Wealth management firms whose reps and advisors are in many locations — and accessing social media from all kinds of different devices — are adopting social media compliance and marketing software.

That was one main reason the Principal Financial Group became the latest financial services firm to sign up for Actiance’s Socialite platform, software which helps firms comply with FINRA regulations for use of social media and also helps affiliated advisors learn to use social media effectively for business purposes.

“Before allowing our reps to use social media, we needed a technology solution to handle our complex regulatory needs,” says Chad Oppedal, assistant director of compliance for the Principal Financial Group.


The Principal Financial Group has $335 billion in assets under management, and many advisors associated with the firm are dually registered.

Principal has “a very geographically dispersed team of reps,” according to Sarah Carter, vice president of marketing for Actiance. “Also those individuals using social media can use a number of different tools — laptops, iPhones — so they needed a solution that was going to cover them regardless of where they used social media or how they accessed it,” Carter says. The software will cover “home office people as well as reps in the field,” she adds.

The Socialite platform captures posts and commentary across Facebook, LinkedIn and Twitter, and allows the posts to be exported for review before they appear. There’s also a marketing element that allows firms to better use social media and track the effectiveness of the various social media sites.

Danielle Reed writes for Financial Planning.