TeleMessage allows Asset Managers and Broker Dealers to WhatsApp communicate with customers from their mobile:
✔ Increase customer satisfaction
✔ Close deals faster
✔ Be innovative
✔ Stay compliant with regulations
The business environment for asset managers and broker-dealers has become dynamic and disruptive over the years and have introduced new messaging platforms to accommodate their various clients that also use such platforms. Due to a large number of people using WhatsApp both for personal and business use, asset managers and broker-dealers need the empowerment through the most innovative WhatsApp archiving solutions required to comply with the evolving FINRA, SEC, and CFTC mobile archiving regulations and effectively manage professional engagements.
WhatsApp gained popularity due to a first-in-the-market effect it saw when it commecrially launched uncontested. Skype dominated the PC, but WhatsApp remained uncontested for years in the mobile platform. WhatsApp seemed to have killed the mobile SMS due to it being an encrypted messaging service that also uses the internet, resulting in lower costs.
It is increasingly difficult to find the right balance between having an efficient workplace, client communication, and effective compliance with message archiving regulations for WhatsApp in the wealth management industry. TeleMessage recognizes the difficulty present and provides unique archiving solutions to record WhatsApp messages in real-time.
Around 23.4 million Americans and about three million businesses have begun using WhatsApp messaging for personal and business purposes. The popularity of WhatsApp extended to employees, asset managers, broker-dealers, and the various clients there are. The usage of WhatsApp ranges from sending, personal messages and attachments, and, at times, sensitive information to different people.
Since multitudes use WhatsApp, including paying customers, asset managers and broker-dealers must use newer messaging platforms to engage their clientele better while staying competitive against others in their field. Preventing them from using WhatsApp could limit their productivity and reduce the organization’s operational efficiency while potentially introducing regulatory compliance risks.
Advisers are required under Advisers Act rule 204-2 to keep certain books and records – including electronic communications such as text messages and chat logs, especially in light of the 2019 SEC OCIE Risk Alert
Dodd-Frank Act
Wall Street Reform and Consumer Protection Act — 2010
“… requires the recording of all electronic communication … within 24 hours of an audit…
Read explanation of the full requirements here
TeleMessage’s WhatsApp Text Archiving for Asset Managers and Broker Dealers can help:
- ✔ Capture all work-related WhatsApp messages – regardless of device ownership, carrier, or device platform.
- ✔ Retain all unstructured WhatsApp content accessible in one uniform archiving database, allowing for faster response during a regulatory request, and more efficient internal audits.
- ✔ Produce necessary records of captured communications for eDiscovery more efficiently.
- ✔ Provide an audit trail to regulators to prove compliance with the relevant record retention requirements.
- ✔ Lower cost of database maintenance by allowing firms to store their archived WhatsApp messages in their preferred email archiving vendor.
- ✔ Monitor employee communication effectively to identify non-compliance with industry standards and company policies, such as inappropriate client conduct, illegal trade activities, and workplace harassment and bullying.
- ✔ Improve employees’ productivity and morale by allowing them to send WhatsApp messages with their colleagues and clients, which is much quicker than sending emails and but not as intrusive as making phone calls.
TeleMessage captures and retains mobile SMS, as well as MMS, voice calls, emails, WhatsApp Chats, and other mobile content. Messages are securely and reliably retained within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.
Our mobile archiving products securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements:
Choose the Archiving Method that Works for You
Android Archiver
A lightweight App runs in the background and records all messages and calls and uploads them to be archived. Read more
Network Archiver
Integrated with mobile carrier networks to get a copy of messages and calls directly from the operator network side and archive them. Read more
Enterprise Number Archiver
Provides employees with a business number associated with an App on their phone. Business communication is archived. Read more
WhatsApp Archiver
Identical to regular WhatsApp, while capturing all WhatsApp chats, attachments, files and deletions and uploading them to be archived. Read more
Related Sources:
Top Challenges That Makes WhatsApp Archiving and Monitoring Imperative in the Financial Industry
GDPR WhatsApp Archiving – Top Compliance Issues and Ways to Solve Them
WhatsApp Archiving: What Companies Should Know About the Revised FCPA Corporate Enforcement Policy?
Ways to Use WhatsApp for Better Productivity (Without Compromising Archiving Compliance!)
We’ll show you how to archive BYOD and Corporate phones!
Our platform allows for compliant enterprise-wide archiving solutions for financial services:
Financial Services — Supporting Broker and Dealer SEC compliance and FINRA retention requirements
Investment Advisors — SEC regulations
Futures & Transfer Agents —NFA & SEC recordkeeping and oversight obligations
Lending Compliance — For with the FFIEC, Fair Lending Laws, Truth in Lending Act or the FTC’s rules on Unfair, Deceptive or Abusive Acts
Investment Dealers (Canada) — Complies with IIROC Rules and Notices and National Instrument regulations
Investment Advisers (UK) — MiFID II compliant
and more…