other regulatory guidance How do you use social media compliantly at your firm and in your own personal career development
- 9. Who are you? Social Media and Financial Services New graduate joining a financial services firm Moving from another industry that used social media extensively Public Relations firm with financial services clients Advertising firm working with financial services External Legal or Compliance firm working with financial services firms Internal Legal or Compliance firm supporting line of business Sales or Marketing department who want to use social media to increase sales Senior Leaders wondering if you should get into social media Your new hires have ideas to grow the business using social media
- 10. FINRA Regulatory Notice 10-06 In January, 2010, The Financial Industry Regulatory Authority (FINRA) provided its first high level industry guidance for social media activities for investment broker dealer firms. 10-06 provided no specific rule changes, but offered clarification in a Q & A format. Summary Highlights Record Keeping Responsibilities Suitability Responsibilities Types of Interactive Electronic Forums Supervision of Social Media Sites Third Party Posts
- 11. @JoyceMS ullivan @SocMedi aFin
- 12. FINRA Regulatory Notice 10-06 @JoyceMS ullivan @SocMedi aFin
- 13. FINRA Regulatory Notice 11-39 In August 2011, The Financial Industry Regulatory Authority (FINRA) provided clarification of 10-06 guidance for social media activities for investment broker dealer firms with focus on: - Social media websites - Use of Personal Devices for Business Communications 11-39 Summary Highlights Communication content is determinative; not the communication channel A Firm is subject to the “adoption” and “entanglement” theories regarding third party posts (Retweets, LIKES, of others’ content) Business communications through personal devices must be supervised and recorded
- 16. Securities & Exchange Commission (SEC) National Examination Risk Alert In January 2012, The SEC issued their observations related to the use of social media by registered investment advisers Key Takeaways: Investment advisers that use or permit the use of social media by their representatives, solicitors and/or third parties should consider periodically evaluating the effectiveness of their compliance program as it relates to social media. Factors that might be considered include usage guidelines, content standards, sufficient monitoring, approval of content, training, etc. Particular attention should be paid to third party content (if permitted) and recordkeeping responsibilities.
- 17. SEC Investment Adviser Use of Social Media
- 18. Types of Financial Advisors Registered Representatives Investment Advisors (Broker-Dealer)* (Registered Investment Advisor)* Regulated by FINRA and the SEC Regulated by SEC or state regulators Paid via commission Paid fee by client Suitability – recommendation must Fiduciary responsibility – must be consistent with best interest of place clients interest above own client Ethics Legality Transactions Advice *Dually registered firms must adhere to both SEC and FINRA rules
- 19. Best Practices If your firm has approved business use of social media DO 4.Discuss macro economic concepts 5.Discuss various sectors or industries 6.Discuss retirement concepts 7.Educate the public on financial markets and products 8.Post company non-product or services related announcements 9.Post messages that have a broad appeal (i.e. charity events or good will activities) 10.Post generic responses to third-party postings DON’T 13.Mention individual stocks or investment names 14.Provide investment advice 15.Promote your products and services 16.Make provocative or promissory statements regarding direction of the markets or price of commodities 17.No retweets on Twitter 18.No ‘Likes’ on Facebook 19.No unauthorized employee postings @joycemsullivan
- 20. Financial Services and Social Media What it Means to You in Your Career Success Your Personal Brand and Online Identity: - LinkedIn - Facebook - Twitter
- 21. LinkedIn Founded in 2002 As of May 2012: - 162 million members - 200 countries - World’s largest professional network on the internet
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- 27. Mashable.com 27
- 28. Founded February 4th 2004 As of May 2012: 900 million members
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- 33. First “tweet” March 26, 2006 by Jack Dorsey @jack As of May 2012: 500 million registered users
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- 46. Thank you! Connect with me! LinkedIn: http://linkedin.com/in/joycemsullivan Website: http://socmediafin.com Twitter: http://twitter.com/joycemsullivan Facebook: SocMediaFin, Inc on Facebook CNBC TV: Joyce Sullivan on WSJR with Maria Bartiromo 46
- 47. Exclusive Presentation for: 677 Washington Boulevard Stamford, CT 06901 USA Wednesday, May 23, 2012 6:30-7:30 pm EDT Financial Services and Social Media What it Means to You in Your Career Success Created and Presented by: Joyce Sullivan CEO | Founder SocMediaFin.com