Social Media Archiving Solutions for Financial Advisors

Social media may be an integral part of your marketing plan. And as with other business activities, there are some compliance rules you’ll need to observe. Registered investment advisors (RIAs) are subject to SEC and FINRA recordkeeping rules, which are designed to ensure the proper retention of all business communications, including social media content. Software tools can help with social media archiving for financial advisors, leading to a smoother compliance process.

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Social Media Archiving Solutions for Advisors

There are two primary ways to handle social media archiving for your firm. You can archive manually, or use an archiving software developed by a third-party company.

The method you choose should align not only with your workflow, but also with the strict recordkeeping requirements set by regulators like the SEC and FINRA. These rules cover how long you must retain records, how they’re stored and how quickly you can access them if requested during an audit or examination. (We’ll cover this in greater detail further below.)

Here’s an overview of how each one works.

Manual Archiving

Manual archiving involves collecting the social media records that are required for compliance and storing them for the prescribed period. Specifically, you would need to:

• Identify all social media accounts used for your firm’s marketing and communication efforts.
• Capture records of the content that must be archived, and organize it.
• Ensure the records are securely maintained.

You may lean toward a manual archiving solution if your firm is relatively new or on the smaller side, or if you want absolute control over how and where records are maintained. Before you opt for a manual approach, however, consider the downsides:

• Archiving social media manually can be time-consuming and tedious, particularly if you’re posting on multiple platforms.
• Manual archiving leaves room for human error, which could inadvertently lead to compliance issues.
• As your firm grows, the task may become too much for you to handle alone if it takes time away from serving your clients.

Software-Based Social Media Archiving Solutions for Financial Advisors

Archiving software handles recordkeeping for you, enabling you to focus on more important tasks while remaining compliant with FINRA rules and SEC regulations. You can connect a single program to all of your firm’s social media accounts to seamlessly capture and archive relevant records.

Once social media records are captured, the software program securely encrypts and stores them. Some programs are also capable of integrating with your customer relationship management (CRM) platform. If you use your CRM to send email communications to prospects and clients, your archiving software can capture those records as well.

Utilizing a software program to handle archiving yields numerous benefits. For example:

• It minimizes the risk of human error since the data is automatically captured directly from your social media accounts.
• You can gain hours back in your day, which you can redirect toward prospecting or meeting with clients.
• Some companies offer customizable archiving solutions that are designed to fit your firm’s exact needs, based on the social media platforms you use most frequently.
• Archived records are centralized in one place, making it easier to track down specific files if and when you need them for audits or any other purpose.
• The cost you pay to use a social media archiving software or service may be far less than fines the SEC may impose if you’re found to have violated recordkeeping compliance rules.

How do you choose a software program for social media archiving? Here are some helpful questions to ask:

• Which platforms does the software connect to? Are those social media platforms ones your firm uses most often?
• What data or records does the program capture?
• How many accounts will you be able to link to the program? (Some programs cap the number of accounts you can add, while others are unlimited.)
• What type of integrations does the program offer? For instance, can you sync it with your CRM?
• How and where are records stored and maintained?
• Is it possible to migrate or export data files? If exporting is possible, which formats is the software compatible with?
• What is the cost to use the program? Is there a one-time fee, a monthly subscription or an annual fee?
• What type of customer support do you offer to answer questions or help?

A free demo of any software you’re considering can give you an idea of how it works, its features and what to expect.

Social Media Archiving for Financial Advisors: Options to Consider

If you’re interested in software-based archiving, a simple internet search can provide you with a list of companies to consider. To save you some time, we’ve profiled a few companies below that help financial advisors with social media recordkeeping solutions.

1. Smarsh

Smarsh is an award-winning, cloud-based archiving solution that serves numerous industries, including financial services. The software supports more than a dozen of the most popular social media platforms and archives records in an easily searchable format.

Key features:

• Intuitive workflows to help you oversee your firm’s compliance
• Detailed documentation and audit trail for compliance
• Fast, simple search tools to help you find records quickly
• Data migration and export
• Top tier security and data protection

Cost: Contact the Smarsh team to discuss pricing

2. Archive Intel

Archive Intel is a social media archiving and compliance software for RIAs and other financial professionals. The program integrates with some of the most frequently used social media platforms, email providers and messaging/chat tools. It’s relatively simple to set up, and you don’t need to download a separate app to use it.

Key features:

• Simplified and efficient compliance across multiple communication platforms
• Free exports
• Built-in AI tools to reduce false positives
• Stringent security measures to protect communication data
• Dedicated support

Cost: $99/monthly; $89/monthly when billed annually; enterprise pricing available¹

3. Presults

Presults is an AI-powered archiving compliance tool for financial advisors that leverages automation to save you time. You can archive social media content, emails and messages through the program, and data is encrypted using the highest industry standards. Personalized support is available at every step of the onboarding process via phone, chat or email.

Key features:

• User-friendly interface
• Intuitive pre-compliance checks
• No long-term contracts required, and no hidden fees
• Access to monitoring tools built specifically for RIAs
• Seamless data connection

Cost: Contact the sales team for pricing info

4. Pagefreezer

Pagefreezer offers website and social media archiving for financial advisors, as well as mobile text archiving. The program uses API integrations to connect with your preferred social media platforms, including Facebook, Instagram and LinkedIn. Advanced search tools allow you to easily locate records when you need them.

Key features:

• Real-time compliance monitoring of connected social media accounts
• Transparent pricing
• Keyword monitoring and policy alerts
• Track and capture deleted comments and posts
• Easy, user-friendly export tools

Cost: Request a quote

Social Media Archiving Requirements for Advisors

Several rules govern compliance for social media archiving. First, SEC Rule 17a-3 mandates the creation of business records for RIAs and broker-dealers, including customer communications². That rule extends to content posted on your social media accounts. Records must be accurate and detailed.

SEC Rule 17a-4 requires that advisors, maintain social media records for three years, keep the first two years of records in an easily accessible location and store records on non-erasable, non-rewritable (WORM) media³.

Rule 204-2 of the Investment Advisors Act of 1940 outlines recordkeeping rules, retention periods and accessibility requirements. FINRA Rule 3110 requires advisors to monitor and review incoming and outgoing correspondence, while Rule 4511 requires firms to create and preserve records.

Bottom Line

Social media archiving is a requirement for running a compliant business. But the good news is, you have several options available when it comes to deciding how to handle it. That may mean a manual approach to archiving, a software-based solution, or even a combination of the two. Regardless of the path you choose, what matters most is checking off all the required compliance boxes.

Tips for Growing Your Advisory Business

• Building a following on social media can help you connect with prospects and increase your brand visibility. Partnering with an advisor marketing platform is another way to get your name out there and attract new leads. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Archiving is one part of the equation when managing compliance; you must also be aware of what you can (or can’t) say in your communications with clients and prospects. For example, if you’re including testimonials in your marketing materials, you must provide proper disclosures. Reviewing the SEC’s marketing rule can help develop compliant marketing campaigns.

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