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Here is an overview of how and why wealth managers need to adopt a social media marketing plan to attract uhnw/hnw investors of all generations
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©2012 the RUDIN GROUP
What Ultra High-Net Worth and Financial Services Firms
Need to Know About Social Media Marketing Strategies
©2012 the RUDIN GROUP
• Series created specifically to help high-net worth community manage for the future
• Featuring industry experts and innovators addressing critical issues facing wealth management firms
HNW MATTERS WEBINAR SERIES
©2012 the RUDIN GROUP
About The Rudin Group
• Integrated marketing, branding and communications strategies for the financial services industry.
• Helps UHNW / HNW community create client acquisition plans taking advantage of next generation /digital platforms and communications.
Challenging “Business as Usual” Practices
©2012 the RUDIN GROUP
April Rudin
• Financial Services Industry Marketing Consultant
• Ultra-High-Net Worth / High-Net Worth Sector Specialist
• Digital and Social Media Engagement and Client Acquisition Expert
• Multi-Generational Communications and Media Relations Strategist
• Frequent contributor to national media outlets including The Huffington Post, BusinessWeek, Bloomberg, Reuters, Fundfire, Family Wealth Report and AssetTV
• High-Net Worth Advisory Board Chair for The Hedge Fund Association (HFA)
CONSULTANT TO THE STARSOF THE FINANCIAL SERVICES INDUSTRY
©2012 the RUDIN GROUP
Our Agenda
• The Risks of Neglecting Social Media Strategies
• Understanding “Next Gen” Wealth• Managing Your Online Presence• Best Practices in Social Media
Social Media Strategies for Financial Services Firms: No Longer a Luxury
©2012 the RUDIN GROUP
Characteristics of the Young and Wealthy
• Value transparency, community and mobile convenience
• Trust friends more than their parents• Eager to rate their advisors and others• Don’t trust the “suits”
Ready to take advantage of affinity investment opportunities
©2012 the RUDIN GROUP
Where Are They Found?
©2012 the RUDIN GROUP
Virtually Everywhere – Via Mobile Platforms
©2012 the RUDIN GROUP
Social Media Activity Among the Young & Wealthy
Source: Social Media and the Affluent Household 2011 Report—Spectrum GroupUHNW = Net worth of between $5 million and $25 millionHNW = Net worth of between $1million and $5 million
6% of UHNW 3% of HNW
6% of UHNW 3% of HNW
20% of UHNW 19% of HNW
33% of UHNW20% of HNW
50 % of UHNW 75% of HNW
Bl
og
9
©2012 the RUDIN GROUP
Ignites (Financial Times) Survey Results
©2012 the RUDIN GROUP
Characteristics of “Boomers”
• They value trust, loyalty and long-standing relationships
• Represent 70 percent ($7 trillion) of total U.S. household net-worth
• Watch more TV than any other demographics
• Boomers value experience over product, need to know functional outcomes
©2012 the RUDIN GROUP
The Same, But Different…
• Boomers are apt to rely on personal referrals rather than perform actual research (conversation, email, or traditional print media)
• If friends “like” it they will, not inclined to seek outside opinions
• Boomers value experience over product, need to know functional outcomes
Boomers lag in mobile 25% own smart phones or tablets in 2011.
Expected to grow to 39.8% in 2015
©2012 the RUDIN GROUP
Where Are We Now?
Baby Boomers (ages 55 +) remain the largest group of wealth holders.
Established FAs are typically the ones with the biggest book of business
13
©2012 the RUDIN GROUP
So Why Change?
14
Wealth is being created and transferred at a younger age.
Polling Question: Do you really believe that Next Gen individuals will fire their parents’ advisors?
©2012 the RUDIN GROUP
Most Wealth Management Iconography is Dated
♫ Go where you want ♪
©2012 the RUDIN GROUP
So Are Its Platforms
©2012 the RUDIN GROUP
How Allocations of Marketing Resources Have Changed
©2012 the RUDIN GROUP
That Will Leave A Mark
Up to 98% of wealth inheritors change financial advisors as they have no relationship, and don’t relate value to properties of older generations
©2012 the RUDIN GROUP
Has the Ship Sailed?
Yes. Sort of. Many firms should pivot toward attracting new clients rather than focus on developing Next Gen relationships with existing ones.
Now is the ideal time to revamp your overall marketing to capture market share during a period of unprecedented generational wealth transfer.
©2012 the RUDIN GROUP
Social Media: The New Way to Connect with Clients…
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Which Ones Should We Use?...
©2012 the RUDIN GROUP
How Many People are Really on Social Networking Sites?
Source: Media Bistro/ Go-Gulf.com, May 2012
©2012 the RUDIN GROUP
How Do We Utilize Social Media?
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Platform Unique Factors Strategies and Best Practices
LinkedIn Business networking and relationship building, introductions
Structuring your profile and joining groups
Facebook Small Business/Personal branding/Consumer brands B to C, Business pages
Twitter Opportunistic, newswire, short burst in real-time Aggregating and curating content to attract
YouTube Most AuthenticTeach and LearnLook + Listen
In five years, all websites will be video
Google+ Feasting on SEO and Adword content Struggling to be all things
Blogging Thought-Leadership + POV, Complex ideas Content + opinion;Commenting and engaging with others
©2012 the RUDIN GROUP
Social Networks that are Popular with the UHNW
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Facebook and Twitter usage is greatest among younger UHNW.
Facebook and LinkedIn are relationship-driven
Twitter is content-driven
Source: Spectrem Group “Use of Mobile Technology, Tablets, Online Tools / Social Media Vol. II” 2012
©2012 the RUDIN GROUP
Generational Use of Social Networks Over the Years
2005 2006 2007 2008 2009 2010 2011 20120%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
9%
49%
67%
76%
86%
83%
87% 86%
7%8%
25%
48%
61%
70%
68%
72%
6%
4%
11%
25%
47%
51%
49%50%
1%7%
13%
26%
33%
29%34%
18-29
30-49
50-64
65+
Source: Pew Research Center/American Life Project
©2012 the RUDIN GROUP
Communicating via Social Media
Source: Spectrem Group “Use of Mobile Technology, Tablets, Online Tools and Social Media Vol. II” 2012
Younger UHNW investors are more inclined to use social media as a communication tool and read their advisors’ blogs.
©2012 the RUDIN GROUP
Social Media Stats - Next Gen
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Younger generations lead in the early adoption of…Social Media
Source: Media Bistro/Go-Gulf.com, May 2012
©2012 the RUDIN GROUP
Primary Challenges to Financial Services Marketing
• Industry / Organizational Inertia
• Available Resources
• Compliance Culture
• Reputational Risks
©2012 the RUDIN GROUP
Recent Findings on Resource Challenges
Resources for brand initiatives are lagging perceived importance
Biggest areas of concern:• Client acquisition and retention• Global economic conditions• Product-line strategy• Limited resources
©2012 the RUDIN GROUP
Key Influencers
The most important factors in advisors’ manager selection process?
• Strong client service• Useful website • Brand
©2012 the RUDIN GROUP
Strategic Client Acquisition
1. Look at your brand, its elements and your own firm’s differentiators
2. Determine your own unique differentiators = messaging
3. Target messages and activities by client type or persona
4. Design a social media strategy and detailed plan with accountability and timing
5. Execute the plan and monitor its progress. Make changes where necessary.
©2012 the RUDIN GROUP
Active Engagement vs. Passive Profiles
• Integrate with offerings and focus on firm activities
• Share successes via amplified social media platforms
• Lather…rinse…repeat.
©2012 the RUDIN GROUP
Where it Can Go Wrong – HNW Social Media Miscues
• Abandoned attempts at social media
• No plan in messaging
– not niche-oriented
• Inconsistent posting or blogging
• Too much original content and
not enough curated material
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©2012 the RUDIN GROUP
A Few Social Media Best Practices
• Develop templates for consistent online branding
• Niche content – “socialize” print materials for digital distribution
• Metrics and Analytics
©2012 the RUDIN GROUP
ROI for Social Media
34
©2012 the RUDIN GROUP
Creating a Referral Network
Non-profits
T&E Attorneys
Real Estate Attorneys
Matrimonial Attorneys
CPA Firms
Financial Services
Firm
35
©2012 the RUDIN GROUPFOX Personal Financial Security and Compliance Series
Q & A Discussion
©2012 the RUDIN GROUP
April RudinThe Rudin Group
[email protected] - www.therudingroup.comtwitter: @TheRudinGroup
201-482-8369
Thank You!
©2012 the RUDIN GROUP
FINRA Regulations Pertinent to Social Media
38
©2012 the RUDIN GROUP
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FINRA Regulations Pertinent to Social Media
©2012 the RUDIN GROUP
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FINRA Regulations Pertinent to Social Media