Compliance and Social Selling Can Co-Exist!
Are you still just dabbling with social media and digital networking? Oh, maybe you’ve created a LinkedIn profile, but your photo is a cropped pic from a party, and your personal headline, summary and experience sections read more like a job-hunting resume than a networking magnet. What’s more, you don’t use social media to discover valuable information to help generate sales!
A recent Putnam Investment study shows some 81 percent of financial advisors now use social media for business. Frankly, I find this percentage a little high since at nearly every speaking event people tell me they are still reluctant to use social media. The most common reason I hear for this hesitancy? Compliance. Yep, that wonderful regulatory requirement we have in financial services.
Yet it’s important to remember that compliance is not a barrier. It’s just a hurdle or a speed bump. With some 75 million Generation D (digital) investors, and their $27 trillion in assets, you just cannot ignore the social space.
It’s equally important to also remember that social selling is not about being popular. It’s about sales! Likes, friends, and connections are only worthwhile if they help you build your business.
So, how do you get past those compliance concerns? Start with baby steps. First, understand there are some simple and easy rules to follow. Second, use common sense! The same regulations and rules that apply to your other sales and marketing efforts also apply to the digital space.
To provide more specifics and examples, I recently broke out the Mastering Compliance unit from my Social Selling for Financial Advisors eCourse. In Mastering Compliance, I show you how to navigate the compliance waters by covering:
- Rules and regulations
- The difference between static and interactive content
- Three rules you MUST obey, and
- Online conduct rules and monitoring requirements
I know compliance is not something to be taken lightly. After some 25 years in the industry, the last 10 of which I have spent concentrating on the social space, I understand your pain! That’s why I’m also currently offering the Mastering Compliance unit at NO COST.
I want you to feel comfortable using the digital world for social selling. Then, even if all you do is maximize your LinkedIn profile, you will be heading in the right direction. Later, you can up your game and learn how to jump more fully into the digital conversation.
So, stop dabbling! Compliance and social selling can co-exist!
This entry was posted by Sheri Fitts on December 2, 2015 at 4:45 pm, and is filed under Advisors' Social Networks, Compliance, Digital Marketing, Marketing, Recommendations, Social Networking. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.