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Regulatory requirements around posting on social media can be a major impediment to advisors marketing their practices on those platforms. LinkedIn has selected the advisor service RIA in a Box as a compliance partner, the latest addition to the professional networking site’s roster of compliance firms helping financial services companies navigate regulatory requirements associated with the use of social media.
RIA in a Box’s partnership with LinkedIn will enable firms to plug their accounts on that site directly into the MyRIACompliance product.
Peter Kovac/Dreamstime
Registered investment advisors have specific compliance responsibilities requiring them to monitor and maintain records of social media postings made by individual advisors or the firm itself.
RIA in a Box offers a product called MyRIACompliance (MRC) Communications Archiving and Review, which promises to store and retrieve all of a firm’s communications on a single platform. The partnership with LinkedIn will enable firms to plug their accounts on that site directly into the MRC product, streamlining and automating the monitoring and retention of content required by Securities and Exchange Commission regulations.
The partnership with LinkedIn “addresses a very real need in the RIA industry,” Mike Lubansky, senior vice president of product at RIA in a Box, said in a statement.
“[T]his partnership helps optimize the content review process through a proactive approach to compliance concerns,” Lubansky said. “By connecting LinkedIn accounts directly with our MRC solution, we have streamlined the entire communications archiving and review process and ensured no regulatory requirement falls through the cracks.”
The partnership comes at a time of gathering interest—and some trepidation—among advisors in tapping social media to boost their practice. The SEC recently overhauled its rules for marketing and advertising to allow advisors to incorporate client testimonials and endorsements, a move that has generally been welcomed by the industry, though compliance with the new regulation has emerged as a major concern.
RIA in a Box joins a growing number of compliance partners with LinkedIn, with services for RIAs and other regulated businesses ranging from archiving and e-discovery to social selling.
“RIA in a Box is a perfect fit for LinkedIn’s compliance program,” Moza Anthony, LinkedIn’s business development manager, said in a statement. “When looking for a new compliance partner we wanted a partner who is trusted in the space to confidently manage investment advisors’ regulatory compliance needs, all while allowing for industry compliant use of LinkedIn’s free and paid products.”
With the partnership with LinkedIn, Ria in a Box rounds out its support for capturing social media posts, which also extends to content posted on Facebook, Instagram, and
Twitter
,
the company said.
