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