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

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 info@sociallysavvyadvisor.com. 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