The Agent’s Sales Journal blog wrote up a great little piece on what FINRA’s social media guidelines really mean. What stuck out to me is, as we mentioned before, IterasiArchives meets all your needs for FINRA social media compliance. Social media presents a whole new realm of possibilities and dangers for financial institutions; IterasiArchives provides the only solution to protect yourself and meet your regulatory compliance needs.
Below are a few quotes from the post, or you can read the original blog post here.
According to the guidelines, registered reps must keep a record of every interaction they have on social media websites — whether it’s an “@ reply” conversation on Twitter or posts on a client’s Facebook wall.
… That’s an issue that we at FINRA are bound by the SEC to include, and we wanted to make sure that the firms understood the importance of the record retention responsibility.
IterasiArchives makes online records keeping a breeze: simply give us the twitter names, blog feeds, facebook page URLs, etc., and IterasiArchives will collect and archive every tweet and update your people produce.
Unfortunately, there’s not a simple way to keep track of such communications right now. Although several companies are developing software to track social media interactions, FINRA does not endorse any particular company; in addition, the tracking software will most likely not work at the agent’s home, so firm representatives will only be able to communicate on social networking from their office if they want to have a record.
John Travagline, vice president of compliance at the Insurance Marketplace Standards Association (IMSA), said this causes a problem because social networking works best when users can instantly respond.
Ahem… <cough>yes there is!</cough>. What’s more, IterasiArchives will work regardless of where you tweet, blog, or update from – IterasiArchives will simply capture and archive it all.
John Travagline makes a good point: “Social networking works best when users can instantly respond.” The real-time quality of Twitter and Facebook means a delayed response may be too late to be read, or cared about. A solution that requires updates to be sent only inside the office is extremely limited, and most likely will mean you will losing items, which, of course, would mean you are in danger.
Learn More: Check out IterasiArchives for meet your FINRA and other regulatory compliance needs. Or read more about IterasiArchives and FINRA social media compliance.
