New technology enables compliance supervisors to review advisor digital activity more efficiently, making it easy for their financial representatives to successfully leverage social media to build their business
SAN FRANCISCO – November 30, 2016 – Hearsay Systems, provider of the new Hearsay Advisor Cloud client engagement solution for financial advisors, today announced several enhancements to its compliance platform that make it easier and faster for supervision teams to manage their workflow, complete tasks and communicate with their advisors.
The features, developed with input from Hearsay’s data science experts, provide compliance and supervision teams with automated, more expansive compliance coverage across social media content. Powered by predictive analytics, the platform enables compliance teams to more accurately and quickly capture and evaluate content changes on their advisors’ social media profiles.
As a result, advisors spend less time on the back-and-forth with compliance for reviews and changes, and more time leveraging social media to build their business.
“Oppenheimer is dedicated to adding new technologies that support our financial advisors, their relationships with clients, and our strong culture of compliance,” said Jessica McGrath, director of marketing at Oppenheimer & Co. Inc. “As more clients want to connect with advisors digitally, Hearsay helps us successfully manage social media content distribution on a single compliance platform.”
“At Thrivent, we’re proud that our financial representatives maintain close, trusted relationships with their clients both online and offline,” said Jordan Martell, vice president and managing counsel at Thrivent Financial. “When it comes to digital engagement, speed is crucial. Compliance administrators using Hearsay’s two-click reviews can make quick suggested edits to Facebook, LinkedIn and advisor website profiles, so new representatives can get up and running on these channels much faster.”
Many Hearsay clients have already seen measurable efficiencies from Hearsay’s ongoing innovations in compliance technology. One client reported that, in one year, the Hearsay platform has enabled its compliance supervisors to support 50 percent more advisors compared to the previous year.
“In processing almost 700,000 profile changes each year from our customers, Hearsay identified new efficiencies we could build in our product to help alleviate some of the pain in the back-and-forth between compliance administrators and their advisors,” said Robert MacCloy, vice president of engineering at Hearsay. “Our team worked closely across functions and with our customers to develop these new features from the ground up.”
For Compliance Teams: Do More In Less Time
Hearsay’s new compliance functionality vastly decreases the amount of time that supervision teams spend reviewing advisor social media profiles and activity. New features include:
- Automated, prioritized review: Predictive analytics help identify which issues are likely to be of highest risk, so that supervisors can focus on those high-alert items first.
- Simplified, cost-effective sampling: From a single platform, supervisors can review a percentage of content based on type (links, photos, text, etc.) to help ensure compliance requirements are met, decreasing the cost and effort of traditional email-based supervision. Sampling also helps identify which content types are more likely to need more or less supervision, so administrators can become more productive over time.
- Expanded content review: Supervisors can evaluate more types of social media content across LinkedIn and Facebook, further reducing risk of potential infractions.
- Advanced profile and custom filtering options: Powerful filters for frequently used searches in their Universal Supervision dashboards help supervisors work more intuitively, based on their location and team.
For Advisors: Faster, More Efficient Communication with Compliance
Hearsay’s enhanced compliance features help reduce time friction and enable more efficient communication between compliance and the sales field. New features include:
- “Two-click” profile review: Advisors can have their profiles approved in as little as two clicks/interactions with the compliance team.
- One-click “accept” of suggested content changes: An advisor can accept in-line recommended changes to profiles and content with one simple click.
- Reminder emails: Advisors can receive updates on the status of their review and action reminders via email, helping them stay engaged and informed throughout the process.
These compliance features are available now on the Hearsay platform. For more information, visit the Hearsay blog.
Hearsay Systems offers the complete client engagement solution for financial services, empowering advisors and agents to effectively use digital to build stronger relationships that grow business. Its technology is used by more than 150,000 advisors and agents at the world’s largest financial services and insurance companies including New York Life, Raymond James and Vanguard.
The Hearsay Advisor Cloud platform enables efficient and compliant client engagement across digital channels including social networks, text messaging, websites and email. Its prescriptive technology processes and prioritizes data across digital channels and systems and suggests what advisors should do next, saving them time and eliminating guesswork. For the enterprise, Hearsay Advisor Cloud unifies client engagement from across the organization, breaking down functional silos and providing relationship building and accountability for sales; brand governance and amplification for marketing; efficient supervision and review for compliance; and an open enterprise-ready platform for IT.
Hearsay is a SIFMA strategic partner, LIMRA Elite Strategic partner, GAMA partner and MBA associate member, and has raised $51 million from Sequoia Capital, NEA and private investors. The company is headquartered in Silicon Valley with teams in New York, Seattle, Chicago, Atlanta, Austin, Toronto, London, Paris, Frankfurt and Hong Kong. Connect on Facebook, Twitter, LinkedIn and the Hearsay blog.