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FEATURE

Learning through Social Networking By Kristen Luke

he fi nancial services industry is central locations for people of similar events to the site. You can search for all atwitter about Twitter, or at interests or professions to gather and upcoming conferences, conventions, T least about social media. Web share ideas. Because anyone can start a and seminars by using keywords, loca- sites, publications, professional associa- group, groups come in all varieties. You tions, and dates. Even if no events are tions, and conferences all are addressing can join groups for professional associa- taking place in your geographic area, the topic of social media and how it can tions (e.g., Investment Management many online seminars are available to help grow your business. Despite the Consultants Association (IMCA)), you on a variety of topics. enthusiasm, many advisors remain hesi- companies (e.g., MFS Investment tant about utilizing social media. Some Commentary), publications (e.g., Twitter don’t see the value in the diff erent sites InvestmentNews), or general interest Twitter is a Web site that allows users such as Facebook, Twitter, and LinkedIn, groups (e.g., Financial Advisor Network to send short (up to 140 characters) while others are concerned about com- (FAN)). LinkedIn allows you to join up messages to groups of people at a time. pliance issues. As the debate continues to 50 groups, which provide you with While 140 characters may not seem surrounding social media, one important access to a wide range of knowledge, like much, these micro-blogs contain perspective often is overlooked: social subject matter expertise, and profes- abundant information: quick tips as well media as an educational tool. sional experience. as links to articles, webinars, videos, Every day, millions of people are One way to use LinkedIn groups as and images. What makes Twitter so coming together on social networking an educational tool is to read articles powerful is that information is distrib- sites to create and exchange informa- submitted by group members. Because uted in real time. In other words, you tion. Never before has information news articles submitted in various don’t have to wait for a publication been so readily available. Social media groups are submitted by your peers, to write, edit, and publish an article has eliminated the one-way broadcast you’ll get information that is relevant to about a newsworthy event; most likely, of information and has transformed you and your business that you may not someone already has posted the news in lecture-style learning into a multilateral have found otherwise. Articles submit- raw form on Twitter. Th rough Twitter, conversation. By utilizing the diff erent ted to the LinkedIn groups include information is being exchanged faster social networking sites, you can make news stories, best practices, and com- than ever before, making it a valuable continuing education a part of your mentary blogs from industry experts. resource to advisors looking for up-to- daily routine instead of reserving it for Another way to utilize groups is to the minute information. specifi c occasions. As you will see, each participate in discussion forums, which Many advisors shy away from of the social networking sites off ers allow you to submit questions to your Twitter because of onerous compliance diff erent opportunities to expand your peers. Let’s say you are looking for requirements with the micro-blogging knowledge base. reporting software that combines diff er- site. However, you don’t need to cre- ent vendor deliverables for clients. You ate a Twitter account to “listen in” on LinkedIn could post the question to any variety of the conversations. While creating a LinkedIn is the largest professional groups, or choose groups specifi c to that Twitter account makes the site infi nitely social networking site. It connects topic such as “InvestmentNews TECH.” more effi cient to use, it’s not neces- millions of people from all over the Most likely, some of your peers have sary. All messages, known as tweets, world. Many advisors understand that found solutions to a similar problem and are available to the entire Web-surfi ng LinkedIn is an eff ective way to stay in will be able to provide answers. Even if public. All you have to do is go to the touch with contacts. But fewer know you prefer not to actively participate in designated Web page for the specifi c that LinkedIn provides an exceptional the discussion forums, you still can learn person or organization. For example, opportunity to learn from peers and from your peers by reading the answers someone with a Twitter account may industry experts. to other advisors’ questions. want to receive information from To take full advantage of LinkedIn’s LinkedIn also off ers education InvestmentNews, so they would follow educational opportunities, you need to through its events page. All LinkedIn @NewsFromIN; but a person without join groups. LinkedIn groups provide members are allowed to post public a Twitter account can see the same

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messages by visiting http://twitter.com/ A hashtag allows people to easily you can follow industry conferences and NewsFromIN. search for tweets about an event such as garner main points from keynote speak- You can use Twitter as an educa- a conference. Every person who tweets ers and industry experts in real time. tional resource in several ways. Th e fi rst about the conference before, during, or is by following specifi c organizations or after the event is encouraged to place Facebook people. Twitter accounts maintained by the hashtag in the tweet: Facebook generally is viewed as purely organizations have focused content, and social in nature. What was once viewed so do the accounts of many profession- MStarAdvisor: 2 of 3 keynotes as “only for kids” has become popular als. Following key people and organiza- confi rmed: Jeff rey Gundlach, among adults of all ages and profes- tions will provide access to investment TCW; William McNabb, sions. While you may be on Facebook management and fi nancial planning Vanguard. #MIC2010 www.morn- to share pictures of your kids with articles and practice management blogs, ingstaradvisor.com/MIC2010 family and friends, you can pick up as well as invitations to conferences and some educational tips at the same webinars. Here are some examples of Once a hashtag has been deter- time. Facebook, like LinkedIn, off ers tweets you might see: (Please note that mined, anyone can view all of the groups where you can fi nd people of the tweet follows the screen name of tweets related to that tag. Again, you similar interests and exchange ideas. the person writing the message.) don’t need a Twitter account to “listen What diff erentiates Facebook from in” on what people are saying about LinkedIn is the fan pages. Any com- Agluck: Compliance & Ops the conference. You would visit http:// pany, association, or publication can Webinar for Advisors Going search.twitter.com and put the appro- create a public Facebook page, known Independent Th urs @ 4 ET. priate hashtag (e.g., #MIC2010) in the as a fan page, which is viewable by any Register: http://bit.ly/RMw4k. . . . search box. All tweets that include that Facebook user. Th e fan pages allow (Invitation to Webinar) hashtag will appear. you to “become a fan” of a company, Th e information in conference tweets association, or publication. Once you AdvPerspectives: To Roth or not to will vary. Most commonly tweets include are a fan, you receive page updates on Roth, Th at is the Question http:// quotes from speakers or panelists: your Facebook news feed. For example, bit.ly/8mgtwb (Link to Financial if you became a fan of the Morning- Planning Article) LeslieBanks: Asia can no longer star Advisor page, you would receive rely on overleveraged US con- daily news feeds with links to articles SusanWeiner: “Submitted by sumer to drive growth. Must and announcements posted on the Rachel Registered-Rep and writ- create consumer demand in Asia. publication’s Facebook page. While ten by Glenda Ghostwriter” may Pat Dorsey #09MSF these same articles and announcements satisfy FINRA but not newspaper can be found on LinkedIn and Twitter, editor http://ow.ly/KmLZ (Link to Other times, tweets will include tips Facebook provides one more avenue to Compliance Article) picked up at the conference: expose you to the information.

Twitter also allows you to fol- BillWinterberg: Advisors using Ning low industry conferences even if you iPhones must turn on passwords Ning is a platform that allows users to are unable to attend the event. It is & encryption features to protect create their own social networking sites. common for conference organizers client data. It’s mandatory on In other words, it’s like creating your to determine and publish a “hashtag” Blackberry devices #FAiC09. own Facebook for your peers. Some before an event. A hashtag is a keyword advisor-specifi c sites have popped up that groups similar messages and always On occasion, tweets will include using the Ning platform. Th e benefi t starts with the # symbol. For example, links to conference materials: of participating in a Ning group as op- Morningstar is holding their annual posed to a LinkedIn group is privacy. investment conference in June and has BillWinterberg: Download When you are involved in LinkedIn announced the following hashtag: Education Session Materials groups, your connections can see when From Schwab IMPACT® 2009 you have posted or replied to group MStarAdvisor: Save the date and http://ff .im/8bMib #IMPACT09 discussions. Depending on who you are save money—2010 Morningstar connected with through LinkedIn, you Investment Conference. Hashtag By using http://search.twitter.com may not want your network to know #MIC2010. http://bit.ly/7NCuvF and entering the appropriate hashtag, you have questions regarding certain

March/April 2010 25

topics. Ning groups greatly reduce your management, customer relationship media to educate themselves. Many exposure because only fellow members management systems, document provided answers that I included see your activity. management systems, portfolio man- in this article. While the answers Th ese specialized social networking agement software, and more. Th ese focused on specifi c tactics, there was sites have become valuable resources sites provide a platform for advisors to one overlying theme: Social media is to their members. Many of the sites exchange ideas and best practices with an eff ective learning tool because it have actively attracted outside thought one another to enhance their knowl- brings people together to share ideas leaders to provide expertise and advice edge, effi ciencies, and client servicing and information quickly and easily. It to the membership. It is common to capabilities. breaks through the resistance to share fi nd fi nancial advisors as well as sales Two Ning groups currently serv- thoughts among peers you might fi nd coaches, fi nancial copy writers, academ- ing the fi nancial advisor market are in the offl ine world. Engaging in the ics, software representatives, marketing the Financial Advisor Forum (fi ntech. various social networking sites pro- consultants, technology consultants, ning.com) and RIA Central (riacentral. vides limitless opportunity to expand compliance attorneys, and members com). Advisor Connect (advisorconnect. your knowledge and skills on a daily of the industry media on these sites. groupsite.com) and IFALife (www.ifalife. basis and in real time. Many of these thought leaders regularly com) are two advisor-specifi c social provide blogs, podcasts, and videos to networking sites. Neither utilizes the Kristen Luke is the principal of social networking sites and participate Ning platform, but they are similar to Wealth Management Marketing, a directly in the discussion forums. Ning groups in that they off er valuable firm that provides marketing strate- In addition to the valuable resources resources from industry experts and gies and support for financial advi- that industry thought leaders provide, discussion boards to exchange ideas sors. She earned a BA in business the discussion forums are equally ben- among peers. economics from the University of efi cial. Members can ask and answer California, Santa Barbara, and an questions about marketing, branding, Connecting People and Ideas MBA in marketing from San Diego software, hardware, productivity, out- In preparation for this article, I asked State University. Contact her at sourcing, fi nancial planning, investment several advisors how they used social [email protected].

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