Note from the Publisher: With the increasing utilization of social media for business communications, weatlh management and financial community at large is faced with a compliance “challenge”, to say the least. Oregon-based Smarsh recently conducted an interview documenting this, and offers a full platform to address the growing need/risk.
“Already overwhelmed by the compliance requirements for email, newer forms of communication like social media and texting are proving to be a compliance challenge for financial services firms.
According to a survey of compliance professionals by Smarsh, a cloud-based archiving and compliance technology company, advisor demand to use new digital communication is outpacing policies, archiving and supervision, stretching compliance resources thin and creating gaps in governance.
More than 40 percent of firms that allow the use of social media don’t have digital archiving and supervision systems in place for compliance, yet social was the most requested communications channels by employees this year, according to Smarsh.”