More On Legal & Compliancefrom The Advisor's Professional Library
- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
- Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients financial well-being may be jeopardized. RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.
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.