Voice and video compliance platform Theta Lake has provided top tips on how to incorporate videos into your marketing strategy, keep the regulator happy and save money in the process.
Despite playing an important role in the advising and investment community, registered investment advisers and broker-dealers are being squeezed by industry consolidation and costly regulatory requirements.
Research from the Financial Industry Regulatory Authority has shown that the number of broker-dealers has dropped 3 per cent year-on-year from 2016 to 2017.
On the other hand there has been an increase in in regulatory scrutiny and requirements for the retention and supervision of communications with clients, which has made adopting digital communication difficult for resource-constrained firms, Theta Lake said.
However broker-dealers can adopt new technology such as directed and personalized videos to engage with clients and retain new business.
Research published by Theta Lake found that 90 per cent of consumers said product videos directly inform their purchase decisions. Moreover, figures show there is a 200 per cent click-through increase for emails including videos.
When adopting personalized video marketing brokers will want to address a range of legacy compliance challenges.
The challenges include resource costs and time taken to adopt storage for retention; manually reviewing scripts and videos and reconciling them; creating records of the review and approve process; as well as time demands that could consume potential profits.
Theta Lake has found that manual video reviewing processes can take significantly longer than the videos themselves, as much 2.5x, reports have shown. In turn, every 100 hours of video recorded could add 250 hours of compliance review time for advisers.
Thankfully there are technological solutions that can streamline and automate video compliance processes.
California-based Theta Lake leverages AI technology to eliminate the complexity of video marketing review and retention. The platform puts video scripts through automated policy checks and AI-assisted workflows, before they are retained and archived.
The approved script is then automatically compared to its video and analysed for any FINRA, FFIEC, FCA and corporate compliance risks that may appear in its visual or audio components.
Click here If you would like to view Theta Lake’s full guide – Broker-Dealers and RIAs: Personalized Videos and Compliance Made Easy.
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