The term “hearsay” may hold a pejorative tone in a legal setting, but for insurers such as Northwestern Mutual, it represents a way to standardize the compliance efforts related to the social networking activities of its more than 6,000 FINRA-registered representatives who use LinkedIn, Facebook, Twitter and Google+.
Northwestern joins Farmers Insurance Group, Thrivent Financial for Lutherans and California Casualty in deploying the Hearsay Social platform. Northwestern Mutual will use the full suite of Hearsay Social, an enterprise social marketing platform, which includes:
Thrivent Financial says its 2,200 representatives will use the Hearsay Social platform. "Our partnership with Hearsay Social gives us added peace of mind that we're compliant with regulatory requirements which allows us to focus on maximizing the power of social media at a local level," said Kyle Marie Woods, marketing strategist at Thrivent Financial, a faith-based, not-for-profit financial services organization serving nearly 2.5 million members.
Recently named the sole social media strategic partner of SIFMA, the Securities Industry and Financial Markets Association, Hearsay Social also unveiled new FINRA and SEC compliance capabilities, making it easier for compliance staff to abide by regulations at scale.
The Hearsay Social Compliance Module provides complete compliance and coverage for all firm employees on all major networks, no matter their point of access. The platform allows advisors to use social media to build their books while meeting FINRA and SEC regulations on advertising, monitoring and record retention.
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