MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Posts Tagged ‘private bank’

GooglePlus: the stepchild of private banks’ social media

Monday, December 2nd, 2013

In our recently published report on social media for wealth management, our analysts included Google+ in their evaluation of wealth managers’ activities on the ‘big 5′ of social media platforms. Launched in June 2011, Google+ not only caught up with Facebook, Twitter, LinkedIn and YouTube but even reached the second place in user activity after overtaking Twitter, by the mid of 2013. With 34% of all Internet users being present on Google+, only Facebook with 46% is still capable of defending its first position.

Given these developments the findings of our analysts are somewhat striking since the overall performance of the 30 evaluated private banks on Google+ is in clear contrast to its increasing importance. On average only 22% offer a Google+ presence. While the consensus still seems to be that being present on the other social media platforms is important, Google+ will gain influence rapidly. Why?

- Because the trend clearly depicts it: after 88 days Google+ had 50 million users. Facebook reached that after 3 years.

- Because it belongs to Google: presences on Google+ definitely have an advantage on Google Search results.

- Because it’s different: information is posted in real-time, without being limited to either space or channel. It gives a more professional impression than Facebook and has more interactive features than LinkedIn.

- Because of selectivity: information can be spread to the right persons through segmenting posts by ‘circles’ (note: Facebook has introduced a similar feature).

- Because of YouTube: Google’s other big social network YouTube, the most important social video platform, is strongly linked to Google+ - moreover, a Google+ account now even is required to sign in for YouTube.

- Because of smart features: Hangouts can be used not only for private chats but also for webinars, directly being posted on YouTube, or conference calls with up to 10 participants.

What is the take away for wealth managers’ social media strategy? Google+ must not be underrated. As the stepchild of social media is growing up, it should be taken seriously - underestimating its influence might carry the danger of lagging behind in the competition for the eyeballs of your clients and prospective clients.

 

Financial Times Quotes MyPrivateBanking on Anti-Kick-Back-Initiatives

Monday, December 6th, 2010

The Financial Times is quoting MyPrivateBanking’s research director on how kick-backs are on the (slow) retreat in Europa. Frequently, fund sponsors and other financial product providers are paying kick-backs or commissions to private banks and wealth managers when they sell their products to clients. This happens often without disclosing the commission to the private banks’ or wealth managers’ client:

But as in the UK and US, the European Commission and some national governments on the continent are laying track for more consumer and investor protection measures. “That’s a big force - not directly for fee-based consulting, but for more transparency, more disclosures, more fairness, whatever that might be,” Mr Binder says. “There are a number of regulatory initiatives right now - where banks have to disclose the ‘kickbacks’ from fund firms and fund sponsors, for example - that will have the effect at the end of day for more consulting to look like fee-based consulting.”

MyPrivateBanking has just released a report on fee-only financial advice in Germany.

 
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