Social Media and Financial Services Social media’s eruption in popularity is creating opportunity for companies in every industry to connect with clients and prospects through a new form of communication. The financial services industry is often handcuffed by regulations that prevent immediate adoption of new technology, resulting in firms lagging behind other industries that have already leveraged social media.
Despite the late implementation, financial services companies are realizing the value of social media. At this point social media cannot be ignored; firms must embrace, or at least accept, the trend and utilize the technology or face missing out on reaching clients through this growing medium.
Current EnvironmentNumerous firms, such as Pacific Life, MassMutual, American General, Legg Mason, and Morgan Stanley, have policies professionals must adhere to when using social media. FINRA has set forth guidelines on its usage, but many firms are still apprehensive.
Even with guidelines, social media is still a concern. With the right procedures in place to mitigate potential issues, social media can be the next step in communicating with the ever-increasing population who have embraced social media sites like Facebook, Twitter, and LinkedIn.
The State of Social Media in Financial Services ReportAnalytical tools provide information on how your clients and prospects are using your social media, but what is going on across the industry? Dalbar’s The State of Social Media in Financial Services Report includes:
- Overview of guidelines set forth by FINRA and industry leaders
- Analysis of social media usage and examples of its use on financial services websites
- Considerations for using social media now and in the future
- Social Media ranking and benchmarking
What is the Cost? If purchased on or before June 30, 2011, the cost is $3,000. If purchased after June 30, the cost is $4,000.