New York University: Social Media Opportunities in Wealth Management

Creating Social Media Opportunities in Wealth Management: A Fad or a Fast Evolving Reality?

Capstone by: Akanksha Ahuja

@Twitter: akanksha_ahuja

N e w Y o r k  U n i v e r s i t y – S c h o o l o f  C o n t i n u i n g

a n d P r o f e s s i o n a l S t u d i e s

P u b l i c  R e l a t i o n s  a n d C o r p o r a t e  C o m m u n i c a t i o n

P r o g r a m

Faculty Adviser: Prof. Robert F. Noltenmeier

Submitted on May 10, 2012

Creating Social Media Opportunities in Wealth Management: A Fad or a Fast Evolving Reality?

ABSTRACT
Businesses changed when email came to life; they changed again when websites came to life; and now they have changed again as social media has come to life. Social media has transformed not only our world and our perceptions, but also our daily experience. We share our everyday activities with friends, with family and even with businesses via social media. But what are the limits within which we freely share information? To what extent, for example, can we talk about money on social media? Even though the growth of social media is well documented, leading financial institutions and wealth managers have not embraced it. This paper explores the potential for social media in wealth management. It seeks answers to questions about the scope and role of social media in wealth management, and how wealth managers and potential customers can build relationships while ensuring the privacy of financial information. Drawing on interviews with social media strategists, the paper highlights that young, high net worth individuals rely on social media as a way of life. Social media has the capacity to connect financial advisers with potential clients. But to leverage social media effectively, it is important to train employees and to develop a governing policy and compliant social media strategies.

CLICK HERE for the Full Thesis on  Creating Social Media Opportunities in Wealth Management: A Fad or a Fast Evolving Reality?  Brought to you by the thorough research of Akanksha Ahuja @Twitter: akanksha_ahuja and New York University School of Continuing and Professional Studies Graduate Program in Public Relations and Corporate Communication.