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The Socially Savvy Advisor + Website: Compliant Social Media for the Financial Industry


From the Foreword

"The Socially Savvy Advisor is a comprehensive guide to our social ecosystem and regulatory landscape. It provides pragmatic advice and how-to tips that can transform your social marketing efforts from being a tangential business strategy to a decisive game changer."
—Jennifer Grazel, Global Head of Category Development, Financial Services, LinkedIn

Praise for The Socially Savvy Advisor

"From selecting the right social media platform for your business and creating a social media policy, to creating content and measuring ROI, The Socially Savvy Advisor is a helpful resource for anyone in financial services."
—Leslie Marshall, Director, Social Media, Morningstar Inc.

"The best book on social media for any leader in the financial industry—from CEO and CCO to CMO and others—hands down."
—Douglas G. Preston, SVP, Compliance Executive

"Plenty of pundits have opinions about how to use social media these days, but it's rare to find an expert who can lay out the pros and cons of using LinkedIn, Twitter and Facebook in the financial industry. Jennifer Openshaw takes a step-by-step look at the benefits of online marketing for financial professionals, but she also digs into the risks and examines the challenges of managing social media compliantly in a fast-changing regulatory environment. A great read for advisors."
—Joyce Hanson, Technology Reporter, InvestmentNews

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 ap-peared 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

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