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.
- Anti-Fraud Provisions of the Investment Advisers Act RIAs and IARs should view themselves as fiduciaries at all times, whether they meet the legal definition or not. Deviating from the fiduciary standard of full disclosure while courting clients may cause the advisor significant problems.
Social networking website linkedFA, which allows financial professionals to use social media while complying with industry rules and regulations, announced Wednesday plans to launch a mobile version.
The beta version now available for linkedFA's new mobile site serves as a working prototype for the iPhone app currently in development. linkedFA developed the mobile version based on feedback from more than 10,000 users.
The mobile version is designed to work on the iPhone, Android and the iPad. Users are automatically routed to each device-specific version by visiting www.linkedFA.com from the device. Similar to the standard version of linkedFA, the mobile version allows users to share updates with Linkedin, Facebook, Twitter and linkedFA simultaneously while capturing and storing all correspondence via linkedFA’s proprietary compliance engine.
“A native mobile app has been on the drawing board since we launched linkedFA in March 2010,” said Stephen Prosser, director of business development for linkedFA , in a statement. “The increase in demand for a mobile solution made the immediate release of a mobile-specific version of linkedFA inevitable. Mobile access to social media sites is up 46% year over year, and we have already seen an almost 300% increase in iPhone use on linkedFA in the last month alone.”
linkedFA is a privately owned, independent company based in Miami. Founded in November 2008, the company bills itself as “the first and only social networking site for the financial community.” The site adheres to compliance, supervision and recordkeeping features required by the Financial Industry Regulatory Authority (FINRA) and is designed as a niche-focused website for the financial industry to enable the use of social media by registered financial professionals.