More On Legal & Compliancefrom The Advisor's Professional Library
- The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
- RIAs and Customer Identification Just as RIAs owe a duty to diligently protect their clients privacy and guard against theft, firms also play a vital role in customer identification. Although RIAs are not subject to an anti-money laundering rule, securities regulators expect advisors to address these issues in their policies and procedures.
In an effort to provide advisors with a "comprehensive social media compliance" solution, MarketCounsel is partnering with BMRW & Associates to offer a social media archiving and monitoring tool designed for the securities industry.
Users of MarketCounsel's MailBanc and BMRW's Arkovi will be able to view all archived email and social media activity through MailBanc. MailBanc is a messaging service that allows users to "filter, capture, retain and monitor email communications." Arkovi archives communications on Facebook, LinkedIn, Twitter and in RSS feeds.
“MailBanc was designed to provide financial advisors with a secure, centralized and completely searchable IT solution that addresses the strict compliance needs of the securities industry,” Marc Cohen, head of MarketCounsel’s MailBanc Division, said in a press release. “We are proud to offer the compliance solution that advisors demand and are very pleased to partner with BMRW to extend those capabilities to social media activity.”
Blane Warrene, chief executive and co-founder of BMRW, noted that "almost every environment requires its own custom solution."
"In this instance, Arkovi pulls raw data direct from social media sites and, through the ease-of-use of MailBanc, clients of both products can access compliance information through one portal," he said.