Get Compliant With Social Media Webinar
-
Upload
finect -
Category
Social Media
-
view
1.634 -
download
2
description
Transcript of Get Compliant With Social Media Webinar
![Page 1: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/1.jpg)
www.fa-mag.com www.pw-mag.com
1
Presented by
![Page 2: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/2.jpg)
Get Compliant with Social Media
Presented by
![Page 3: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/3.jpg)
Agenda
Speakers Bio
Risks Without Compliance & Social Media
Compliance 101
Frequently Asked Compliance Questions
Social Media Policy
How to Train & Educate Employees
The Cost of Compliance
Q & A
Presented by
![Page 4: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/4.jpg)
Jennifer Openshaw
• A nationally known expert
• Wall Street Journal columnist
• President, Finect:
• Compliant social media simplified
• Bank of America, BankOne/JPM
• Frequent speaker
• Author of “The Millionaire Zone”
Presented by
![Page 5: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/5.jpg)
Stuart Fross
• Partner, Foley & Lardner, LLP • Former Fidelity International General Counsel
• US Securities Counsel, Finect
Presented by
![Page 6: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/6.jpg)
Jeff Spears
• CEO of Sanctuary Wealth Services, LLC;
• Former National Sales Manager, Bank of America Private Bank
• Head of Montgomery Securities Private Client Group
Presented by
![Page 7: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/7.jpg)
1.
Risks
Presented by
![Page 8: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/8.jpg)
What are risks of NOT using social media for investment firms or advisors?Q:
Opportunity Cost
Visibility
Allow Competitors to Define You
Presented by
![Page 9: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/9.jpg)
What are risks of using social media?Q: Providing investment advice?
SEC or State regulator
Compliance policies & procedures
Presented by
RISK
![Page 10: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/10.jpg)
2.
101Compliance
Presented by
![Page 11: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/11.jpg)
What are top issues compliance officers should address when using social media?Q:
Supervision
Compliance policies & procedures
Recordkeeping (including third party content)
Presented by
![Page 12: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/12.jpg)
What are top compliance challenges advisors (or marketing staff) face when using social media? Q:
FINRA Advertising Regulations
Expediency
Presented by
![Page 13: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/13.jpg)
Summing Up - 3 Rs:
Review content
Recordkeeping
Remove bad content
Presented by
![Page 14: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/14.jpg)
How Finect helps you
Compliance officer may review, pre-approve content
Compliance officers remove bad content
Easy access records for all employees
Presented by
![Page 15: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/15.jpg)
Static vs. InteractiveContent
Presented by
![Page 16: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/16.jpg)
Static Content Interactive Content
• Remains posted until changed
by the firm or individual
• Accessible to all website visitors
• Ex: Blog posting
• Real-time communication
• EX: Chat room, In-mail
Presented by
![Page 17: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/17.jpg)
Static Content Examples
Tweets-more flexible: interactive
Profile
Presented by
![Page 18: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/18.jpg)
Static Content Examples
Personal bio
Presented by
![Page 19: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/19.jpg)
Static Content Examples Wall post
Presented by
![Page 20: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/20.jpg)
Interactive Content Examples
Inbox message
Presented by
![Page 21: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/21.jpg)
Interactive Content Examples
Comments
Presented by
![Page 22: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/22.jpg)
Interactive Content Examples
Like
Presented by
![Page 23: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/23.jpg)
Interactive Content Examples
Re-tweet
Presented by
![Page 24: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/24.jpg)
What are different compliance rules for static vs interactive content on social media?
Q: SEC guidance on websites Anti-fraud rules apply Advisers Act - Negligent
misstatements or omissions o Advisers Act Advertising
rules/testimonial rules Securities Act / Exchange Act State Securities Laws
Presented by
![Page 25: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/25.jpg)
What are different strategies for writing static and interactive content on social media?Q:
Static: Time Relevancy
Interactive: Haters
Presented by
![Page 26: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/26.jpg)
How does FINRA view social media? What actions are they taking? Q:
• FINRA: social media like a public presentation• Member firms have the same record keeping
and suitability obligations as with a public presentation
• Commendations may be recommendations • Registered principal pre-review any
recommendation• Interactive social media must be supervised on
a risk-based principle basis
Presented by
![Page 27: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/27.jpg)
What do advisors need to know when preparing for FINRA Spot-Checks? Q:
Social Media Blotter
Presented by
![Page 28: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/28.jpg)
How Finect helps you
Archives all social media content
Simple & easy to access records
CCOs to remove offending posts quickly & easily
CCOs to assign permissions to employees
Blog post approval process
Presented by
![Page 29: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/29.jpg)
3.Frequently Asked
Questions
Presented by
![Page 30: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/30.jpg)
What is the best practice for responding to negative comments? Q:
Take the high road – maintain a positive voice
Presented by
![Page 31: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/31.jpg)
Are advisors responsible for client’s comments on his/her blog sites? Q:
Generally, no. But take care
Do not “adopt”
Do not “entangle ” yourself
FINRA strong on third party content as not a communication
Presented by
![Page 32: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/32.jpg)
Where are sources of your social media (blog) content? Q:
Internal posts are driven by voracious reading and networking
Read Networking
Presented by
![Page 33: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/33.jpg)
Strategies for firms or advisors using LinkedIn, Facebook & Twitter for business?
Q:
LinkedIn: Network/prospect and for job postings
Facebook: Business page ineffective seems geared to retail businesses
Twitter: Re-Tweet interesting articles instead of emailing
Google +: SEO impact solution
Don’t MixBusiness & Personal
Presented by
![Page 34: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/34.jpg)
3 Things to Know
Presented by
Make it relevant
Simple “headlines”
Schedule your time
![Page 35: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/35.jpg)
When a post links to third-party content, are firms responsible for that content (on linked sites)?
Q:1. FINRA: Depends on whether the company has (1) Involved itself in the preparation of the information or (2) Explicitly or implicating endorsed or approved the information
2. OICE guidance:(1) Reasonable safeguard to avoid violation(2) Address possible testimonials (3) Entanglement/adoption
Presented by
![Page 36: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/36.jpg)
Will a LinkedIn “recommendation”, Facebook “Like” or Twitter “Re-tweet” violate the testimonial rule? Q:
Presented by
The SEC staff doesn’t “like” LinkedIn endorsement
Like - a grey area
Re-tweet – typically not a testimonial
Finect controls
![Page 37: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/37.jpg)
If a post/blog draws regulatory scrutiny, do advisors have a defense if their firm can document a strong supervision process?
Q: Yes!
Supervision is a duty - “failure to supervise” is a violation
Adequate supervision is a defense for supervisors and firms
Presented by
![Page 38: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/38.jpg)
Are there any limitations or challenges for advisors using social media when a conversation is supervised? Q:
Time Quality
Presented by
![Page 39: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/39.jpg)
Should companies monitor employees’ personal social media accounts? In what situations? Q:
Yes
SEC does not accept personal capacities
Netflix case
Presented by
![Page 40: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/40.jpg)
What should firms be careful about when monitoring personal social media accounts? Q:
We view Social Media no differently than we view normal regulatory supervision responsibilities.
Presented by
![Page 41: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/41.jpg)
How Finect helps you
Track your employees on social media Social media manager system for CCOs to review what advisors or other staff share on social media
Presented by
![Page 42: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/42.jpg)
How can companies successfully get their CCOs on board?Q:
5 steps – Show that…1. The social media site can be made compliant
2. The firm can control access to users
3. The content can be preserved & retrieved
4. Compliance resources to monitor the activities
5. A social media policy & procedure
Presented by
![Page 43: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/43.jpg)
How can CCOs and marketing staff (or advisors) successfully work together? Q:
Communication Education
Presented by
Education
![Page 44: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/44.jpg)
Improve workflow by:
Adopt appropriate tools
Train & educate employees
Create a social media policy
Presented by
![Page 45: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/45.jpg)
4.Social Media Policy
Presented by
![Page 46: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/46.jpg)
What are some key components of a good social media policy? Q:
Setting review process and time commitment – most people give up too soon
Decide which metrics you will use to evaluate
Presented by
![Page 47: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/47.jpg)
What are the key regulatory requirementsfor a social media policy?
Q:Questions to frame your approach
Can the firm control who has access?
Can the medium keep records of content?
Can records be deleted?
Can firm control who has permission to delete?
Can content be deleted?
Can the firm opt-in/out of functionality?
Can the firm control who can put up static content and document approvals?
Can the firm control who has access to interactive posting on the firm’s behalf?
Can the firm monitor Company sponsored activity in the medium?
Can the firm monitor its employees personal activity in the medium?
Presented by
![Page 48: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/48.jpg)
What are the key regulatory requirementsfor a social media policy?
Q:Questions to frame your approach
Can the firm post disclaimers in appropriate places as to:• Its own content• Third party hyperlinks• Third party posts
Has the firm considered and eliminated “red flags”?
If not Does a third party vendor offer a “filter” that could provide a compliance engine?
Presented by
![Page 49: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/49.jpg)
What are the key regulatory requirementsfor a social media policy?
Q:Assuming the firm gets to “yes” on the above:
Does the firm have the resources to discharge its compliance obligations?
Does firm have a compliance policy?
Does the firm have a training program?
Does the firm have an approved list of authorized users?
Has the firm considered potential conflicts of interest?
Monitoring program and record of results
Sanctions program
Annual certification of compliance by all employees and by authorized users.
Presented by
![Page 50: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/50.jpg)
5.Training & Educating Employees
Presented by
![Page 51: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/51.jpg)
At Morgan Stanley, advisors are allowed to use social media after training, and about 4,700 have been approved to do so.
At Wells Fargo’s financial advisor also received compliance and content training.
Real World Cases
Presented by
![Page 52: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/52.jpg)
What are the top 3 compliance issues companies MUST educate their advisors about? Q:
Educate, but don’t advise
No predictions; no commitments
Know what you don’t know.
Presented by
![Page 53: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/53.jpg)
How can firms develop a social media training program for their staff? Q:
Weekly meetings that include business updates & social media updates
Presented by
![Page 54: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/54.jpg)
How Finect helps you
Easy table for employees to view their social media permissions
Presented by
![Page 55: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/55.jpg)
6.Cost of Compliance?
Presented by
![Page 56: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/56.jpg)
What is the cost of your compliance? Q:
Recordkeeping mechanism: record & retrieve site content
Non-compliance = the most costly
Presented by
![Page 57: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/57.jpg)
What is the cost of your compliance? Q: We are the CCO and
Compliance Officer for all of our partner firms
Presented by
![Page 58: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/58.jpg)
How should a firm get started with compliant social media? Q:
Start with a platform that makes compliance easy
Install a system
Two choices :
Presented by
![Page 59: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/59.jpg)
Q: How should a firm get started with compliant social media?
Presented by
![Page 60: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/60.jpg)
Know you goals
Know your brand
Choose your platform
Measure results
4 Steps to Getting Started
Presented by
![Page 61: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/61.jpg)
7.Any Questions?
Presented by
![Page 62: Get Compliant With Social Media Webinar](https://reader037.fdocuments.in/reader037/viewer/2022110118/55493764b4c9050a4d8b481d/html5/thumbnails/62.jpg)
This webinar qualified for 1.0 hour of CIMA®, CIMC® or CPWA® credit. If you would like to gain credit for participating in this webinar, please follow the directions below to do so.
Visit our website at http://www.fa-mag.com/ce_center.phpSelect the designation you would like to report the webinar to. Choose from either CFP Board or IMCA. If you have already registered to complete and report CE credits with us, please login using your username and password. If
you are new to our CE Center, please complete a registration form in its entirety. (Note: You will need to supply your ID# generated from the CFP Board or IMCA.)
Once you are logged in to your CE Center account, please read the important information regarding the CE reporting process. After you have done this, continue to scroll towards the bottom of the page to find the list of CE exams and webinars we offer.
Click on the webinar you are interested in. (Please note that the webinar title begins with the word “Webinar – THEN THE NAME.)
You will be asked a question regarding the webinar that must be answered correctly.If answered correctly, you will be prompted to a “Certificate Of Completion” page. Print this page and keep a copy for your
record.The webinar credit will be reported by Financial Advisor magazine the first week of the new month for the previous month.
Allow 10 business days for the credit to be posted on your account. If you have any questions regarding CE credit reporting, please email Sherri Scordo at [email protected]
To view the slides and a recording of this webinar please visit http://www.fa-mag.com/socialmedia1029
For upcoming webinars, please visit http://www.fa-mag.com/webcasts.html Please send your questions, comments and feedback to: [email protected]
CE Credits
62
Presented by