SEC and FINRA rules require that all electronic communications, including text messages, be archived and reviewed by the Firm. Accordingly, Global Relay is the only approved platform for Registered Representatives (“RR”), registered administrative staff (“RA”), Investment Adviser Representatives (“IAR”), and non-registered fingerprinted persons (“NRF”) to text message business-related1 communications. All other text/instant messaging platforms (e.g. Apple’s iMessages) are prohibited for business use.
Marketing and Advertising Disclosure
Effective the date of this Notice, all mention of a cell phone number on advertising materials (i.e. business cards, email signatures, web pages, etc.) will indicate whether or not texting is allowed. For example: a personal cell phone number must indicate “Voice-Only”.
Global Relay numbers will not require that disclosure. Prior to reprint, any hard copy materials must be submitted to the Advertising Guidance Team for review and approval. Digital materials should be submitted for the addition and approval of the new disclosure.
How does it work?
A mobile business number (“MBN”) from Global Relay can be used for both voice and text, or for text only. You may have a new MBN assigned to you based on your preferred area code and exchange (when possible), OR you may choose to use your existing landline number. To use an existing landline, you must currently have a business phone number that connects to a landline (versus a cell phone).
The Global Relay MBN or landline must be used to send and receive business text messages only. Please do not send personal text messages through your Global Relay MBN, as they will be subject to review and archiving by the Firm.
Texts sent to an outside user (i.e. a non-Global Relay user) are not secure (i.e. encrypted). Therefore:
- Text messages must not contain personally identifiable information (“PII”) or any other data that requires encryption; and
- Text messages should never be used to obtain a customer’s personal or financial information.
When may I start using Global Relay?
As noted above, you may text clients once you are approved and have completed the setup of the Global Relay app. However, you may not text any associated person (e.g. another RR, RA, NRF, or home office employee) until:
- You have completed the installation and activation of Global Relay, and
- The associated person has also completed the setup process.
Texting Prohibitions
Activities that are not allowed via text messaging include, but are not limited to:
- Sending or receiving Personally Identifiable Information (PII) such as birthdates, account numbers, social security numbers or any other such information;
- Sending or receiving account statements, applications, copies of drivers’ licenses or documents that include account numbers or sensitive information;
- Solicitation of trades or trade requests from clients;
- Sending ‘Internal Use Only’ and corporate documents to other ESI associates;
- Business solicitations;
- Sending advertising or marketing material;
- Use of automated services to send bulk messages;
- Sending pictures or videos;
- Sending profanity or any other inappropriate language or images;
- Cold texting. Similar to cold calling, you must adhere to the Telephone Consumer Protection Act. Please review the Telephone Solicitation and Telemarketing Guidelines for details.
Costs
For RRs and IARs, the cost for Global Relay is covered by the ESI affiliation fee; for RAs, it’s covered by the administrative fee. If an NRF has a need to text for business purposes, which includes texting within the agency and/or to a RR, Global Relay is available to office staff for a fee of $25/month, paid by the RR.
Frequently Asked Questions
Q1: I don’t text my clients. Why do I need to use Global Relay?
A1. Business-related communication encompasses more than just securities-related business messages sent to clients. It also includes investment advisory, insurance, and all business-related activities sent to/from clients, potential clients, vendors, home office employees, branch office staff, or other representatives.
Q2: I don’t have a smartphone. May I have an exemption? Do I still need to use Global Relay?
A2: Yes you still should use Global Relay. You can meet the requirement by logging into the desktop version of the app.
Q3: What should I do if a client texts me Personally Identifiable Information (PII)?
A3: You can reply to the text using your Global Relay number, using the same thread, and remind them that 1) they should not send you PII via text message, and 2) they should utilize a secure email to send you any such information.
Q4: My clients sent a text to my personal phone number. How should I respond?
A4: Do not communicate with them from your personal device. Any one of the following options would be an appropriate response:
- You can call them directly and remind them to text you on your Global Relay number;
- You can respond via email, or
- You can reply from your approved text number and, again, remind them that you can only receive messages on that number.
Additionally, forward the client’s message to your Global Relay number or email so it can be properly ingested into the Firm’s retention system.
Questions
For technical issues, please contact ESI Tech at esitech@nationallife.com. For Compliance questions, please contact ESI Compliance at 800-344-7437 or email ESIElectroniccommunicatons@nationallife.com.
[1] Includes anything relating to securities, investment advisory, all financial service-related activities including insurance, and all investment-related activities sent to/from clients, potential clients, vendors, home office employees, branch office administrative staff, or other RRs.
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