More On Legal & Compliancefrom The Advisor's Professional Library
- Regulatory Oversight of Investment Advisors Although the regulatory environment is in a state of flux, it is imperative that RIAs adhere to their compliance obligations. To ensure compliance, RIAs and IARs must fully understand what those obligations are.
- 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.
Hearsay Social said Thursday that it is introducing compliance and publishing features for clients using LinkedIn’s new Sales Navigator tool.
“As part of LinkedIn’s Certified Compliance Partner program, Hearsay Social is helping to ensure that the new LinkedIn Sales Navigator will be ready for the financial services industry,” said Ron Piovesan, vice president of strategic alliances for Hearsay, in a blog. “We’ve been working with LinkedIn’s product team to ensure that all new features and functionalities on the new LinkedIn Sales Navigator are backed with Hearsay Social’s leading compliance platform.”
LinkedIn Sales Navigator aims to help sales professionals take advantage of LinkedIn’s professional network of more than 300 million members. It combines LinkedIn’s network data, relevant news sources, accounts, leads and preferences in a customized, standalone platform, according to Hearsay.
“Drawing on our deep experience in enabling social business for financial services, Hearsay Social will provide compliance capabilities for the new Sales Navigator,” Piovesan explained. “Existing customers should look for more information about using the new Sales Navigator in financial services in the upcoming months.”
Also, Hearsay Social says it will share some of its third-party content with clients on the new Sales Navigator platform.
“In this way, financial services professionals will have greater access to compelling, compliant content in a scalable fashion,” said Piovesan.
According to a survey conducted by LinkedIn in February, social-media focused sellers are 51% more likely to beat their quota than traditional sellers.
“LinkedIn and Hearsay Social believe that social media represents an enormous business opportunity for our customers,” he added. “By combining Hearsay Social’s advanced compliance and content delivery with LinkedIn, the largest professional network on the Web, financial services professionals will be able to better prospect, build sales relationships and grow revenue while enabling social media compliance.”
Earlier this year, Hearsay Social expanded its partnership with LinkedIn to provide financial firms and their advisors and wholesalers with a platform that allows them to interact on social media in an “effective and scalable” way with clients and adhere to compliance policies.
The partnership was announced at LinkedIn’s FinanceConnect conference in New York. Clara Shih, founder and CEO of Hearsay Social, told ThinkAdvisor during a phone interview from the FinanceConnect event that the new partnership “is the future and here and now for financial firms in terms of relationship management.”
“Many advisors were not able to get onto LinkedIn, because they didn’t know how and what to say,” Shih said. But the new offering allows advisors to access a “content dashboard” of approved items that they can use on LinkedIn that’s been set up by the firm’s marketing and legal departments.
Hearsay Social clients include Raymond James Financial (RJF), Wedbush Securities, Wunderlich Securities, PennMutual, AXA and Farmers Insurance.
Check out 3 Ways Advisors Can Use Social Media Content to Connect With Clients on ThinkAdvisor.