Technology

Feature: Big Versus Small In Social Media - Part 2

Harriet Davies Editor Americas 15 February 2013

Feature: Big Versus Small In Social Media - Part 2

This is the second half of a two-part feature looking at the benefits and pitfalls of social media for advertising and marketing in wealth management.

This is the second part in a feature on social media. To view the first part, click here.

Aside from improving cms systems, Haefele says the card big firms have to play is the wealth of content they already own.

“Behind larger firms you have to have very comprehensive systems for
compliance,” she says. “Then a lot of the battle is training. Then the
trick, the big trick, the one that everyone is trying to solve is: how
do you take the rich content of the firm and put it in a place where it
can be picked up by advisors and delivered to the right clients?”

This means, for instance, that if you have an advisor focused on
entrepreneurial or tech clients, they are following the right groups on
Twitter and posting interesting content related to the sector, that is
actually going to add value to those clients in the same social space –
so it is canned content, to an extent, but it is relevant and targeted.

The art of listening

It’s not just about content, though. Social media is a two-way
dialogue, which is part of what makes it so distinct from traditional
advertising and marketing activities. This feedback is scary, but it is
also a great opportunity to show a thoughtful and creative response to
criticism.

Especially for large firms, says Moock, “you’re going to have your
detractors” online. “And to the people that deal with that as a problem I
would suggest they make sure they have an open dialogue with their
constituents, that they engage both happy and unhappy clients and ensure
their voices are heard,” he says. “The easiest way to hear what the
investing consumer has to say is by having an ear online.”

“Social media are both for listening and talking,” says Haefele.
“It’s particularly helpful for listening, and you can do that right
now.”

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