Advisors can now get help complying with SEC and FINRA social media recordkeeping and supervision requirements through an online networking hub.
LinkedIn's new Certified Compliance Partners program, announced on April 24, is geared toward assisting advisors and other financial services firms efforts to meet regulatory requirements, particularly those regarding adequately archiving social media content. Six certified compliance firms were selected by LinkedIn as partners including Actiance, Erado, Global Relay Communications, Hearsay Social, Smarsh and Socialware.com.
"Advisors have recordkeeping requirements that need to be fulfilled and this will make it easier to do that," says Joanna Belbey, a social media and compliance specialist at Actiance, on the LinkedIn partnership. "It's an acknowledgement on LinkedIn's behalf that they need to meet the needs of the business community and regulators."
Under the new offering, the selected compliance firms who work with advisors can capture content through a direct connection with LinkedIn application program interfaces, according to Belbey. This enables advisory firms to search and provide surveillance for their organization's LinkedIn activity including company pages, profiles, status updates, posts and group discussions. Companies can also preserve LinkedIn content in an unalterable format that can be more easily produced in preparation for regulatory examinations and audits.
"LinkedIn is the number one social media channel used and requested by financial advisors," Smarsh CEO Stephen Marsh said in a statement. "We’ve worked closely with LinkedIn to construct a solution that simplifies and strengthens compliance oversight, but also gives our mutual customers the freedom to connect, share ideas and discover opportunities using the world’s largest professional network.”