Prohibition or Innovation? A look at what is on the mind of Compliance Leaders in Financial Services today
There’s no better place to get a pulse on the world of financial services compliance than the National Society of Compliance Professionals (NSCP) annual conference. Held in Atlanta at the end of October 2018, the CellTrust team was on the floor getting the thoughts of some of the best and brightest in this field.
Compliance communication laws are changing so fast it makes it difficult to keep up
Social media has evolved rapidly and financial services regulations are racing hard to keep up. With new communication regulations being released, and revised, on a frequent basis as it relates to digital communication, it was deemed very time-consuming to stay on top of all the changes. Compliance teams were often dependent on external experts. Most cited were those in financial service compliance law, digital and mobile communication management and technology implementation.
“Prohibition” is not the future although it is often a common viewpoint
Many of the attendees still find it challenging to confidently and completely identify the best technology mix to simultaneously meet their client, advisor and regulatory needs. Instead they are often still prohibiting the use of text and social media with clients as they try to carve out the time to research which technology they should implement to maximize client engagement while remaining compliant.
Meeting the client, advisor, market and regulatory demands requires a strategic framework
One strong viewpoint that was revisited again is that firms should be developing or enhancing their social media and mobile strategies and policies. And that these shouldn’t be done in isolation – they should be developed within an overarching communication strategy, policy and governance framework before shopping for a technology platform and archiving solution.
The ramifications of non-compliant communication among advisors is often misunderstood
Compliance professionals are aware of the ramifications should a company not follow FINRA or other compliance guidelines, but advisors are less aware. As these violations are now becoming widely reported in the industry press, this gap in awareness is slimming, allowing for better collaboration between these two parties in designing a mutually-beneficial solution.
Advisors are requesting mobile communication at an increased pace and on a single device
The days of having a “work and personal phone” are disappearing. Along with this, NextGen advisors are confirming that text is a preferred communication channel over phone and email.
We were encouraged by many of the thoughts expressed at the NSCP conference. CellTrust has been consulting enterprises, RIAs and broker-dealers on their mobile device and communication strategy for the last decade, and welcome the opportunity to assist you with your strategy. It is our mission to be your trusted partner and expert as we help you design and implement your successful and compliant approach to mobile communication across your company.
Curious to see how CellTrust can support the advancement of your communication policy in your company? Learn more here.
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