Meeting Your Fiduciary Duty: Focus on Advisory Account Documentation

Posted by Scott Wilkinson

January 29, 2020 at 1:30 PM

While the Department of Labor’s original fiduciary rule was vacated by the Fifth Circuit Court of Appeals in June 2018, the push to expand the definition of “fiduciary” has not completely stopped. Both the Department of Labor and certain states (including Massachusetts and New Jersey) are considering fiduciary rules of their own. It’s still too early to gauge what the overall impact will be, but it’s safe to assume that meeting your fiduciary duty will remain a hot topic.

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Topics: Compliance

Managing Client Expectations: How to Answer 3 Common Questions

Posted by David Moon

January 28, 2020 at 10:00 AM

Being an auditor has given me the opportunity to speak with many of our advisors and see, firsthand, the best practices they’ve implemented for working with clients. But even with their own established procedures in place, they often wonder if what they’re doing is enough, and are curious about how other advisors are managing client expectations.

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Topics: Compliance

Managing Risk in Your Client Relationships

Posted by Matt Nakamura

July 31, 2019 at 1:30 PM

As a financial advisor, the ability to identify potential risks to your firm is critical. Some risks, like client complaints and regulatory reviews, are inherent in the financial services industry. And when it comes to client relationship management, you’ll find risks you can control, as well as those you can’t.

Fortunately, there are a few simple steps you can take to be more successful in managing risk in your client relationships:

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Topics: Compliance

Should You Hire a Chief Compliance Officer?

Posted by Angela Sarver

April 30, 2019 at 10:00 AM

Compliance is a critical function for financial advisory firms, and its importance will only increase as industry regulations become more complex. Ultimately, responsibility for compliance oversight rests with you. But given the growing demands you face, would it make sense to hire a chief compliance officer (CCO)?

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Topics: Practice Management, Compliance

The Business Continuity Plan—Are You Ready?

Posted by Keith Crowley

November 7, 2018 at 1:30 PM

On January 13, 2018, at 8:07 A.M., residents and visitors in Hawaii picked up their beeping and vibrating cell phones to an ominous text message: a ballistic missile was heading right for them and they should seek immediate shelter. It would be 38 minutes before emergency personnel notified island inhabitants that the alert was sent in error.

The Hawaii Emergency Management Agency identified numerous breakdowns that cultivated the environment in which a wayward alert could occur. Because of a poorly drawn-up business continuity plan, there was no “false alert” code that could be sent in the case of an erroneous message. Agency administrators never prepared for such a situation.

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Topics: Compliance

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