RIA Compliance Technology launches SEC-compliant text message archiving solution for financial advisors, automatically capturing communications across multiple platforms to help firms avoid regulatory penalties while meeting SEC Rule 204-2 requirements.
-- RIA Compliance Technology has introduced a new SEC-compliant SMS text message archiving solution designed specifically for financial advisors. This automated system addresses the regulatory challenges faced by Registered Investment Advisors (RIAs) who must comply with SEC Rule 204-2, which mandates retention and supervision of all business-related communications, including text messages.
For more information, visit https://riacomptech.com/
Text messaging has become a standard communication channel between advisors and clients. Company research indicates 95% of advisors use personal devices for client communications, creating significant compliance risks. In the past two years, the SEC and CFTC have imposed over $2.6 billion in fines against financial firms for failing to maintain proper records of electronic communications.
"Financial advisors are increasingly relying on mobile messaging for client communications, but most firms lack proper systems to capture and store these conversations for regulatory compliance," said a RIA Compliance Technology representative. "Our platform eliminates the guesswork and manual effort by automatically preserving all business communications across multiple channels, giving investment advisory firms confidence that they're meeting federal recordkeeping requirements while reducing administrative burden on their staff."
The archiving solution captures messages across iPhones, Android devices, and WhatsApp automatically. This approach eliminates the gaps and inefficiencies of manual archiving processes that typically fall short of SEC requirements; many firms currently rely on inadequate methods such as screenshots emailed to compliance departments or spreadsheets tracking conversations—approaches that cannot scale to meet regulatory demands.
The system stores communications securely for five years, meeting the retention period required by regulations. Even brief scheduling texts between advisors and clients must be archived under Rule 204-2, a requirement many firms overlook. This comprehensive capture capability extends to personal devices, addressing the common compliance blind spot of off-channel communications.
RIA Compliance Technology was established in 2017 by a financial advisor who identified the need for improved compliance management tools after experiencing frustration with complicated regulations, forgotten deadlines, and misplaced information. The company creates solutions specifically for Registered Investment Advisory firms to simplify compliance processes while satisfying regulatory standards.
For more information about RIA Compliance Technology's SMS archiving solution, visit https://riacomptech.com/simple-text-archive/
Contact Info:
Name: Blake Bjordahl
Email: Send Email
Organization: RIA Compliance Technology
Address: 10031 E Dynamite Blvd Suite 240, Scottsdale, AZ 85262, United States
Website: https://riacomptech.com/
Source: NewsNetwork
Release ID: 89164675
Should there be any problems, inaccuracies, or doubts arising from the content provided in this press release that require attention or if a press release needs to be taken down, we urge you to notify us immediately by contacting error@releasecontact.com (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our efficient team will promptly address your concerns within 8 hours, taking necessary steps to rectify identified issues or assist with the removal process. Providing accurate and dependable information is central to our commitment.
