In the past year compliance professionals have been preoccupied with preventing cybercrime, and rightfully so, with recent high-profile cyber attacks and increased regulatory attention. However, the compliance implications of social media in the financial services sector remain an evolving trend as well, with high importance. A recent investment adviser survey offers a glimpse at the state of the current adviser programs while exposing new risks.
The survey , currently in its 10th year, was conducted by the U.S. Investment Adviser Association, ACA Compliance Group and OMAM. The highest percentage of firms surveyed were established firms with 6-25 years in the business and having assets under management ranging between $1-10 billion.
The survey identified that social media use is on the rise, It highlights specific social media sites that advisers are using and adviser testing practices, and it identifies a risk element to keep an eye on: social media-hosted email accounts.
The original article can be found at blogs.reuters.com