Social Media—Risky Business or Filled With Opportunities?

One of the first things I hear when talking to insurance and trust companies about social media is “managing risk and compliance.” Oddly enough, nearly half of these prospects don’t have social media guidelines or internal procedures to handle a social media meltdown, should one occur. What should you do when a client or prospect starts badmouthing you or your company? What’s been successful in the industry, and what should you be doing? To me, not being able to answer these questions sounds like the ultimate risk.

So, what’s the solution for managing social media for insurance agents or financial advisors? “I’ve got it,” shouts one of your over-zealous team members. “Let’s hire a college grad (with a hint of sarcasm)! They know this stuff and interact on social media all the time.”

Well that’s a heck of a plan (again, sarcasm) because, in most cases, your new social media “guru” doesn’t have knowledge of your brand, industry regulations, business-level social media platforms, or any real marketing experience to act on your behalf. Doesn’t this sound like a risky compliance nightmare, too?