SEC Recordkeeping Requirements for Digital Communication in 2025

The U.S. Securities and Exchange Commission (SEC) has made one thing clear: if financial professionals use a communication channel with clients, it must be retained and supervised. In 2025, this includes not only email but also text messages, instant messaging apps, voicemails, and even video call transcripts. Firms that fail to capture and store these records face fines that can reach into the millions.

What the SEC Requires

Under SEC Rule 17a-4, broker-dealers and investment advisors must preserve all communications related to their business. This covers digital channels such as:

• SMS and mobile messaging apps
  
  
• Business emails
  
  
• Instant messaging platforms
  
  
• Voice calls and voicemails if they involve client instructions or advice
  
  

These records must be stored in a format that prevents alteration and allows for quick retrieval during audits or regulatory reviews.

Why the Pressure Has Increased

In recent years, the SEC has ramped up enforcement, penalizing major banks and broker-dealers for failing to archive texts and messaging app conversations. The push reflects how client communication has shifted away from traditional channels toward mobile and instant messaging. Regulators expect firms of all sizes—not just Wall Street giants—to adapt their compliance systems accordingly.

What Firms Should Do in 2025

To stay compliant, firms need to:

1. Adopt compliant communication tools that automatically archive calls, texts, and voicemails.
   
   
2. Train advisors on which channels are approved and which are prohibited.
   
   
3. Review retention policies to ensure digital records meet the SEC’s format and accessibility requirements.
   
   
4. Work with vendors who can provide encryption, archiving, and reporting features aligned with financial regulations.
   
   

The Bottom Line

In 2025, the SEC requires financial firms to retain all forms of business communication—including texts, calls, and voicemails. For small and mid-sized firms, the safest approach is to use secure platforms built for compliance. By doing so, firms not only avoid costly fines but also protect client trust.

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