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How to avoid that fatal blow to client communication

Keep tweets, text messages and e-mails in their proper places

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NCS Regulatory Compliance
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Top Executive: Mark Alcaide, COO/Partner




Les Abromovitz

Les Abromovitz

February 17, 2011 — 3:12 PM

It was recently reported that the SEC is conducting a sweep of investment advisory firms to learn more about how they are using social media. Among other documents requested, the SEC is requesting copies of social media policies and procedures. The Commission has also asked for documents relating to records retention policies and procedures applicable to social media.

Sweeps are examinations that have the goal of learning more about industry practices that may be harmful to investors. If the SEC finds that advisers’ use of social media poses a risk to investors, it may become a regulatory priority. At a minimum, RIAs’ use of social media will be scrutinized during compliance examinations.

The good news, however, is that we may soon receive guidance from the SEC regarding social media.

Les Abromovitz, NCS

Brooke Southall

Brooke Southall

February 17, 2011 — 3:32 PM

Les,

Thanks for this update.

Brooke

Marie Swift

Marie Swift

February 20, 2011 — 9:39 PM

Les,

Thanks for this article and the additional update re: the SEC sweeps. It’s good to hear your perspective. And thanks for letting RIAbiz readers know about Michael Kay’s new book – it’s chock full of good advice about being a better communicator with clients. More information on Michael’s book can be found at http://www.thebusinessoflife.net. There’s also a LinkedIn Group called “Financial Focus” for people who want to dialog about creating an “inside-out approach” in their financial planning companies.

Best,

Marie Swift
Impact Communications

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