Compliance Perspective: Regulatory compliance simplified.
Recommended Advisor is a repository for compliance rules and regulations that also offers opinions on how to properly deploy social media in your business practices.
According to Mr. Gupta of New York Life, “Regulation is not a wall; it’s a hurdle that needs to be overcome.” Unlock social media in your enterprise. Unlock your employees’ hidden value and talents and encourage them to contribute above and beyond their titles. Let them share their knowledge and experience with your prospects and clients. You hired them, right? Scared of FINRA or the Securities and Exchange Commission (SEC)? FINRA will work with you because it needs financial institutions to help generate case studies for analysis. Don’t be afraid of regulators. Work with them and they will work with you.
From a pure regulation standpoint, social media networks are a gift to the compliance department. Every interaction is traceable and measurable under one’s true social identity. With social customer relationship management (CRM) technology, a firm may apply any type of controls and processes they wish to protect their brand. Social media maintains compliance regulations by tracking messages that aren’t being tracked through traditional modes of communication (i.e., the phone, the cell phone, mail, and E-mail). If you don’t trust your employees after training them on social media, you might not be hiring the right people. Your representatives are your front line, acting as the face of the organization’s brand.
As an advisor, do what you have been trained to do. Don’t try to change the sales process on social networks—be yourself. Your job already requires you to be social! You have just been using different social media: the social phone (which you were trained on), social conversation (which you role-play), and social letters, social E-mail, social fax—you get the point. Now we have social networks. Within social networks, it is best to talk about commonalities you have with clients/prospects. Don’t recommend buying or selling stock, don’t give a strong opinion about a company, and don’t claim that Apple is in trouble because Steve Jobs died. Better yet, get creative—be yourself and engage—but don’t sell. It’s quality, and not quantity, that matters. Building relationships takes time so don’t force it. Don’t let your goals pressure you into trying to close on the first (or second or third) interaction. Preliminary studies show that it takes between six and seven interactions before a person will start to trust you.
Don’t let communication regulations stop you from being you! Recommended Advisor will teach you how to be effective and compliant with social media.