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Posted 10 May 2012 21:52pm by Heather Taylor with 2 comments

Today, LinkedIn launched its inaugural Financial Services Summit in New York which focused on the role social media is playing in the financial services industry. The first panel brought together representatives from American Express, Citi, Fidelity Investments, Prudential Retirement and Hearsay Social to talk about using social media in financial marketing.

It was curious to see a panel on social media where only two out of six individuals on the panel have Twitter accounts. One was Clara Shih, who runs the agency Hearsay Social, and the other, Frank Eliason, SVP of Social for Citi. The panelists' lack of Twitter accounts felt like a microcosm highlighting how most financial service organizations are behind in social media.

Not that Twitter is the be all and end all of social media, it is a communication channel for 140 million active users. Saying that, in LinkedIn's new findings released today, financial advisors are mainly reaching out to prospective clients on LinkedIn with Twitter only used by 8% of them. Even brand identity building primarily takes place on LinkedIn over Facebook, Twitter and Google+ for those working in an advisory capacity.

Though the panelists did mention communication on all platforms, a lot of the issues they are facing aren't about where the conversations are taking place. It's rather that financial institutions need to put customers at the center of their decisions as well as enable their employees to do the same.

Below are a few of the key takeaways from each of the panelists. These points could be taken across any organization, especially those who have to deal with compliance issues and regulatory bodies:

There are two main things that Shih highlighted about how social media is shifting the way financial services market themselves:

1) Proliferation of online identity where people freely sharing what they do, who they are, etc. is very valuable for the financial world. When people get married or have a career change, these are great triggers for financial services discussion and this is when financial advisors and institutions need to reach out to customers.

See the rest here:
The role of social media in financial services marketing