Social Media Life Cycle in Financial Services

One thing is clear about social media and financial services. It is being discussed at every company from executives down to producers. Much of this activity has been centered around FINRA Notice 10-06.

This session introduces a new Social Media Life Cycle Framework, specifically for financial services. It captures the stages that companies have been working through as they move to adopt social media - all in a compliant fashion.

This webcast and content is being co-produced by LIMRA and we will be joined by Stephen Selby, Director, LIMRA Regulatory Services. During this webcast we will introduce the new life cycle framework, dive into the detail of each of the eight stages, review the characteristics of each stage, the stakeholders you should engage and some of the risks to consider as you enter a stage and get ready to move into the next one.

As part of the live webcast we polled the audience (roughly 175 particpants) to understand their organization type and where they fall on the life cycle.

• 20% said Broker Dealer
• 13% said RIA
• 42% said Insurance Co.
• 5% said Technology Firm
• 20% said other

We also asked participants where they fell on the adoption lifecycle, broken out into Phase 1 and Phase 2. For Phase 1, 85 participants said:

• 29% are in the Prohibition phase
• 15% are in the Executive Commitment phase
• 48% are in the Evaluation phase
• 8% said they did not know

For Phase 2, 51 participants said:

• 61% are in the Policy phase
• 14% are in the Procedures phase
• 2% are in the Training phase
• 16% are in the Activation phase
• 8% are in the Optimization phase

In addition a large portion of the webcast was set aside for audience Q&A. Please register above to view the recording.