Email & Instant Messaging
Email...the Double Sided Sword
The Radicati Group which provides research on messaging and collaboration, security, and email archiving says that there are about 1.2 billion email users worldwide. The Radicati Group counted 516 million business email inboxes worldwide in 2007.
Financial Services Professionals should be fully aware of the double-sided sword of email. On the bright side, it is a very useful tool in quick and convenient communications. On the dark side, email can be a rogue form of communication. Its abuse by marketers has create a world of ‘spam” that plagues us all. Email is use to solicit questionable and dangerous products to all of us including our children. Email is a convenient vehicle used to bring con schemes into the privacy of our homes that are targeted to senior citizens. Email can has also cut productivity at work and can carry viruses that shut down corporate servers. Its close cousin… Instant Messaging carries the same double-sided sword. It can be a productive tool or our worst cyberspace nightmare.
Careers Can Be Terminated Very Quickly
Financial Services Professionals careers can be terminated very quickly by violating their company’s rules on the use of email and Instant Messaging. The discussion of the use of email and Instant Messaging here applies to all advisors, agents, and planners working for companies or independently.
Companies Transparent E-Mail Review Process
The good news is that many companies have a very transparent e-mail review process. The Financial Services Professional’s e-mails to and from the public are sent through an e-mail filtering system that reviews all correspondence. The same basic rules that govern the content of written communications apply to electronic communications. These tenants include truthfulness, good taste, accuracy and completeness of information.
Big Brother Is Watching You
Questionable E- mails are highlighted and flagged for review. (Big Brother is watching you…and rightly so). This process typically involves Registered Principles who review all e- mails held by the filtering system for approval or denial. If approved, the e-mail is forwarded to the recipient. If denied, the e-mail is held and the Financial Services Professional is notified to give the Financial Services Professional an opportunity to address any errors and revise the email. Once the previously denied email is re-written and approved, it is sent on to the recipient.
Please note that some companies have stricter email policies. Some companies may have liberal email rules. The responsibility of the safe use of email and instant messaging rest with the Financial Services Professional. These modes of communication must be used with one absolute goal in mind. That goal is to protect the client information, data and assets.
Personal Use Of Company Email System
Companies do allow ypou to send limited email to friends and family. Companies will not allow you to use their mail servers for as a substitute for your private email service.. Therefore, there should be no expectation of privacy. What you see…the company see.
Generally Email is Not Private…
What you see…the company see. It gets worst. Anyone on the Internet can see it. Financial Services Professionals cannot assume email are private should assume that messages are accessible to individuals other than the intended recipient. Therefore, proprietary or confidential information relating to clients or the Company should not be transmitted outside their Company. This includes personal information about a client or the Company, such as social security numbers, first/last name, and medical conditions, asset values of investments or policy values of insurance contracts. If the Financial Services Professional work for a public company, you must not send or acknowledge any information not generally made public concerning the Company's business activities or plans.
Do be Careful In What You Are Sending Or Saying
Also Financial Services Professionals must be careful to have the appropriate licenses and product registrations before transmitting e-mail messages about a specific product or services.
General Rule of Thumb
Follow this general rule of thumb. Do not send any sales or marketing material via e-mail unless you place or filter it though the same compliance or marketing review you are subject to for written marketing pieces. It it is a discussion or mention of a variable product, investment, mutual fund or other variable service, it is a good idea to insert a hyperlink or web link to the appropriate prospectus. If you prefer, attach the current prospectus.
Secured Instant Messaging
What is Instant Messaging? Instant Messenger usually lets you send instant messages, share photos, pictures and sounds and enjoy live conversations online. Instant messaging applications may also include audio chat and PC-to-phone telephony, videoconferencing, and file sharing. Email is the killer application on the Internet but Instant Messaging is becoming the super-killer application. Instant Messages are transmitted as clear text, using insecure protocols and that these messages use nonstandard TCP ports that may not be filtered by firewalls. Depending on your antivirus software, IM attachments may not be scanned for viruses. Secure Instant Messaging starts with your virus software. It is vital that you run up-to-date antivirus software at the appropriate settings and that you regularly apply the recommended security patches to your computer. Get help on setting your computer firewall so it filters IM messages properly.
Financial Services Professionals Are Included
Included in the millions of instant messaging users are Financial Services Professionals.
Financial Service Practitioners need to control the cyberspace in which they share and collaborate highly sensitive information. Breaches of confidentiality could attract lawsuits, loss of professional designations as well as the business practice. To be sure, most Financial Services companies have limited or no use of this type of communication.
10 Tips For Safer Instant Messaging
Communicating by using an instant messaging (IM) program has some of the same security and privacy risks as e-mail, but there are a few unique dangers that you should be aware of: (Compliments of Microsoft.com)
- Never open pictures, download files, or click links in messages from people you don’t know. If they come from someone you do know, confirm with the sender that the message (and its attachments) is trustworthy. If it's not, close the instant message.
- Be careful when creating a screen name. Each IM program asks you to create a screen name, which is similar to an e-mail address. Your screen name should not provide or allude to personal information. For example, use a nickname such as SoccerFan instead of BaltimoreJenny.
- Create a barrier against unwanted instant messaging. Do not list your screen name or e-mail address in public areas (such as large Internet directories or online community profiles) or give them to strangers.
- Some IM services link your screen name to your e-mail address when you register. The easy availability of your e-mail address can result in your receiving an increased number of spam and phishing attacks.
- Never provide sensitive personal information, such as your credit card numbers or passwords, in an IM conversation.
- Only communicate with people who are on your contact or buddy lists. If you decide to meet a stranger that you know only from IM communication, take appropriate safety precautions. For example, do not meet that person alone, (take a friend or parent with you), and always meet and stay in a public place, such as a cafe.
- Don't send personal or private instant messages at work. Your employer might have a right to view those messages.
- If you use a public computer, do not select the feature that allows you to log on automatically. People who use that computer after you may be able to see and use your screen name to log on.
- Monitor and limit your children's use of IM. One way to do this is to sign up for Windows Live OneCare Family Safety. If you use Windows Vista, it comes with parental controls built-in.
- When you're not available to receive messages, be careful how you display this information to other users. For example, you might not want everyone on your contact list to know that you're "Out to Lunch"
Your Responsibility
The responsibility of the safe use of email and instant messaging rest with the Financial Services Professional. These modes of communication must be used with one absolute goal in mind. That goal is to protect the client information, data and assets.