Morgan Stanley joins the virtual cocktail party… with chaperones

imageMorgan Stanley’s ears must have been burning! I was talking about their social media use just last week, with an international consultancy that currently trains their consultants to tweet from a library of pre-written messages. 

The conversation reminded me of Morgan Stanley’s Green Light for Social Media – Bankers or Bots? because Morgan Stanley were heavily criticised for adopting the same approach when they approved 17,000 financial advisers to use Twitter and LinkedIn back in June 2012. If every tweet that you share is scripted and pre-approved, how can the contacts that you’re trying reach know that there’s a real person tweeting?

It’s taken two years, but this week Morgan Stanley finally gave their brokers freedom to tweet self-authored messages. Advisers who have at least 15 followers are now allowed to create their own tweets… if they attend an online training course, and get each message approved before posting, which “could take several hours”.

It is a step forward, but can you imagine going to an event and every time that you wanted to start or participate in a conversation you had to stop and ask a chaperone to approve what you were about to say?

Having spent 15 years in the City, 13 of those with Morgan Stanley, I’m fully aware of the challenges. Of course there are compliance issues and regulatory requirements to manage, but professionals know what they can and cannot say publically, and technology can ensure that appropriate records are kept.

The speed and reach of social media can exacerbate fears, but I have yet to discover a concern that does not also apply to emails and calls. I had a recorded telephone line at Morgan Stanley. I knew that my email account was monitored. But I did not need to ask for permission before making a call or writing an email.

Social media is just another way to talk. As with telephone/fax and email before, you will need training if it is new to you. After that, if you’re trusted to attend and speak appropriately at real life cocktail parties, you should be trusted to do the same at the virtual one!

#WEB2014 – How do you inspire?

WEB20142,000 Women in European Business gathered at Deutsche Bank’s Conference on 4 June to hear “trailblazing individuals who leave their mark both on society and in business” answer this question. The evening was choc-a-block with lessons learned, inspiring stories and valuable advice…this blog post provides a roundup, despite my usual means of note-taking being restricted by these pre-event signs – Argh!Please switch off
When I shared this photo on Twitter, with “Hmm, that’s going to make it tricky to tweet” @TDRsalon immediately replied with “When will they learn!”. Regular readers may be surprised that it’s been three years since I voiced my frustrations to The IoD and they committed to change their announcements to “please leave your phones on”.

Frustrations aside, an excellent event, with fantastic speakers and panellists…

Interview with Joanna Lumley – conducted by Mishal Husain, BBC News
Joanna LumleyAbsolutely fabulous Smile Within seconds of stepping onto the stage, anyone who wasn’t previously in love with Lumley, fell. As Husain introduced Lumley there was the clunk of a bottle falling against some glasses somewhere in the audience. Lumley immediately responded with “steady darling!”. In amongst all the laughter and loveliness was an abundance of gems (Lumley knew Husain’s grandparents – handfuls of emeralds were involved):

  • My mother told me: there is nothing you can’t do, so do it; she also told me to stand up for the underdog and face the bullies.
  • If you’re going to take on something, don’t let them finish the sentence – just say that you’ll do it. Have no fear. You mustn’t give up. See it to the end.
  • Ab Fab took six weeks a year. £3,000 per episode, £18,000. People should know. They think you earn millions.
  • Don’t be afraid of getting old! It’s thrilling. I may be the only person in London who’s kissed every single James Bond – each was special in his own way…
  • Mistakes? Not listening… when caught, say: Go on!
  • In response to: Why a bridge in London, rather than, say money for Birmingham? – If you want to raise money for Birmingham, raise money for Birmingham. I’m raising money for the Garden Bridge. Do what you can. You can always do something.

For more, see Joanna Lumley’s lessons for the ladies of Deutsche Bank by Sarah Butcher at efinancialcareers.

Business panel discussion
Panel

Husain asked the panellists to share key lessons learned, skills required for leadership, and the most valuable piece of advice that they had received. From left to right (sorry, I didn’t take a shot including Luke Johnson):

Ann Cairns, President, International Markets for MasterCard

  • Women often apologise for doing their job – stop saying sorry.
  • You’re only as good as your boss thinks you are. For the best advice, ask your ex-boss. Once you stop working for them, they tell you everything!
  • Leaders must have a clear vision – they need to communicate it well, and give people the ability and responsibility to execute.

Emma Howard Boyd, Stewardship, Jupiter Asset Management

  • Seek out what’s important to you.
  • Giving back is essential for leadership.
  • When applying for a job, women want to meet all the criteria and not look at it as a challenge. Be very clear and precise when seeking a new role.

Daniela Barone Soares, CEO, Impetus – The Private Equity Foundation

  • Focus on transferable skills. My transition from Investment Banking to Save the Children proved that my skills were transferable.
  • You need both mentors and sponsors, You need to ask.
  • Work out what motivates and drives you. Leaders have to have self-awareness – know your strengths and what trips you up.

Luke Johnson, Chairman, Risk Capital Partners

  • I do worry about failure, but it’s only from trying things out that you get to the winning formulas. Innovation and experimentation are necessary for us to advance. You learn more when things go wrong. You will always recover from failure. Success is moving from failure to failure without giving up.
  • Everyone should have a go at running a business at some point in their lives. I believe that entrepreneurs are vital for job creation, they are key to the UK economy.
  • Most valuable advice? Two pieces: (1) start a business; (2) never give a personal guarantee.

Closing keynote – Amy Cuddy, Associate Professor, Harvard Business School
Power-posingPower-posing! I was aware of nonverbal communication and body language affecting how others see us… but can we really change our own minds by changing our posture?

Cuddy’s research shows that standing in a posture of confidence (even when you don’t feel confident) can affect testosterone and cortisol levels in your brain. It can take as little as two minutes.

Testosterone = dominance and confidence. Cortisol = stress.
Increased testosterone + Lower cortisol = Increased power/leadership/success Smile

In Cuddy’s own words:

  • Years ago, following Joanna Lumley would have made me want to hide, now I’m inspired.
  • When animals feel power, they stretch, expand and take up space. When we win, we automatically do this – arms up in the V, chin slightly lifted – we can’t help ourselves, it’s hard-wired. The instinct is so  strong that congenitally blind people also strike the pose when they win. It doesn’t matter that they’ve never seen it.
  • What do we do when we feel powerless? Again, both animals and humans do the same thing. We wrap ourselves up. We make ourselves small.  
  • What should you do before difficult situations? … two minutes of power-posing improves all elements of the equation, increases creativity and your pain threshold. Our bodies can change our minds, and our minds can change our behaviour.
  • Presence creates power, and power creates presence. Tiny tweaks can lead to big changes.
  • Power posing doesn’t change what you say, but how you say it. It’s not about faking it until you make it, but faking it until you become it.

For more, here’s Cuddy’s TED talk.

Great conference Deutsche Bank, thank you. Power-poses all round!image

3 Financial Services Social Media Success Stories

As financial services firms step-up their use of social media, we’ve been looking for some early success stories. Here are three great ones:

The Rock Group (a Morgan Stanley company) generated 28% of their revenues from social media in 2011, including one $70m account. Financial advisor Mitchell Rock explained that the key to success is to understand your target market and focus on a niche.
Source: Reuters

LPL Financial win a $3M account from a prospect who followed the firm’s Facebook Page for 8 months. Financial Advisor David Armstrong was prospecting a business owner but the person was not ready to make a decision. That person, however, decided to follow the firm on Facebook.

“It was an easy way for him to see what we are thinking without us bothering him,” he said. As a result, the prospect later told him, “I love what you have been writing for the last eight months. I am ready to move my accounts to you.’
Source: Financial Planning

Morgan Stanley financial advisor wins $2.6m account from Linkedin.
Morgan Stanley Smith Barney adviser Mark Scribner one day noticed that a business acquaintance he hadn’t spoken to in 15 years had viewed his LinkedIn profile. Scribner called the acquaintance, mentioned LinkedIn, and within days was handling a large life insurance policy for the man’s boss.
Source: Wall Street Journal

Digital Disruption in Financial Services

Interesting new report from Deloitte called “Digital Disruption – Short Fuse, Big Bang”. The report looks at how digital technologies will disrupt industries over the coming years.  This chart caught my eye.

Six industries were singled out as the ones to expect a short fuse, big bang:

  • IT and Media
  • Finance
  • Retail
  • Professional Services
  • Arts and Recreation
  • Real Estate

Deloitte write:  Digital innovations are transforming the economic landscape far more profoundly than any other big shifts, such as deregulation, oil shocks or mining booms and the way companies operate and engage with their customers is already significantly different to how it was only a few years ago.

My copy is downloading at the moment. You can get yours here.

5 Examples of Investment Banks’ use of Social Media

2012 has turned out to be a breakthrough year in financial services as investment banks finally start to work through the regulatory hurdles and wake up to the opportunity that social media offers.

Here are 5 examples of how investment banks are using social media.

Deutsche Bank

Deutsche Bank has official news services on Twitter and Facebook, plus active accounts on YouTube and Flickr, but in the main posts are sterile PR pronouncements and news releases. What’s much more interesting is the Twitter account of Ted Tobiason. According to Bloomberg Ted is the only investment banker authorized by the German firm to have a business-related Twitter account. Ted describes himself as Managing Director in Technology Equity Capital Markets and tweets analysis and opinion around tech IPOs. Especially interesting is that there are no disclaimers to been.

Deutsche Bank Twitter

JP Morgan

JP Morgan are using Facebook to promote their annual Corporate Challenge event. A great example of how social media can be used for corporate social responsibility initiatives.

JP Morgan Facebook

Citigroup

Citigroup’s Facebook page stands out amongst competitors. They have chosen to focus on their history with a great cover image showing key moments and a Facebook app letting the user navigate the timeline and learn about the bank.

Citibank Citigroup Facebook

Citibank Citigroup Facebook App

Barclays

Barclays are using Facebook as graduate recruitment tool. What’s particularly nice about their page is that it is run by recent graduates. The page encourages undergrads to Like the page to chat to existing graduates working for Barclays about their experiences there.

Barclays Facebook Graduate Page

Morgan Stanley

Morgan Stanley Smith Barney famously unleashed 17,000 financial advisors onto Twitter earlier this year to mixed response. Why the mixed response? The advisors must select their tweets from a library of canned messages. No interaction allowed!

Morgan Stanley Twitter Financial Advisors

Are you on social media yet?

Have you made the move to social media yet? Sure there’s a bunch of stuff to work out around legal and compliance, but it needn’t be as complex as you think.  If you want a few pointers in the right direction, have a chat with us.

Do you have any other good examples of Investment Banks using social media?