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SOCIAL MEDIA COMPLIANCE:
COMPLIANCE FOR THE FINANCIAL
SERVICES INDUSTRY IN 2016
#HScompliance
HOUSEKEEPING
•  This session will be roughly 45 minutes long.
•  This is being recorded – a replay will be available
after...
PRESENTERS
#HScompliance
@YasminZarabi @StephenFSelby @VictorGaxiola
TODAY’S AGENDA
•  THE STATE OF SOCIAL COMPLIANCE
•  TRENDS & IMPLICATIONS IN 2016
•  LOOKING FORWARD: SOCIAL & BEYOND
•  C...
MASSIVE DIGITAL TRANSFORMATIONS
MOBILE
SOCIAL DIGITAL
6
Hours average American
spends per day on social,
mobile, digital
#...
FINANCIAL ADVISORS AND SOCIAL MEDIA
81%
are using social
media for business
53%
gained over $1M in
new assets
79%
gained n...
SOCIAL MEDIA:
BALANCING THE RISKS & REWARDS
REWARDS RISKS
Being findable online is table-
stakes
Stronger client relations...
KEY INDUSTRY & REGULATORY CHANGES
FINRA 10-06:
Guidance on
Blogs and Social
Networking Web
Sites
FINRA 11-39:
Social Media...
•  Implement a supervision system
“reasonably designed” to achieve
compliance.
•  Supervise employee communications.
•  Pr...
CONTENT PRACTICES
Can advisors create
their own posts?
Yes
77%
No
23%
14%
24%
62%
Post-review
Pre-approval if alert
Requir...
REVIEWING IMAGES
0%
6%
57%
31%
6%
Cover Photo
only
Profile Photo
only
Cover &
Profile
Photos
Other No, Neither
Does your f...
SKILL ENDORSEMENTS ON LINKEDIN
14%
17%
49%
20%
Oher
Only Specific
Endorsements
No
Yes
Do you allow users to accept skill
e...
LEXICON PRACTICES
20%
53%
27%
Started w/list
from Hearsay
Social
Leveraged
existing email
lexicon
Other
Where did you deve...
Hearsay Social Audit Task Force
Reports cover three areas:
–  The workspace & social media accounts
–  The post and its at...
TODAY’S AGENDA
•  THE STATE OF SOCIAL COMPLIANCE
•  TRENDS & IMPLICATIONS IN 2016
•  LOOKING FORWARD: SOCIAL & BEYOND
•  C...
FINRA
RETROSPECTIVE RULE REVIEW
#HScompliance
RETROSPECTIVE RULE REVIEW: ACTION PHASE
Board Report
published
Public
Communications
Committee (PCC)
convened
New interpre...
FINRA RETROSPECTIVE REVIEW OF COMMUNICATIONS RULES
Stakeholder Responses
FINRA should clarify firms’ obligations with
resp...
DEPARTMENT OF LABOR:
REVISING THE DEFINITION OF FIDUCIARY
#HScompliance
CURRENT STATE
•  Hard to become a fiduciary
•  “Qu...
DEPARTMENT OF LABOR:
REVISING THE DEFINITION OF FIDUCIARY
#HScompliance
CURRENT STATE
•  Hard to become a fiduciary
•  “Qu...
TODAY’S AGENDA
•  THE STATE OF SOCIAL COMPLIANCE
•  TRENDS & IMPLICATIONS IN 2016
•  LOOKING FORWARD: SOCIAL & BEYOND
•  C...
•  Client expectations changing
•  New regulatory updates
•  New ways for users to engage
KEEPING UP WITH CHANGES
#HScompl...
FIRMS PRIMARILY FOCUS ON CORPORATE DIGITAL CHANNELS
NEW Digital Direct
Corporate Website
Direct Channels
Mobile App
Self S...
SHIFT TO UNIFIED, OMNICHANNEL CLIENT EXPERIENCE
Corporate Office
Corporate Website
Direct Channels
Mobile App
Self Service...
REQUIRES OMNICHANNEL COMPLIANCE & SUPERVISION
SOCIAL FOR
ADVISORS
OTHER
CHANNELS
ADVISOR
MESSAGES
(SMS)
ADVISOR
SITES
ADVI...
CLOSING STATEMENTS
#HScompliance
TODAY’S TAKEAWAYS
Client expectations and technology innovation rapidly
changing; advisors are adapting.1
2
Leverage agile...
4TH ANNUAL SILVER BOWL AWARDS
Recognizing excellence, innovation, and achievement for the use of
social in financial servi...
THANK YOU!
#HScompliance
@LIMRA
@StephenFSelby
@HearsaySocial
@YasminZarabi
@VictorGaxiola
Social Media Compliance: Compliance for the Financial Services Industry in 2016
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Social Media Compliance: Compliance for the Financial Services Industry in 2016

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Webinar presentation featuring Yasmin Zarabi (VP of Legal and Compliance, Hearsay Social) and Stephen Selby (Assistant VP of Social Media Strategy, Audit & Regulator Relations, LIMRA), moderated by Victor Gaxiola (Sr. Customer Advocacy Manager, Hearsay Social). #HScompliance

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Social Media Compliance: Compliance for the Financial Services Industry in 2016

  1. 1. SOCIAL MEDIA COMPLIANCE: COMPLIANCE FOR THE FINANCIAL SERVICES INDUSTRY IN 2016 #HScompliance
  2. 2. HOUSEKEEPING •  This session will be roughly 45 minutes long. •  This is being recorded – a replay will be available after the webinar. •  During the live webinar, please ask your questions using the Go-To-Webinar console or join the conversation on twitter using #HSCOMPLIANCE •  The information discussed today is the presenter ’s own opinion and should not be construed as their respective company's views or as legal advice – please consult with your own firm’s compliance or legal department with applicability of the rules to your firm’s policies. #HScompliance
  3. 3. PRESENTERS #HScompliance @YasminZarabi @StephenFSelby @VictorGaxiola
  4. 4. TODAY’S AGENDA •  THE STATE OF SOCIAL COMPLIANCE •  TRENDS & IMPLICATIONS IN 2016 •  LOOKING FORWARD: SOCIAL & BEYOND •  CLOSING STATEMENTS #HScompliance
  5. 5. MASSIVE DIGITAL TRANSFORMATIONS MOBILE SOCIAL DIGITAL 6 Hours average American spends per day on social, mobile, digital #1 Social is top Internet activity, surpassing email 87% Millennials always have their smartphones on them #HScompliance
  6. 6. FINANCIAL ADVISORS AND SOCIAL MEDIA 81% are using social media for business 53% gained over $1M in new assets 79% gained new clients via social media 71% who gained assets were active on a daily basis $4.6MAverage Asset Gain 2015 PUTNAM SOCIAL MEDIA SURVEY Source: 2015 Putnam Social Media Survey https://www.putnam.com/advisor/content/advisorTechTips/2488-2015-putnam-investments-social-advisor-survey #HScompliance
  7. 7. SOCIAL MEDIA: BALANCING THE RISKS & REWARDS REWARDS RISKS Being findable online is table- stakes Stronger client relationships Improved client retention Compliance with industry regulations Advisors are on social, putting firm at risk, even if it is outside of policy Missing business opportunity #HScompliance
  8. 8. KEY INDUSTRY & REGULATORY CHANGES FINRA 10-06: Guidance on Blogs and Social Networking Web Sites FINRA 11-39: Social Media Websites and the Use of Personal Devices for Business Communications FINRA 12-29: Communications With the Public SEC Guidance on Testimonial Rule and Social Media FFIEC Guidance on use of Social Media SEC approves social media OK with RegFD FINRA Proposed Amendments to Communications Rule, Regulatory Notice 15-16 SEC Proposed Amendments to Form ADV SEC Guidance on Testimonial Rule and Social Media FINRA Broker Check Rule Regulatory Notice 15-50 #HScompliance
  9. 9. •  Implement a supervision system “reasonably designed” to achieve compliance. •  Supervise employee communications. •  Principals must pre-approve static content. •  Monitor online/interactive content and messaging 9 4 PILLARS OF SOCIAL MEDIA COMPLIANCE SUPERVISION RECORD KEEPING POLICY & TRAINING CONTENT •  Capture and retain all postings on social media for 3 years from the date of last post •  First 2 years in accessible place. •  Set and document a policy. •  Train employees on policy. •  Follow up on red flags when employees break policy. •  Only put out content that is fair and balanced. •  Don’t provide financial advice without understanding client’s financial situation. FINRA Rule 2210, FINRA Rule 3110, FINRA Regulatory Notices 10-06 & 11-39 FINRA Rule 3110, FINRA Rule 2210 (b), SEC 17a-3 & a-4, FINRA Regulatory Notices 10-06 &11-39 FINRA Rule 2210, FINRA Rule 3110, FINRA Regulatory Notices 10-06 & 11-39 FINRA Rule 2210, FINRA Rule 2111, Advisers Act Rule 206(4)-7 ; FFIEC Guidance #HScompliance
  10. 10. CONTENT PRACTICES Can advisors create their own posts? Yes 77% No 23% 14% 24% 62% Post-review Pre-approval if alert Requires pre-approval If they can write original content… What workflow does it go through? Natively Hearsay Social Only #HScompliance
  11. 11. REVIEWING IMAGES 0% 6% 57% 31% 6% Cover Photo only Profile Photo only Cover & Profile Photos Other No, Neither Does your firm monitor/supervise profile photos and cover photos? #HScompliance
  12. 12. SKILL ENDORSEMENTS ON LINKEDIN 14% 17% 49% 20% Oher Only Specific Endorsements No Yes Do you allow users to accept skill endorsements? 14% 49% 37% Sometimes No Yes Allowed to give others skill endorsements? #HScompliance
  13. 13. LEXICON PRACTICES 20% 53% 27% Started w/list from Hearsay Social Leveraged existing email lexicon Other Where did you develop your lexicon from? 3% 93% 3% Yes No Other Do you share the lexicon with users? #HScompliance
  14. 14. Hearsay Social Audit Task Force Reports cover three areas: –  The workspace & social media accounts –  The post and its attachments –  The review & approval history Audit Experience Includes: •  20 Audits (including FINRA, DOL, state, and internal audits) Audit Trends: –  Majority of recent audits are focused on reviewing a few individual reps over a particular time-span SUPPORT OF THE AUDIT PROCESS 100%Success Rate with Customer Audits #HScompliance
  15. 15. TODAY’S AGENDA •  THE STATE OF SOCIAL COMPLIANCE •  TRENDS & IMPLICATIONS IN 2016 •  LOOKING FORWARD: SOCIAL & BEYOND •  CLOSING STATEMENTS #HScompliance
  16. 16. FINRA RETROSPECTIVE RULE REVIEW #HScompliance
  17. 17. RETROSPECTIVE RULE REVIEW: ACTION PHASE Board Report published Public Communications Committee (PCC) convened New interpretive questions and answers published Ø  Disclosure considerations Ø  Social Media #HScompliance
  18. 18. FINRA RETROSPECTIVE REVIEW OF COMMUNICATIONS RULES Stakeholder Responses FINRA should clarify firms’ obligations with respect to links to content on third-party websites and posting third-party content on the firm’s website •  In the ensuing action phase, FINRA staff will consider proposals or other initiatives resulting from the assessment phase. •  FINRA has already appointed a Public Communications Committee to obtain the input of industry and compliance experts on matters including social media. FINRA should provide increased flexibility and clarity on the application of its rules to social media and mobile communications 67% 6% Neutral 27% Disagree FINRA Member Responses Agree 63% 3% Neutral 34% Disagree Agree #HScompliance
  19. 19. DEPARTMENT OF LABOR: REVISING THE DEFINITION OF FIDUCIARY #HScompliance CURRENT STATE •  Hard to become a fiduciary •  “Qualified plans” – 401(k)s – Contributory 403(b) •  Ongoing relationship required
  20. 20. DEPARTMENT OF LABOR: REVISING THE DEFINITION OF FIDUCIARY #HScompliance CURRENT STATE •  Hard to become a fiduciary •  “Qualified plans” – 401(k)s – Contributory 403(b) •  Ongoing relationship required FUTURE STATE •  Expansion into IRA market •  Hard to avoid fiduciary status. Do you…? – Service “qualified” plans or their participants? – Are you providing advice = Buy, Sell, Hold or rollover? – Did you create, directly or indirectly the expectation that you would act as a fiduciary? •  Written contract? •  Verbal contract? •  Unintentional? •  No ongoing relationship required.
  21. 21. TODAY’S AGENDA •  THE STATE OF SOCIAL COMPLIANCE •  TRENDS & IMPLICATIONS IN 2016 •  LOOKING FORWARD: SOCIAL & BEYOND •  CLOSING STATEMENTS #HScompliance
  22. 22. •  Client expectations changing •  New regulatory updates •  New ways for users to engage KEEPING UP WITH CHANGES #HScompliance
  23. 23. FIRMS PRIMARILY FOCUS ON CORPORATE DIGITAL CHANNELS NEW Digital Direct Corporate Website Direct Channels Mobile App Self Service Existing Advisors Social Web Email Text Clients #HScompliance
  24. 24. SHIFT TO UNIFIED, OMNICHANNEL CLIENT EXPERIENCE Corporate Office Corporate Website Direct Channels Mobile App Self Service Clients Producers ü  Social media ü  Agent Website ü  Email ü  Text messaging #HScompliance
  25. 25. REQUIRES OMNICHANNEL COMPLIANCE & SUPERVISION SOCIAL FOR ADVISORS OTHER CHANNELS ADVISOR MESSAGES (SMS) ADVISOR SITES ADVISOR EMAIL UNIVERSAL COMPLIANCE & GOVERNANCE PLATFORM #HScompliance
  26. 26. CLOSING STATEMENTS #HScompliance
  27. 27. TODAY’S TAKEAWAYS Client expectations and technology innovation rapidly changing; advisors are adapting.1 2 Leverage agile technology to supervise, monitor and recordkeeping in accordance with your policies.3 Regulatory tsunami requires strong compliance program. #HScompliance
  28. 28. 4TH ANNUAL SILVER BOWL AWARDS Recognizing excellence, innovation, and achievement for the use of social in financial services. 2016 SilverBowl Award Categories •  Best Use of Social for Customer Service •  Best Use of Social for Consumer Education •  Best Use of Social for Recruiting •  Best Use of Social for Social Good •  Best Use of Social by an Agent/Advisor •  Best Social Advisor Program •  Best Integrated Social Campaign •  Best Use of Social from a Company Operating Outside the U.S. Email: SilverBowl@LIMRA.com Website: www.LIMRA.com/SilverBowl #HScompliance
  29. 29. THANK YOU! #HScompliance @LIMRA @StephenFSelby @HearsaySocial @YasminZarabi @VictorGaxiola

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