Social Networking Compliance: A Resource

I'd post this on my Wall, but none of my FB friends would understand it!

Got a follow-up email to my last post on this subject from a reader--a firm in Austin, Texas that may have just the tool you need to keep up with FINRA's demands. Check out Socialware's "Risk Manager" product. On the surface, Socialware seems to have developed something useful and, importantly, something designed specifically to meet regulatory guidance.

To allow Reps to use social networking sites as tools to build business might be the best idea of the 21st century--but it carries with it a commitment of both money and time (even an affordable automated surveillance program will require concerted attention by a Principal). The way you balance the need for online networking and the need to budget time and money will determine whether you take this leap.

Some due diligence considerations: Socialware's product is brand new with a limited number of users; the loyal following may consist more of non-FINRA-regulated firms (that is, IA's and others) and therefore may not have been tested yet by examiners; and I'm told the per user charge is small but I don't know about set-up/installation/training charges.

I think it's worth checking out. Tell'em I sent you, K? And please report back with feedback. I'd love to think this is the answer BD's are looking for.