Social media is effective with ultra-wealthy clients but forget the Morgan Stanley approach
Social media checklist needed to effectively reach out to wealthy clients
Rich and Co.
Consulting Firm
Top Executive: Elmer Rich III
Gene Reese
Great points on the Morgan Stanley approach and checklist. The concern I hear most often is a reluctance to jump into another compliance obligation. Many firms don’t realize the tools are out there to effectively manage their social media compliance for SEC and FINRA.
Were you able to find any data on the types of IP or content that resonates better with UHNW’s? What subjects bring in the most new prospects?
Scott Spiering
Attention Gene Reese: you mentioned tools out there to effectively manage social media compliance for SEC and FINRA; where can I find those tools? Thanks.
Sue Bergin
In addition to compliance concerns, many advisors are reluctant to engage in social marketing because they perceive it as a time drain. These concerns can be addressed by linking social media accounts (when appropriate), and taking a strategic approach to online communications.
Gene Reese
@Scott Spiering-For Interactive Advisory Software(IAS) client’s we’ve partnered with Smarsh Financial to develop a social media compliance solution. It handles the archiving, discovery and controls for Facebook, Linkedin, and Twitter. For us it had the best mix of features and domain expertise.
Spredfast is a really impressive social media CRM. It’s geared more toward the advanced social marketer and they’ve already built in the compliance requirements.
Scott Spiering
Thank you Gene; our firm already has a relationship with Smarsh so that should be a good fit. I appreciate the feedback.
