Advisors Get the Message: Texting and Social Media Are a Big Compliance Risk

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Investment advisors seem to have absorbed the message that regulators are serious about the requirement that firm personnel must only use approved communications channels that are recorded and retained.

Off-channel communications, such as private text or social media messages, have been the subject of numerous enforcement actions in the past couple of years and now rank as advisors’ top compliance focus, according to a new survey from the Investment Adviser Association.

Of...

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