WINDSOR, Conn., July 12, 2010—LIMRA and Socialware have formed a strategic partnership, enabling the two organizations to work together in helping the financial services industry understand and address social media opportunities, risks and implications.
“Social media is one of the most significant communication phenomena of this generation,” said James Kerley, president, LL Global Services. “Up until now, the financial services industry has been hampered in leveraging these tools because of regulatory constraints. Socialware’s Compass will allow companies to remain compliant, while empowering their field force to take advantage of unique opportunities that social media platforms offer to reach consumers. We are proud to help provide our members with this valuable solution to keep them competitive, compliant and successful. ”
A recent Socialware survey showed that more than 60 percent of financial advisors use social media for business purposes and, of those, nearly 50 percent have been able to identify new referrals that resulted from their social networking presence. The use of social media by financial professionals will continue to increase and is expected to grow to over 70 percent by the end of this year. While use of these tools is clearly advantageous to advisors, without oversight a company could be put in danger of being out of compliance with FINRA regulations, guiding communications with the public.
As a solution that addresses these critical issues, Socialware’s Compass is a fully automated middleware tool that allows companies the ability to manage who in their company has access to social media sites; analyze social networking usage across the company; and archive companies' social activity. It provides companies the visibility to scan and capture posts that violate their corporate policies to ensure they can address any compliance risks.
“Social media is ever-evolving and, while it offers incredible benefits to financial services professionals large and small, this dynamism also can create risk,” said Chad Bockius, CEO of Socialware. “Through this strategic partnership with LIMRA, we’re addressing the social media issue with an end-to-end solution, giving firms the support they need from training to technology and strategy. Moreover, we’re continuing to lead the discussion and conversation around social media and its implications for financial brands throughout North America.”
Accompanying Socialware Compass, LIMRA and Socialware have partnered to expand the Socialware Insights program, an information service to provide ongoing support and up-to-date research to financial services professionals using social networking sites. Given the dynamic nature of social networking and its platforms, LIMRA and Socialware will develop this support to be focused entirely within the financial services industry, customizing the content to the functional needs of the various positions. Insights will provide the latest guidance and recommendations; strategic consulting; case studies and assessments of industry trends and offer best practices to incorporate social media into their businesses.
To further assist financial services companies as they endeavor to include social media into their businesses plans, LIMRA is hosting Social Media For Financial Services on Aug. 26-27, 2010. This seminar will help firms develop and implement cohesive strategies that leverage the power of social media while meeting regulatory requirements. It will cover a wide range of issues and feature best practices presentations from industry experts and thought leaders.
Mickey Nelson, 651-214-4472, firstname.lastname@example.org
LIMRA is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.
Socialware, a leading provider of social middleware platforms, bridges the gap between the enterprise and social networks to transform the way that companies and their employees engage, communicate and collaborate with clients, partners and one another. You can find out more about Socialware at www.socialware.com.