%20(1).avif)
.avif)
If you’re a financial advisor, you know that staying on the right side of the regulatory guardrails is good for business.
Take Velox Clearing, for instance.
The brokerage firm was fined $1.3 million by the Financial Industry Regulatory Authority (FINRA) for failing to monitor business communications on unapproved messaging platforms.
FINRA and the United States Securities and Exchange Commission (SEC) rules require professionals in the finance sector to preserve client-related calls, messages, and notes for audit review.
And, noncompliance can trigger penalties (as was the case with Velox) and, by extension, cast doubt on a firm’s integrity.
The problem is, business communication doesn’t always happen through secure, compliant channels.
It’s not uncommon for a financial advisor to text clients from their personal phones, return calls between meetings, and share quick updates after hours. These conversations, while great for building customer relationships and closing deals, bypass compliance requirements.
And once that happens, a firm loses control over its audit trail, which sets the stage for potential compliance breaches.
This case study involves Eagle Peak, a brokerage firm that faced mounting compliance risks from its existing communication system.
It breaks down how the firm used iPlum’s mobile call recording and text compliance solution to secure advisor-client interactions and meet FINRA and SEC audit requirements.
Table of Contents
6.iPlum — The best business phone system for financial services
About Eagle Peak
Eagle Peak Brokerage is a mid-sized financial advisory firm. It has a team of advisors who manage client investment portfolios, guide them through market changes, and handle ongoing communication ranging from trade confirmations to retirement planning discussions.
The firm built its appeal and reputation on accessibility.
With Eagle Peak, clients could reach their advisors at any time, whether during trading hours or after the market closed.
However, as the firm expanded, keeping up with compliance became increasingly challenging. The biggest bottleneck was that its advisors relied on personal smartphones in an effort to offer timely and responsive service.
What began as a convenience quickly turned into a compliance risk.
The challenge
Eagle Peak’s success and customer retention largely depended on responsive communication.
Advisors interacted with clients via text and calls throughout the day, discussing trades, market updates, and portfolio changes. Indeed, active listening is important for customer satisfaction, but in this case, it quietly exposed Eagle Peak to compliance risks.
First, the fact that financial advisors used their personal smartphones for client communication meant two things.
One, there was no verifiable record for audit. Two, the firm shared confidential client information through channels that lacked security safeguards.
David, Eagle Peak’s compliance officer, said:
“Clients expect us to be available and responsive. “But keeping up with communication regulations had become an administrative burden.”
In fact, internal checks revealed that over 70% of daily client communications happened outside monitored systems. In addition, over 88% of message logs were either incomplete or missing, confirming David’s concern.
Even more disturbing, the advisors occasionally jotted notes or emailed summaries after calls. However, none of those strategies met FINRA and SEC retention standards.
Following the events at the brokerage, it was almost certain that the firm wouldn’t provide full message and call logs if regulators requested them.
Eagle Peak needed a quick, practical, and affordable phone system tailored for mobile call recording and text compliance.
The solution
After evaluating several options, Eagle Peak settled on iPlum, primarily due to the platform's robust compliance features and cost-effectiveness.
Here’s what the iPlum phone system for financial professionals offered to help the brokerage firm achieve mobile call recording and text compliance.
1. FINRA and SEC-compliant mobile call recording and text archiving
Eagle Peak’s biggest challenge was the lack of or incomplete communication records. iPlum resolved this with automatic call and text recording for every advisor.
With the iPlum number, the brokerage could automatically log and archive customer interactions through the iPlum number.
Furthermore, calls and messages now came with a timestamp, user ID, and audit-ready format that aligned with FINRA and SEC retention rules. In addition, the firm could archive call recordings and text messages securely for up to ten years, for 100% record traceability.
The difference was apparent within a few weeks.
“We finally had full visibility. Every call and text was documented. No more chasing missing records or reconciling notes.”—David.
2. Separate business line for advisors
The firm sought to protect advisor privacy while ensuring transparent communication.
The iPlum phone system for finance professionals allowed each advisor to add a dedicated business number to their personal smartphone.
The mobile 2nd number enabled the advisors to separate personal and client communication.
That way, they could call or text clients on the iPlum line without revealing their personal number or mixing business conversations with private messages.
Emily, a senior advisor, shared her relief.
“I no longer have to carry two phones,” she said. “I can serve my clients professionally and still keep my personal number private. Everything stays compliant, and my workflow hasn’t changed.”
3. Secure cloud portal for compliance oversight
Before iPlum, Eagle Peak was in the dark when it came to communication oversight.
However, with iPlum’s secure cloud portal, compliance officers gained real-time access to encrypted call and text archives.
The portal allowed quick searches, message filtering, and exportable reports for regulators. Moreover, iPlum's encryption protects data both in transit and at rest, reducing the risk of unauthorized access.
David’s team could now trace any advisor–client exchange within seconds.
More importantly, Eagle Peak could produce complete call and text histories quickly during internal reviews or surprise audits.
4. Cost-efficient BYOD model
Budget constraints had stalled the Eagle Peak compliance modernization plan. However, iPlum changed that.
The platform’s Bring-Your-Own-Device (BYOD) model allowed advisors to use their existing smartphones under a compliant framework.
iPlum’s affordable pricing helped Eagle Peak avoid the expense of purchasing firm-issued phones or maintaining new carrier contracts.
In addition, implementation costs decreased significantly, resulting in a 40% savings for the firm in its first quarter of adoption.
What’s more, scaling became easier.
New advisors can now join the system through a simple account setup, eliminating the need for complex hardware rollouts or lengthy onboarding processes.
5. Tools to improve advisor-client communication and responsiveness
Compliance was only part of the equation.
The brokerage’s advisors still needed tools to maintain responsiveness and client trust. iPlum added value with voicemail transcription, Do-Not-Disturb hours, automated text replies, and a toll-free number.
These features made client communication structured and professional. After iPlum, advisors could manage availability, respond quickly, and maintain a consistent brand image.
And the best part is that all interactions remained logged, recorded, and compliant.
The results
Eagle Peak Brokerage experienced notable results within weeks of deploying iPlum.
The daily compliance challenge became a streamlined process grounded in data accuracy and record traceability.
With iPlum, the firm moved from reactive monitoring to proactive oversight. In addition, advisors were no longer apprehensive about mixing personal and professional communications.
Plus, the compliance department gained the visibility it needed to meet regulatory demands confidently.
The numbers told a compelling story as summarized in the table below.
These improvements reflected an impactful, tangible operational turnaround.
While iPlum mobile call recording and text compliance, Eagle Peak advisors became more productive, and compliance officers could prepare audit files in a fraction of the time.
David summarized it best:
“We used to scramble before every audit. Now, we know every text and call is archived, secured, and ready for review. It’s the first time our compliance feels effortless.”
Eagle Peak’s leadership later reported improved client trust, fewer administrative bottlenecks, and measurable cost savings quarter after quarter.
The firm’s transformation confirmed one thing—a business phone system designed for mobile call recording and text compliance can help you avoid hefty fines while also streamlining business operations.
Why it worked
Eagle Peak’s success with iPlum wasn’t accidental.
The results came from an exact match between the firm’s communication challenges and iPlum’s design for compliance-heavy industries.
Here’s why it worked:
- Regulatory alignment: iPlum’s mobile call recording and text compliance features met FINRA and SEC requirements, making the system a practical choice for Eagle Peak.
- Seamless integration into daily workflows: The platform fits how Eagle Peak advisors already worked. It required no new hardware or complicated setup—just an app that turned existing smartphones into compliant business tools.
- Real-time oversight: The secure cloud portal gave David and his team live visibility into all advisor communication. The transparency replaced uncertainty with verified data.
- Sustainable cost savings: iPlum’s bring-your-own-device model made compliance affordable. It enabled Eagle Peak to reduce its technology expenses by 40%.
- Balanced accountability: The system allowed for advisor autonomy and management oversight. Advisors were mobile and accessible, while leadership enjoyed the transparency that regulators expect.
So, when professionals in the financial sector use a phone system that aligns with regulatory and operational demands like iPlum, compliance quickly becomes a business advantage.
iPlum — The best business phone system for financial services
Eagle Peak Brokerage’s experience with iPlum proved that mobile call recording and text compliance doesn’t have to be complicated or costly.
The firm achieved 100% audit readiness, robust data security, and measurable cost savings, thanks to a phone system built for how financial professionals work.
With iPlum, you get automatic mobile call recording and text compliance without stretching your budget. The platform provides a dedicated business line, encrypted calls and texts, and secure communication archiving for up to ten years.
That way, you stay FINRA and SEC compliant, and your clients enjoy professional, well-documented communication.
Learn more about iPlum’s phone system solution for financial services businesses
