The saying, “all good things come to pass,” is probably falling on the lips of more than one CEO at a financial firm these days. No, I’m not talking about market events; I’m talking about social media. The financial sector’s reluctance to use social channels is officially over. FINRA, the regulatory organization that provides rules and enforcement over securities firms to protect investors, has issued its stance on social media. Yes, the financial services sector can now use social media. To that end here are a few ideas for Financial Advisors to consider as you start your social life:
In previous posts, I pointed out that women are underserved by the financial services sector and that women are huge social media adopters. Among their biggest concerns are a lack of educational information and products designed for women. I also mentioned that they control roughly $18 trillion.
1. Use social networking to listen and learn about the unique financial needs of women.
2. Use social media to provide access to interactive educational materials designed to meet the needs of women. Use the social aspect of the channel to provide a feedback loop to improve the materials.
3. Take a high profile, public approach to providing customer service through social channels. Quality of customer service is the number one issue for female customers of securities firms.
The door is now open and an exciting new opportunity awaits the firms that act quickly. Tomorrow, we’ll look at some of the rules and discuss what they mean.
Illustration by TouchTheStars09 on Flickr, licensed under the Creative Commons.