Broker Dealer simplifies Social Media and reduces expense

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Social media has value, when managed through strategy

Social media is a tool, not a solution

Challenge: Reduce the wasted time and expense associated with development and licensing of social media resources for advisors

Solution: Developed an end to end social media publishing and auditing interface with proactive social tracking and notifications.

Result:  70% reduction in technology expenses and improved adoption rates due to ability to target access to advisors who will use function

Social media adoption strategies that are tuned to the business needs of advisors, not driven by minimum licensing requirements from software vendors. 

Lean Digital Transformation

An opportunity existed at an Independent Broker Dealer who under pressure from advisors had committed to using different publishing and monitoring tools like Social Ware and HearSaySocial but found adoption rates to be low.  The business felt there was a need to have access to the resources but the minimum licensing requirements and the lack of real utilization across the advisors didn't equate to a profitable situation.  There was a decision that a more flexible way to manage the process must be possible a resource that could be flexible to the advisor needs and one that could keep expenses aligned with revenue.   

The Trutelic Implementation approach...

  1. Brainstormed on the business needs for social media and the internal policies around monitoring and supervising activity.  
  2. Mocked-up an interface that made things visually easy to confirm, ensuring we were on the right track with the new solution to fit the advisor need as well as those needs of supervision team
  3. Prototyped the new interface in a sandbox to enable the advisors, support staff and supervisory teams an ability to test
  4. Piloted the social media activity functions to gain some case studies of success that would drive organizational adoption
  5. Deployed the solution and trained all the end users on how to get the most value out of their social media efforts

We developed social media API integrations with Facebook, Twitter and LinkedIn with compliance workflows to ensure the Trutelic iOP Beacon Content Management System was fully capble to deliver an end to end solution for the enterprise.  In the solution the client ws able to setup a dashboard to turn on and off social media monitoring and publishing functions across the organiation based on advisor or enterprise needs.  In addition to the ability to control acces we used an active compliance interface that allowed th team to track social media activity (both from the system or on the social sites directly) using a keyword driven algorithm.  The product actively monitored all connected sites for these keywords and notified the comliance team of situations that may need review rather than the current proess where manual reviews were the only way to achieve the result.  The combination of these features gave the company a complete resource to mange and control social media and even allow access to specific users based on need vs. minimum license requirements.

The value initially was a huge reduction in technology expenses due the client being able to close down those unfair licensing contracts with legacy software vendors.  The company was also able to pass the expense of the monitoring through to advisors strategically based on the advisor usage of the product so they were able to reduce unnecessary expenses for enterprise functionality that was not adopted.