Actiance, a social media compliance app for broker/dealers, says it today became "the only solution" enabling pre-approval of changes to static content on LinkedIn.
Actiance is a large company relative to the other social media compliance apps. Actiance has been known for providing security, management, and compliance solutions for instant messaging and unified communications platforms (VOIP) to enterprises. Actiance's platform is used by more than 1,600 customers, including nine of the 10 largest U.S. banks and the top five Canadian banks.
Actiance faces competition from Socialware, a smaller firm that beat Actiance to the independent B/D market. Another enterprise system seeking business from independent B/Ds is Hearsay.
While adoption of social media by independent registered reps regulated by FINRA has been slow, many broker dealers are now establishing relationships with social media compliance apps and building the systems, structure and service models to be able to support compliance of social media content posted by reps and visitors to their social media sites.
Of the social media apps used by advisors, LinkedIn is most popular and conservative-minded advisors have been slower to embrace Facebook for marketing their businesses. So the announcement by Actiance of integration of LinkedIn to provide workflow for B/D compliance is significant.