"To be compliant with Articles 16 and 69 of the directive, firms are required to keep records of all electronic communications - including social, email, and text messages"
Research carried out by Intelliflo with iO users in August 2016 found 70% were engaging with social media (up from 58% in 2014), with 60% marketing via LinkedIn, 36% (up from 25% in 2014) using Facebook and 40% using Twitter.
Designed to make digital communications effective and time efficient, Hearsay’s predictive tools allow advisers to provide a centralised library of compliant content that enables advisers to say the right message at the right time. As part of the service, Intelliflo is running an active content library designed specifically to save advisers time by selecting relevant material.
Rob Walton, Chief Operations Officer at Intelliflo, commented: “Advisers’ time is precious so it’s easy to dismiss or put on the back-burner engagement with new channels of communication. Social media offers a powerful marketing tool for advisers: 70% of online adults have a social media profile and 50% of millionaires over 65 use Facebook. By integrating Hearsay’s leading technology into iO and providing an up-to-date content library, our clients will have the tools they need to develop and manage effective and efficient social media interaction in a regulator-friendly and MiFID II compliant manner.”
Chris Andrew, Hearsay Managing Director, said: "Our partnership with iO enables many more independent advisers to get the kind of marketing support that is typical of big financial services firms. Engaging with clients and prospects on the channels they prefer – and today that is increasingly on social, mobile and digital – can really pay dividends. Research with wealth management firms indicates that once they start using our tools, the productivity of advisers increases by 9-22%.”
Yasmin Zarabi, Vice President, Legal and Compliance at Hearsay, added: “MiFID II requires more stringent measures for digital client communications, disclosures and transparency requirements. To be compliant with Articles 16 and 69 of the directive, firms are required to keep records of all electronic communications—including social, email, and text messages—from any device, ensuring that they maintain adequate records of disclosures of potential conflicts of interest. Hearsay provides monitoring, supervision, approval workflows and archiving out of the box across all its digital engagement channels.”
