Commonwealth Offers Social Media Compliance Tool

Commonwealth Financial Network has partnered with Erado Message Control to offer advisers a social media compliance solution. 

Beginning in early June 2011, Commonwealth advisers can use Facebook, Twitter, LinkedIn, and blogs while meeting FINRA requirements for review and retention of online marketing. Advisers will be able to comment, post, respond, “like,” and retweet messages on the sites, and the activity will be captured automatically and sent to Commonwealth’s Compliance team for post-review and retention.

“Social media marketing is a valuable component to any integrated marketing strategy, and we want to make it as easy for our advisers to implement as possible,” said Todd Estabrook, Commonwealth’s chief marketing officer.

Commonwealth says it selected Erado as the vendor of choice because it can capture interactivity for a single user login, while bypassing activity on profiles that are not subject to FINRA regulations, regardless of whether they share a machine. Commonwealth is absorbing the per-user, per-month fee for each site, saving individual advisers more than $300 per year on associated compliance costs.