Today Socialware and LinkedIn announced a new relationship to unlock social media for financial services organizations.
The growth of this market has been tremendous. As we’ve previously shared, firms have been racing, to not only find compliant ways to access sites like LinkedIn, but also eager to learn exactly how to grow their business with these powerful platforms.
LinkedIn specifically is a favorite among advisors in the field. In fact, LinkedIn’s recent demographic study showed that the financial sector has the second highest concentration of industry usage at 13.3% of all LinkedIn users.
While those numbers are exciting they can also be concerning for compliance officers. In Socialware’s survey of financial advisors we found that 40% were knowingly violating corporate policy to take advantage of sites like LinkedIn. In addition, the regulators have made it known that they will address social media in 2011 in a big way. IIROC issued their social media guidance, FINRA announced their examination priorities, which includes social media and the SEC sent out a social media sweeps letter. All of this has created great concern and demand for firms to open up access to sites like LinkedIn, in a compliant fashion.
This relationship with LinkedIn further supports Socialware’s one-of-a-kind hybrid compliance solution. What this means is that firms can confidently open access to LinkedIn knowing that Socialware will monitor and archive all of the required information regardless of time, location or device. More importantly it means that regulated users and their firms can now take full advantage of the LinkedIn platform to help drive networking, recruiting, prospecting, brand building and sales.
As we continue to set the standard for compliant social media adoption and usage in financial services we look forward to working with LinkedIn to drive the industry forward in new and creative ways.
Look for future posts to discuss some of the industry questions coming out of this announcement.