Despite the COVID-19 global pandemic, regulatory examinations continue as normal. There’s one caveat though: the scope of examinations have increased. Regulators are trying to understand how firms manage business and core compliance programs within this environment. Below are 3 specific ways to test your compliance program and prepare for these regulatory exams:
Good morning. I hope that you and your family are healthy. I feel very fortunate that my family and friends are doing well health wise. If your situation is anything like mine, you are balancing new demands as your personal life has merged with your professional life. For a window into my household: I’ve been locked down in my NYC loft with my family playing teacher / short order cook / Sonos DJ / Paw Patrol watcher / Ticket to Ride competitor. I have always appreciated teachers -- now my appreciation and admiration is sky high...Truly: how do they do it?
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Think about it for a minute, how much does your business rely on email communication? Email has become such an important method for business communication. It’s accessible, fast, cheap and private - plus, it can be easily replicated and stored. I’ve actually had an email account since I was in the second grade. That’s the norm these days, elementary-aged kids are using email to communicate with teachers and collaborate with friends on class projects. According to statistics more than half of the global population now uses email - 3.9 billion people have active email accounts. In comparison, there are 3.5 billion social media users worldwide. Since building strong relationships is a core element of providing financial advice, a financial advisor Client Relationship Management (CRM) system should support email functionality. It’s no wonder that financial advisors are thrilled with Junxure’s latest integration with Office 365.
Two weeks ago, I had the pleasure of attending Joel Bruckenstein’s annual T3 Advisor Conference in San Diego. T3 offers a place where independent and hybrid financial advisors can test drive the latest and greatest in the FinTech world. One major takeaway for advisors this year was acceleration - the industry is changing, but in order for the industry to change, the technology has to change to support that.
Wealth management is an ever-changing environment. Evolving technologies are rapidly changing the ways investors access investment products and receive financial advice. This paradigm is challenging the business models of long-established advisory firms and providing opportunities for competitors. New experiences and technology are changing industries across the board.
It’s that time of year again - time to prepare for your annual Form ADV Review. Disclosures to clients and prospects are even more important this year in light of new requirements announced last summer. This is arguably the most important compliance project for the quarter.