Archive Our Emails? LinkedIn-Using Mutual Fund/ETF Employees Push Back  

Mutual fund and exchange-traded fund (ETF) firm adoption of social media has hit a bit of a bump in the road. Maybe it was bound to happen.

Overall, employees seem to have been tickled about their firms wading into social media—it wouldn’t have been believed possible when many employees signed on.

But because Marketing has tended to the nitty-gritty of how the corporate social accounts need to be managed, few employees have had intimate knowledge of the long reach of FINRA when it comes to communicating on other domains.

It’s only now that firms are beginning to empower wholesalers and other employees to actively participate (more than the establishment of a profile) on LinkedIn, the rest of the firm is being introduced to the cold hard fact that business communications on social networks fall within the purview of Compliance.

Based on multiple conversations I’ve had with marketers over the last several weeks, some employees object to Compliance requiring them to use their business email addresses as their primary email address on LinkedIn. And, some smart at the idea that all those communications will be archived by the firm.

Perhaps it’s an overstatement to appropriate the Gartner hype cycle chart here. Employee expectations have never been inflated, and I doubt there’s deep disillusionment now. But learning the implications of participation is reportedly giving employees pause and even stopping a few in their tracks. Those who insist on total control are opting out of LinkedIn altogether.

The whole "activation" phase leading to enlightenment and productivity is not going as smoothly as hoped. 

This discussion finds firms assuming some black-and-white positions (for registered employees) and navigating a gray area for non-registered employees.

I’ve reached out to three leading social media archiving vendors to get a better feel for how firms across the board are balancing FINRA requirements, Compliance and IT issues, and employee concerns. 

Since the beginning, the archivers have embraced the need to educate the market (see this 2011 report) and their contributions here are yet another example. None of their comments can take the place of legal advice, of course. Below you’ll also see comments from Blane Warrene, a friend and someone familiar with best practices from his work as co-founder of Arkovi, since acquired by RegEd.

Hope these help.

2 Approaches To 'A Lively Conversation’

From Joanna Belbey, Social Media and Compliance Specialist, ActianceFinancial services is an industry that has regulatory requirements that require firms to capture, archive and make e-discoverable all “business” electronic communications. These requirements are called “recordkeeping” or “books and records.” 

Joanna Belbey, ActianceThe regulators make it quite clear that “content is determinative.” Therefore, it doesn’t matter if it’s a corporate email from a firm-issued device, an instant message on a personal device, an update on a collaboration tool or a post on a social media site, if it’s a business record, it’s subject to recordkeeping requirements.

Firms are challenged to create policies that define the types of business records that will be captured and to use technology to support the policy.

Fifteen to 20 years ago, all firms had to worry about was email. Now the communications landscape is much more complex. To make it even more complex, employees may “channel hop,” i.e., have a conversation that starts on the phone, and then moves to email, instant messaging or even social media. In the end, the communications stream may need to be reconstructed so that regulators or litigators may understand the conversation in context.

Recordkeeping polices are always a lively conversation at regulated firms among Legal, Compliance and Risk Departments. The goal is to retain just enough to satisfy regulators, while limiting liability. After all, the more information you retain, the greater the risk that regulators or litigators will find something, and the more expensive it is for archiving and retrieval.

Based on the culture of compliance at a firm, here are two approaches that we’ve seen for InMail within LinkedIn:

1) Some firms elect not to retain InMail. For these firms, personal emails are posted as the primary email address, and non-business-related communications are sent through LinkedIn.

Employees post a message on their profiles such as "I cannot respond to any communications or questions about the financial services industry via LinkedIn. Please use my company email address for all business-related inquiries."

The use of InMail is allowed only to make connections and InMail is not to be used as a broadcast or “blast” medium. Any InMail received that is business-related is forwarded to the company email account and replied to via corporate email only.

This approach relies on clear social media polices, training and judgment on the part of employees. To mitigate the risk of non-compliance with recordkeeping requirements, firms need to put processes in place to spot check adherence to polices. 

2) Most firms elect to retain all InMail. For these firms, company email addresses are typically posted as the primary email address on LinkedIn and all communications (both personal and professional) are sent through LinkedIn. All communications are monitored and retained, regardless of whether the communications are personal or professional. 

The advantage of this approach is that processes are clear cut, can be automated with technology and resemble existing policies around email. The downside is that employees may object to their personal communications being archived and although it meets regulatory requirements, it may increase the risk of liability for the firm.

At the end of the day, every firm is different and will need to create recordkeeping polices and processes based on their culture of compliance and risk tolerance.

Planning To Use The Account? Archive It

From Victor Gaxiola, Customer Advocacy Manager, Hearsay Social, after conferring with the firm’s Head of Legal/Compliance: If the expectation is that LinkedIn will in any way be used for business, then it is appropriate for the business email address to be listed as the primary contact.

However, if the employee plans only to have a static profile, and will not be updating or sharing content that is business-related, then they can use their personal email address. In this case, a firm may ask the employee not to associate with the firm to avoid the risk of sharing a business-related post that would make them liable.

Victor Gaxiola, Hearsay SocialEmployees who push back on the use of a work email address as a primary email address—especially if the activity is being monitored or archived—stems more from a concern that they could be looking for work or applying for jobs, and they don't want any of that activity to be captured.

Use of the work email or personal email does not make any difference in the liability of the firm as much as the content the employees are sharing does.

Regardless of whether they use a personal or a work email address as their primary address, if the registered employee is using LinkedIn for business and is sharing content related to the industry, then the firm has a responsibility to monitor, archive and retain records of the activity. 

It's similar to the use of a private vs. company-sponsored device where the content is determinative—not the medium. This is covered in FINRA Regulatory Notice 11-39 (link opens a PDF).

Client-Facing Is The Test

From Bruce Milne, executive vice president, Socialware: In our experience, employers see a significant risk in regulated employees using LinkedIn for business purposes but using an alternate email address for conducting 1:1 communications. A few not-insignificant fines and censures have been levied against firms that allowed financial advisor-to-client communications to happen through alternate email channels.

FINRA has interpreted any use of LinkedIn for registered employees as "business use," so archiving, post-review and all the other compliance rules apply. 

For non-registered employees, however, the rules become less clear. The distinction that we have typically seen is that employees who are client-facing, who have communications with clients through LinkedIn, must use a firm address and track all communications.

Bruce Milne, SocialwareNon-registered employees who use LinkedIn strictly for personal use may use a personal email, and will not likely be archived (firms don't not want the additional risk of archiving personal information from peoples' social networks unnecessarily).

The technical process of archiving is neither difficult nor particularly expensive, but archiving personal conversations may create reputational, legal or other risks. In this instance, the standard is to require them to not use the name of their employer. 

We have received a few requests now for firms to extend the same access controls and compliance features that we provide to registered employees to all corporate employees on their work desktops, but only for the duration of their workday. If they use social media at work, the firms would like to limit what activities they can do (and monitor for data leakage, etc.)

But in their off-hours, the employees—using their own social network profiles on their own personal devices—are on their own recognizance. 

Best Practice: Acquire Voluntary Attestation

Blane Warrene, co-founder of Arkovi Social Media Archiving, now financial technology speaker and advisor and editor at large of The DigitalFAThere are a couple of challenges here. 

  • There is mixed precedent set in U.S. courts regarding who owns the LinkedIn profile in general, as well as contacts acquired during employment with a firm. 
  • If an existing LinkedIn account was in place, it is a challenge to try and force the employee to make the business email address primary unless the person is explicitly registered and subject to FINRA supervision and attests voluntarily to use their LinkedIn account for business purposes to the benefit of their employer. You have to also watch how the National Labor Relations Board approaches this as much as any industry regulatory body.
  • Blane WarreneIt does open up the need to archive InMail, and that is also a challenge as folks have wide networks beyond the office and often communicate via InMail. This can bump up against myriad state and federal laws, statutes and guidelines.

A best practice would be: 

  • Focus on assuring that profiles are set up optimally and compliantly.
  • Have a clear policy, legally vetted, on who owns what data on LinkedIn when accounts are being used for business purposes and then acquire voluntary attestation to that policy for all participants.
  • Be certain to offer up great tips, techniques and genuine relevant brand content that participants can share to seek engagement from their networks.

What’s It Like To Work At….?

Bill Gross can’t be the only asset management firm employee who’s wondered whether the grass is greener somewhere else. Fortunately for job-seekers inside and outside the investment industry, “careers” videos are becoming prevalent both on LinkedIn Career pages (a paid service) and domains.

(By the way, do you remember when LinkedIn used to publish key statistics about employers, based on roll-ups of individual profiles? At right is a screenshot example of the beta feature in 2009. As its database has grown, this would be even more reliable now. But I digress.)

Of all the storytelling that’s being attempted by digital marketers nowadays, the careers videos are among the best work. It helps to be working with people and emotions.

Which is not to say that these are easy to produce. There are too many stakeholders and too many balancing issues (which locations, which businesses represented, how much diversity is enough) to expect to get these done in short order. Once created, however, they seem to have a fairly long shelf life.

Do you work for a smaller firm? Don’t take a pass just because you don’t do a lot of hiring. These videos are as much about conveying the culture of a firm (important to clients and prospects, too) as they are about appealing to job-seekers. And, as we’ve seen with lots of other online videos, low budget and informal videos can be powerful and effective. Maybe you already have some video that can be repurposed.

Sunshine, lollipops and rainbows everywhere? Even if the videos do present an idealized view of a workplace, I’m a sucker for these.

Forward: No To The Status Quo

“We like people who are going to step back and question how things are done,” says Forward CEO Alan Reid. Enough said, although this 2:45 video elaborates.  

Fidelity: The Longest Personal Relationship

Fidelity is a bigger employer than most, which explains why it has a Jobs subdomain and a media library of no fewer than eight videos. My favorite features long-term, blissfully happy employees at a 2013 Employee Service Recognition ceremony. I love everything about this, including the snazzy jazzy music.

Putnam: Smiling And Dialing

Smile and dial, that’s the motto of the “people” people who are on the phones at Putnam

They Are Franklin Templeton

Did somebody say “integrity”? Yes, they did, over and over again in this Franklin Templeton video.

AQR: Stimulating Work

On its site, AQR features videos highlighting three employees. This "Why AQR?" video shows a vice president on the global alternative multi-strategy team discussing the stimulating environment, including working side by side with her Wharton undergrad accounting teacher. The videos aren't able to be embedded, just click on the image to go to the video-serving page.

Morningstar’s The Coolest Thing

The assumption of this Morningstar video is that job-seekers are hoping to find a “cool” employer—so Morningstar delivers, along with bagels apparently. 

Baird: Teaching Underwriting

Robert W. Baird makes quite a few culture and employee benefits points in this 2011 profile focused on a single investment banking associate. It’s one of 12 video stories in the Careers section of the Baird site


PIMCO, Janus Left Twitter Out Of The Mix When They Broke Their News

Well, that was disappointing.

PIMCO, the first U.S. asset management firm to take to Twitter (originally using @PIMCO_tweets as an account name) and still the asset manager Twitter account with the most followers, left Twitter out of the communications mix when it broke news on Friday.

On Friday, the firm issued a press release to drop the bomb that co-founder and chief investment officer Bill Gross would be leaving the firm and heading to Janus. Given Gross’ dominance at PIMCO and management responsibility for the $220 billion PIMCO Total Return Fund, this was material information for parent and public company Allianz. Of course, a press release was called for.

Similarly, Janus’ hiring of Gross warranted a press release from that firm and prominent home page treatment.

But neither PIMCO nor Janus sent a tweet about the Gross news. Yesterday and today, PIMCO posted tweets about the availability of a new article on the fund that Gross managed. The @JanusCapital account posted an unrelated tweet on Friday and nothing since.

One can only imagine the crisis planning that drove the communications and coordination surrounding the announcement. There’s the framing of the key messages for multiple audiences/stakeholders, the prepping of the spokespeople, the overall battening down of the hatches for the coming storm.

The “How do we reach them?” question immediately follows “What do they need to know?” in communication planning.

With the salient points already articulated for the press release and other talking points that were no doubt prepared, why weren’t there tweets—“Bill Gross leaving PIMCO” with the link to press release on its site and “Bill Gross joining Janus” with a link—from PIMCO and Janus, respectively?

I don’t get it. Does this reflect executive management lack of appreciation for Twitter and communicators’ failure to sufficiently advocate? Is there so much of a gulf between public relations and marketing? Has it been a while since the plan was updated and Twitter was somehow overlooked? 

This InvestmentNews coverage of advisors’ reaction by Friday morning illustrates what we should all know by now—the decision by PIMCO and Janus not to communicate on Twitter didn't stop the Twitter commentary. Also, see the full search results of tweets mentioning @PIMCO and mentioning @JanusCapital from Friday to Saturday. 

I use this blog to focus on successful strategies and tactics of mutual fund and exchange-traded fund (ETF) firms. But I decided not to hold back today because if PIMCO—of all firms—doesn’t acknowledge the value of Twitter and its Twitter followers, I worry for other asset management marketers working to establish Twitter as a viable communications channel.

This episode provides an occasion to consider what’s in your plan regarding Twitter and communications with breaking news value.

Gross + Twitter 

There was nothing ever remotely social about PIMCO’s Twitter account. It followed exactly one, PIMCO-related account, never re-tweeted and never replied. @PIMCO gained an average of 76 followers a day based almost entirely on the fact that Bill Gross was known to write his own tweets. Back in the day, the account avatar featured not the PIMCO logo but a combined photo of Gross and Mohamed El-Erian, CEO and co-CIO. El-Erian, while gone from PIMCO, continues to be an active Twitter user.

Of course, the so-called Bond King could have scored an appearance in the investment media anytime he wanted. But Gross was early to capitalize on using Twitter to directly share micro-insights, some of which made news themselves. And, displaying more investment executive personality than any other asset management exec on Twitter, Gross often used Twitter to mix things up (see the Carl Icahn kerfuffle).

PIMCO gave Gross what appeared to be full rein of the Twitter account and he turned it into a must-follow. The notion that such an influential, successful money manager would consistently post pithy takes on the markets was irresistible for those looking for an information advantage. Gross’ use of Twitter raised the possibilities and expectations of other investment company Twitter accounts, I believe. And yet those 179,000 followers learned of Gross’ departure from somewhere other than Twitter. Sigh.

By the same token, by choosing not to share its enthusiasm with its 4,000 followers, Janus missed an opportunity to bask in what was mostly goodwill from Twitter this past weekend.

The Risk Of Marginalizing The Channel

Over the last few years, consumers, including investors and financial advisors, have learned to turn to Twitter when news of any kind breaks. Eighteen months ago, the SEC confirmed that public companies can use Twitter and other social media outlets to announce key information in compliance with Regulation FD. 

But is breaking financial news different for some reason? I asked this question in an AdvisorTweets blog post in May 2010, when the flash crash caught everyone by surprise, StockTwits was blowing up and yet the Twitter streams of most Establishment financial services providers including the NYSE continued on their merry, canned announcement ways without commenting on the one event that was drawing the country, even the world’s, attention. Granted, that was early in financial brands’ use of Twitter and the event itself took some sorting out.

There have been several minor events since, repeatedly prompting me to wonder why financial Twitter accounts avoid addressing the real news. To use Twitter to broadcast company news, corporate gift-giving, the availability of product communications but to avoid mention of the real news affecting your firm is to marginalize your followers and the channel. A Twitter account that serves as a go-to source of important information, even the historical record of your firm, has more value than a virtual bulletin board.

While many will have their eyes peeled on the assets in PIMCO funds and where they go, let’s some of us watch the @PIMCO Twitter follower count. Even more interesting: Whether the arrival of Gross will lead to Janus using Twitter in a more expansive way and the growth in followers that will result. 

Update: ZeroHedge this afternoon reported that all Bill Gross tweets have been deleted from the PIMCO account. 


42 Mutual Fund And ETF Asset Manager Blog Feeds For Your Reading Pleasure

Every time an asset manager launches a blog, a team of angels gets its wings. Or something like that.

There’s a lot of prep required to bring a blog to life, never more so than when you have to prove the business case, grease the Compliance wheels, collaborate with IT on a platform and corral highly compensated investment talent to commit/submit to a regular writing schedule. 

On the occasion of both the Loomis Sayles’ blog launching this week and the one-year anniversary this month of Vanguard’s Institutional blog (yep, not only do institutional investors “use the Internet”—they read blogs, too), I thought I’d share my list of mutual fund and exchange-traded fund (ETF) RSS feeds.

As I’ve noted previously and elsewhere, an RSS feed reader is an easy, efficient way to plow through the news. But, subscription numbers available from the leading RSS feed reader, Feedly, suggest that relatively few asset manager blogs are read this way. Not even the most popular Vanguard blog clears 1,000 Feedly subscribers, although that number has doubled in a year. Most investment company blogs have just double- and even single-digit Feedly subscribers. Apparently, the more common way to keep up is via email subscriptions from each firm.

Not all of the feeds are labeled "blogs." Some firms prefer to avoid the expectation that a blog should allow for user comments. This collection doesn’t stand on formality—if a site offers an RSS feed for its content updates, it’s included. (If your firm offers a blog or an RSS feed and needs to be added to the list, just shoot me an email.)

Lots For Marketers And Advisors To Learn From

For marketers, there are plenty of best practices to learn from: 

  • Check out how often firms are communicating, mostly with substance.
  • Note what a difference a strong graphic can make when previewing a post through a feed reader. Below is a screenshot of the Guggenheim blog posts as viewed through Feedly on the desktop.

  • See that some firms enable the full text to be read within the reader while others offer just an abstract, in the hope that readers will follow the link to the site for the rest of the content. Sometimes they do.
  • Blogs aren’t forever. In reviewing the list prior to publishing it, I noticed a few blogs launched in the last few years have gone to Blog Heaven. They can be a lot of work. When the interest externally or internally isn't there, the smartest decision can be to pull the plug on a blog.

Of course, for financial advisors, investors and others, these updates are a font of relevant, timely information.

Accessing The Feeds

Without any further ado, here's how to access the list.

If you go to this page, you’ll find a list of 42 asset manager blog feeds, including those for the public, those specifically for financial advisors and specifically for institutional investors.

The screenshot below shows an excerpt of the page and where to copy the feed link address from to paste into your own feed reader. Note that the address is not a URL that will take you to the blog. If you prefer to follow the blog via email as opposed to an RSS feed, you’ll have to go to each site to subscribe.

Interested in following all 42? Just download the .OPML file (using the orange download box in the top right of the page) to your computer and then import the file into your feed reader. I like the way you think. 

Included among the 42 feeds are:

For The Public 

 For Advisors

For Institutional Investors 

Unfortunately,, the tool I’m using to share these feeds, pulls them in with the file names used by whoever created the feed at your firm. Maddeningly, the list can't be alphabetized or ordered in any other way.

Haven't had enough of asset manager blogs yet? You might also check out Naissance Partners’ Best Blogs of the Week feature on their blog.


The Marketing Tech That’s Enabling Sales: Personalized Emails, Pitchbooks

My first encounter years ago with John Toepfer of Chicago-based Synthesis Technology triggered some conflicting emotions. 

Naturally, I welcomed him and his technology that promised to free marketing communications from the shackles of the mutual fund performance data quarterly updating process. 

“With this, we’ll have time to do what marketers should be doing,” I remember saying and, as far as I remember, all nodded in agreement. Yep, none of us fully grasped what we were in for. 

John ToepferThings got uncomfortable when it became clear that Synthesis wasn’t just going to help Fund Accounting, Investment and Compliance get their acts togetherToepfer and team intended to impose standardization and processes on Marketing. 

Well, it all turned out just fine in the end. A 45-day all-hands-on-deck updating process (!) was whittled down to 10-ish days. The work helped form my conviction that Marketing benefits from exposure to the structured thinking that technology requires. 

My path has crossed with Toepfer’s a few times since that first gig. The automation of fund performance communications is standard practice at fund companies now. But Synthesis and other vendors continue to find new ways to improve upon the efficiency and accuracy (“wouldn’t it be nice to review that data just once?”) of what can be soul-crushing work for marketers. 

Here’s a quick catch-up with Toepfer. It's difficult to ask any tech provider what's going on without getting the answer framed in the company's latest solutions. I expect that, I appreciate the free peek at what firms are doing, and hope you do, too. Know, though, that I have no business relationship with Synthesis.

For Synthesis’ ongoing views about investment management and technology, by the way, read the firm’s excellent blog.  

Q. So, John, what’s new? What are the smartest mutual fund and exchange-traded fund (ETF) marketers working on lately? 

Marketing for investment management firms these days is all about two things: personalization—making sure that you’re communicating with the client in a highly personalized and relevant manner, and content—showing those clients that both the sales team and the firm are thought leaders in the industry. Any technologies that support these goals are hot. 

Q. Such as…?

For example, we are developing a solution for a client that enables sales teams to construct highly personalized emails to their clients. The benefit of this tool is that it blends the branding, promotion and compliance aspects of a marketing email program with the advanced personalization aspects of a sales email. 

Email marketing trends point to this idea of advanced personalization that goes beyond just first name merge tags and list segmentation. Marketing teams have the tools and expertise to create compelling email campaigns, run tests, analyze and optimize. What they’re lacking is the familiarity that comes with face-to-face exposure to the client. Wholesalers have more qualitative information about their clients’ unique interests, needs and goals.

This solution is a perfect opportunity to combine the qualitative and quantitative expertise of both the marketing and sales teams to deliver valuable content to the recipient. Advanced personalization that leverages the unique talents of the sales team will no doubt increase the effectiveness of these email campaigns.

Q. John, it sounds as if you’re branching outfrom enabling Marketing to enabling Sales. 

That’s right, and there is a lot of buzz about sales enablement right now. 

As another example, smart firms are making room in their budgets for sales enablement technologies like pitchbook automation, if they haven’t already. 

A centralized presentation management system that allows marketing teams to develop a library of presentation slides that automatically update and refresh with the receipt of new data or disclosures can take the chaos out of updating slides. Ideally, this system should be flexible enough to incorporate a firm’s unique business rules and processes for quality control. 

Sales teams should be able to access this system from any geographic location and device to very quickly and easily build presentations that are highly targeted to their audience, while also compliant and on-brand. A system like this saves the marketing team a lot of time and empowers the sales organization to create highly personalized presentations that drive more sales. 

Over the past few months, we’ve seen a surge in pitchbook automation inquiries. I think there are a few reasons for this: 

  • First, there is heightened awareness that this technology exists. More than a handful of technology companies are popping up that focus solely on sales enablement tools. This has brought a lot of healthy competition as well as validity to this business.   
  • Second, the industry expects a mobile aspect to the solution at this point. Although many salespeople (and clients for that matter) still prefer the tangibility of printed documents, the trend is clearly going paperless with the ability to push presentations to a wholesaler’s mobile device.
  • The third trend is that software providers are realizing the value of providing data management services in addition to the content management and publishing solution. Many clients still struggle with getting the data into one clean, consistent form and location.  

Q. Are there any other examples you can talk about? 

One of our pitchbook clients is a private banking group of a major New York-based asset management firm. A three-person marketing team is efficiently managing a very large catalog of sales materials to meet the content needs of 900 users in 20 branch offices.  

With a few clicks of the mouse, financial advisors can access a constantly updated catalog of sales materials and any account-specific data, personalize their presentations, and be assured that the material is compliant from branding, disclosure and data perspectives. 

One of the largest factors in the success of the system is its single sign-on connection with the firm's CRM. The two primary measures of success for systems like this are system adoption rate and efficacy of materials. Both of these are improved when the solution is well connected and aligned with the CRM. 

These screenshots show the capability within SalesForce but similar integrations with other CRMs are possible as long as the platform has a good API and can support single sign-on.

Once the presentation has been created and finalized, it is stored and recorded at the account record level. This is advantageous to the sales professional because it allows him or her to associate a specific presentation with a specific pitch to go back and refer to later without having to access two different systems. (For more on the pitchbook strategy, check out Synthesis' whitepaper.)  

Q. So, what would you identify as the obstacles for marketers eager to deliver both personalization and content? 

No industry is immune to the challenge of aligning Sales and Marketing. In the investment management industry, you add in the compliance aspect, which makes it even more difficult for firms to align their strategies. 

In our experience, the big issue for marketing teams is managing and producing all of their content in a way that satisfies the needs of both Sales and Compliance. Marketing communications need to be highly effective and accurate. Salespeople want the right materials right when they need it and they also want customization. 

Typically, it is a major challenge for marketing teams to provide a high level of customization on sales materials due to time and resource constraints. Thus, we see companies either limiting customization by size of opportunity (only the big deals get custom slide decks) or turning a blind eye to how the sales force might be customizing things in the field. 

The first solution is a bad idea from a sales efficacy standpoint. The second solution is a compliance nightmare. Compliance departments are very conservative, which makes it difficult for Marketing to even mutter the words, “customized” or “automated.” 

The trick to getting these three groups into alignment is to find a way to effectively manage their content (and product data) in a centralized location that allows for controlled, shared, and reusable content.