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SMS Text Message Archive
Our compliant SMS Text message archive and review solution for your RIA regulatory requirement needs.
SMS Text Message usage is growing fast, and financial services firms must get ahead of the curve. Today, we have a new generation of advisors who have grown up with cell phones and communicating through text messages their entire lives. Text messaging is similar to email usage and will be bigger than email in the coming decade. We are hearing from more advisors who want to use text messaging to grow their business or are already using it without your knowledge and approval.
Regulation:
Regulatory Notices 10-06 and 11-39 remind firms of their obligation to retain records of digital communications that relate to their “business as such” as required by Rule 17a-4(b) (4) under the Securities Exchange Act of 1934. Regulatory Notice 11-39 notes that determining whether a communication must be retained depends on its content and not upon the type of device or technology used to transmit the communication.