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A Realistic Company Social Media Policy

July 28, 2010 by fpapractice

How many employers have this or a similar type of policy for their firm?

  • For reasons of safety and to avoid potential computer viruses as well as to allow the company to properly function:
    • You can not access the server to go onto the internet for any purpose or to any site.
    • Access to personal instant messaging, blogs, message boards, chat rooms, unauthorized sites (community sites such as Linked In, Facebook, You Tube) is not allowed, and attachments are not allowed.
    • Access to personal email is prohibited.
  • Prohibited use of e-mail, blogs, chat-rooms, instant messaging includes, but is not limited to ….

Is this enforceable? How? If you have this policy you need to enforce it all the time for all members of the team, including management. Otherwise you are liable for discrimination, harassment and/or unfair treatment allegations.

Social media is everywhere and growing larger and larger. I believe that management-driven, no-access policies are unenforceable. You are asking employees who do this regularly during their off-hours to stop completely at work. As an example—how easy would it be to enforce a “no caffeine” policy at work? You can drink coffee, soda, tea before and after work but never on company premises. How could you enforce that policy?

Can employees be productive and still use social media responsibly? You have to protect company information and equipment and ensure your firm remains productive. Many successful corporations, such as IBM, have social media and virtual world guidelines.

Remain productive, adhere to compliance regulations and maintain proper security by building a social media policy from the ground-up:

1.  Begin with understanding. In most firms, there is a diversity of culture and generations. Some people use social media more often than others. Have a conversation with employees about your current social media or computer policies. Do they make sense?

2.  Have a training program on the proper techniques for using the internet. Employees who know how to use the internet properly can be trainers for others who don’t. Use your technology consultant to help explain using the computer reliably and safely.

Some things to be aware of, even when using social media on personal time:

  • What you say is public domain and accessible by anyone. Postings, comments, tweets, blogs have been used in lawsuits. References and commendations online have been used in unlawful termination suits.
  • Be careful to decide if you are representing the company or posting personal comments, tweets, blogs, etc.
  • Be respectful of yourself, the company and others. Respect the privacy of others (including companies).

3.  Tie in the social media company policy to firm productivity and individual performance. Ask employees how the company might continue outstanding productivity and use social media effectively.

Remember: whenever you are creating or changing workplace policies, you need to consult with experts in human resource and law to be aware of local, state and federal regulations.

This blog is meant for general discussion purposes and is the personal opinion of the author. If you’d like more information on what to include in a social media company policy, feel free to send me an email: marydunlapconsulting@verizon.net.

Mary Dunlap, CFP®
Mary Dunlap Consulting
Pottstown, Pa.
Marydunlapconsult@verizon.net

Posted in HR/Staff | Leave a Comment »

Know Thy Client

July 26, 2010 by fpapractice

In my work with financial planners, I frequently make the point that a successful practice is built on knowing and understanding their clients. I also emphasize that this objective can only be met through adopting the intention of getting in touch with each client’s unique frame of reference. The reason this is so important is that each person’s “frames” shape their personal version of “reality.”

There are many other terms for this concept such as perspective, world view, and mode of operation. However, one my favorites is “maps” as defined in Communication with Clients: A Guide for Financial Professionals by Charles J. Pulvino, James L. Lee, and Cynthia Forman:

“As people grow and develop, they store their life experiences and their reactions to those experiences. A person’s experiences are gradually woven into a personal representation of the world… Each person’s package of life experiences is analogous to a fine tapestry… In this book we will refer to these finely woven personal representations as maps.”

The authors go on to explain that maps are built over time through an accumulation of life experiences. They also emphasize that maps have a powerful influence on an individual’s financial life.

“Clients’ maps affect how they make decisions; how they use money; how willing or capable they are to take risks; and how they view their personal, business and financial goals. By understanding clients’ maps, you have a better basis for communicating with them.”

Several years ago, I read an interview in the Journal of Financial Planning with Elissa Buie, CFP®, former president of FPA, who provided a wonderful illustration of this point. Elissa indicated in the September 2001 article that she specializes in a holistic, client-centered form of financial planning. When asked how she got started along these lines, she replied:

“I had hired a business consultant and he pushed me to evaluate who were my best clients. I realized I had no typical profile: I had clients from all walks of life, income levels, vocations, and avocations. The common thread was that my best clients were the ones I knew the best. So I flipped that around and realized I had to make sure I know all our clients as best I could. I started taking a life history of all our clients and from that evolved the goal-setting capabilities.”

Elissa’s phrase “my best clients where the ones I knew the best” really struck me, and I have quoted it time and time again. What she discovered is that knowing a client’s history gives important clues regarding their maps or frame of reference. And that, in turn, provides the foundation for an effective and meaningful goal-setting process.

I believe the most successful client relationships are built on asking the right questions. That is because good communication is more about listening than it is about talking. And, to this end, the best financial planners continually seek to perfect their inquiry skills.

Carol Anderson
President
Money Quotient
Poulsbo, Wash.

Posted in Client Skills | Leave a Comment »

So What Do You Do?

July 21, 2010 by fpapractice

[Editor’s note: A big welcome to our guest blogger, Kristin Harad, CFP®, a financial planner who previously spent 14 years in financial services marketing.]

The few words you use to describe your practice can seem so simple that you may never have put much thought into what you say. But what you call yourself is vital for shaping how other people, especially prospective clients, view the services and value you offer.

Do you operate with the ‘take all comers’ philosophy of a generalist, as many planners do? Perhaps you feel that you should try to serve every prospect, so you describe yourself as broadly as possible using terms like “financial planner” or “Certified Financial Planner™ (professional)” or the nebulous “financial adviser.”

The problem with these words is that they force people to figure out what you really do and whom you best serve. Vague descriptors provide minimal insight into the value you provide. The person you’re talking to—a prospect, complementary service provider or even someone you’ve met at a party—has to work to ask the right follow-up questions to discover if you are a fit. Often, they won’t bother. If you are using ambiguous descriptors on your website, for example, you’ve lost the opportunity for ideal readers to learn more in the few seconds you have their attention.

Ironically, too many financial planning professionals are so concerned with missing out on a prospect that they let countless opportunities slip right past them without even realizing it. The generalist strategy is one of the least effective marketing strategies since clients rarely search for someone who can work with everyone; they seek professional expertise from someone who can help them solve their specific problems. When you describe yourself as a specialist, you have much higher odds of forming an immediate connection with the right prospects.

Take a moment to think about how this applies to other professionals. Are you more likely to refer business to the “lawyer” you just met or to the “divorce lawyer,” “real estate attorney” or “estate planner for new parents”?  Will you want to know more about a person who “sells insurance” or the agent who tells you that she specializes in small business health plans, variable annuities or coverage for rocket launches?

Now think about your target market and the key services you sell. Craft a pithy descriptor that conveys the benefit you bring. Remember, the more specific you are, the more effective this will be. So while a financial planner “focused on clients preparing to retire” is a big improvement, a financial planner who “helps new retirees relax knowing they won’t outlive their income” squarely hits the nail on the head and will spark an enthusiastic conversation from anyone you meet who is pondering that issue. 

Describing yourself so narrowly to everyone you meet may feel a bit counterintuitive. However, clearly categorizing what you do will attract the ‘perfect’ prospects who eagerly want to learn more. 

Kristin C. Harad, CFP®
Founder and Principal
VitaVie Financial Planning
San Francisco, CA

Posted in Marketing | 3 Comments »

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