Hearsay Social recently added several new enhancements to its social media platform, including the ability for firms to scan advisors’ profiles against pre-approved standards.
The social media compliance solution—which includes among its clients Vanguard, Raymond James Financial, AXA, Wedbush Securities and RBC Wealth Management—announced several new components to its platform on Tuesday that aim to improve the efficiency of financial firms’ compliance teams.
“These recent enhancements to the Hearsay Social platform are designed to help firms minimize compliance risks, without adding extra burden to the compliance and supervision staff,” says Steve Garrity, CTO and founder of Hearsay Social.
Part of a nine-month development project, these upgrades allow firms to put profiles into context, Garrity says. The new updates are designed to run automatic scans of advisors’ profiles to make sure they’re appropriate, enable a more streamlined review and approval process for static profile pages, and utilize a content-sharing workflow in which compliance personnel can add notes and attachments that can be pushed to others for review and approval and then archived.
“Giving them a system to automatically, consistently check to make sure their users are on-brand, on-message and compliant will hopefully give peace of mind to a lot of our customers,” Garrity says.
Hearsay’s system continuously scans all of the networks and all of the users registered with the platform, flagging everything from inappropriate language to recently posted photos of advisor’s trip to Octoberfest, Garrity says. Notifications are sent out to both the advisor and their firm when something in the profile doesn’t work.
Garrity says these recent updates, which are already live for customers, are simply some of many that are in the pipeline. “The more we scale and the more our customers scale and lean on us to fill that gap, we have continual case of trying to improve the product so that it’s easier to use faster, simpler.”