Huntington Banshares Offers Advice for use of Social Media in the Financial Services Sector

During a recent client conference, Huntington Asset Services, a wholly owned subsidiary of Huntington Bancshares, took the opportunity to provide mutual fund managers and financial advisors pointers on a number of sales and marketing tactics – including the use of social media. 

“As we've grown our business in recent years, we've learned that fund managers have a keen interest in using social media to connect with clients, but are unsure about the most effective way to do so," said Brian L. Blomquist, president, Huntington Asset Services.  "They also have concerns about government regulations.”

The advice Huntington shared with its clients included: 

• Keep It General:  Since government regulations classify social media as advertising, do not make specific product references or recommendations.
• Start Small:  There is no need to have a presence on every social media outlet; pick the ones that are most relevant to your clients. LinkedIn is gaining in popularity with business professionals and blogs are becoming one of the most effective social media tools for financial services professionals.
• Watch Out for Testimonials: Government regulations restrict testimonials, which can be as simple as a friend "liking" your Facebook status or making a "recommendation" via LinkedIn.  Also be careful of any interactions that could be considered an endorsement of another company's products or services.
• Archive Everything:  Keep a record of all your communications with clients as well as any information you post on social media sites, in case they need to be reviewed.
• Engage Your Audience: You can build a strong relationship with clients by engaging them with timely, relevant information.  It's an opportunity to promote your expertise, if not a specific product or fund.  

For more details, see the release from Huntington