(Image source: Hearsay Systems.)
Hearsay Systems (San Francisco) has introduced several enhancements to its compliance platform that the vendor says make it easier and faster for supervision teams to manage their workflow, complete tasks and communicate with their advisors.
The new features are designed to provide compliance and supervision teams with greater compliance coverage across social media content and use predictive analytics to enable compliance teams to more accurately and quickly capture and evaluate content changes on their advisors’ social media profiles, according to a Hearsay statement. As a result, the vendor asserts, 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.
Speed is Crucial
“At Thrivent, we’re proud that our financial representatives maintain close, trusted relationships with their clients both online and offline,” comments Jordan Martell, VP and managing counsel, Thrivent Financial (Minneapolis). “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.”
Hearsay reports that many of its clients have already seen measurable efficiencies from the company’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, the vendor claims.
“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,” comments Robert MacCloy, VP of engineering, Hearsay. “Our team worked closely across functions and with our customers to develop these new features from the ground up.”
For Compliance Teams: Doing More With Less Time
Hearsay’s claims that its new compliance functionality vastly decreases the amount of time that supervision teams spend reviewing advisor social media profiles and activity. The vendor describes the new features as follows:
- 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 says that its platform’s enhanced compliance features help reduce time friction and enable more efficient communication between compliance and the sales field. The vendor describes new capabilities for advisors as follows:
- “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.