Added on August 2017 in Form an RIA
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Summary: Following its latest wave of exams, the SEC's Office of Compliance Inspections and Examinations found the results are a decidedly mixed bag when it comes to how firms are working to protect sensitive systems and client information from hackers.
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Summary: Some argue that it’s never a good idea for an advisor to apologize, particularly when the mistake in question touches on areas of competence or diligence. Doing so can expose advisors and their organizations to increased legal liability. In addition, acknowledging mistakes can raise doubts in clients’ minds regarding advisors’ expertise and professionalism. Clients don’t want apologies—they want results.
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Summary: Rothenberg notes that new technologies, especially robo advisors, are changing the wealth management business. But as they work to further grow the practice, Rothenberg's focus remains on tried and true methods: "Keep doing what we're doing, keep it simple and don't stray into areas that we don't necessarily understand."
Added on August 2017 in Form an RIA
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Summary: The SEC has made no secret it expects advisors and brokers to ramp up their policies and procedures to guard against cyberattacks. Now, after a second wave of examinations focusing on firms' defenses, the commission's Office of Compliance Inspections and Examinations has produced a risk alert detailing the do's and don'ts for firms.
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Summary: Social media has transformed the financial-services sector in several significant ways, from improving customer service to creating an entire subsection of financial-technology providers. Social media is no longer optional, it’s a necessity. But with such a high level of penetration comes a new subset of challenges; namely, how to stand out from the crowd and ensure your customers are being reached.
