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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

Author Elmer Rich July 5, 2011 at 2:28 PM
5 Comments
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Elmer Rich: Using scripted content to advertise your firm- as Morgan Stanley recently did - is a common mistake among financial services firms and advisors.

Elmer Rich


Gene Reese

Gene Reese

July 5, 2011 — 7:07 PM

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

Scott Spiering

July 5, 2011 — 8:54 PM

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

Sue Bergin

July 5, 2011 — 9:15 PM

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

Gene Reese

July 5, 2011 — 9:21 PM

@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

Scott Spiering

July 5, 2011 — 9:47 PM

Thank you Gene; our firm already has a relationship with Smarsh so that should be a good fit. I appreciate the feedback.


Mentioned in this article:

Rich and Co.
Consulting Firm
Top Executive: Elmer Rich III



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