Lisa Natalicchio of State Street and Amy Sitnick of PNC Bank at the SMAC conference in New York City. (Photo by Asia Martin/Financial Advisor magazine.)

The importance of social media to all companies is growing and departments within investment companies should work together to support and create business opportunities.

That was the overall message at the Social Media and Compliance in Financial Services (SMAC) conference last week in New York City. The conference, sponsored by The Financial Technologies Forum, brought together an array of individuals from compliance divisions, social media teams, marketing departments and other areas of financial services companies. 

Some of the key takeaways included how social media teams and compliance divisions can benefit from working together early on. And having a relationship where both departments understand what each other does and their purpose can lead to an articulate brand, well-trained staff, and effective social listening.

Panelists at the conference also gave basic to advanced tips on how to take advantage of social media.

Look At Social Media Accounts As A First Impression

In some cases, a firm's social media profiles are an introduction. 

“Your social presence is your handshake,” said Lisa Natalicchio, the global head of internal communications and social business at State Street. She added that what others are saying about you on the internet also defines a company’s reputation. 

A quick search on a social media platform like Twitter or even a job board like Glassdoor can reveal the opinions of prospects, clients and former employees that may be promoting or tainting a business’s credibility. 

Have Cohesive Branding

“I like to think of social as a sales rep that’s always on,” said Amy Sitnick, vice president of content marketing at PNC Bank.

In previous roles, Sitnick has performed a yearly audit to assess if a company’s social media is communicating in the same voice on all platforms and through all content. She suggested holding an annual summit with marketing, social media directors and compliance to review the company’s branding.

“We created a very clear brand personification for ourselves and then we printed it out and we put it on the desk of every single person who was writing social copy for us,” said Natalicchio. 

Get Sales And Advisors Involved In Social Media Engagement

Natalicchio said her team at State Street puts the sales representatives into the social media mix to reiterate what’s on the company’s social channels.

“It’s really about creating that surround sound Omni-channel presence, social being a very big part of that, but also working with [other teams] so that there’s a holistic experience of the brand regardless of where you’re engaging,” said Natalicchio.

If sales reps and advisors are hesitant to participate, Leeor Sillman, a director of client relations and marketing at Epoch Investment Partners, said he explains the benefits of possible leads or assets to encourage more participation. 

If that’s not the issue preventing more engagement, it could be a lack of know-how. “Some people aren’t [sharing content] because they just don’t know how,” said Sillman, who put together a guide for his colleagues on how they could share the company’s content through social media. 

What To Focus On While Social Listening

Some of the most basic items to focus on when evaluating social data are reach (the amount of people who may have seen the post on a social media platform), the number of link clicks, likes and shares a post receives, and the posts or ads that lead users to the website. 

Owen Donley III, a chief counsel for the U.S. Securities and Exchange Commission's Office of Investor Education and Advocacy who also manages some social accounts, said that measuring a user's time on page is beneficial, too. 

According to Sillman, firms should not try to compare clicks on posts. Consider the length of time of the published posts when looking at the amount of clicks each has received, he said.

Leverage The Social Listening Effectively

Donley suggested using “metrics” to determine what kind of content to publish more and what content could be discontinued. In terms of compliance he said, “Educational content, rather than the sell-focused content, can help you build a trusted brand. And that may mitigate [some] of these compliance concerns.”

“You wouldn’t bust into a conversation with your own agenda,” said Natalicchio. She said advisors can use a client’s social data to be background information about the client and tailor future conversations. The information can also be used to train sales on how to approach clients.

In conclusion, firms can use social media to make a good first impression, reiterate their brand and provide more client-centered products and services.