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Summary: Cybersecurity “enforcement has begun,” Thomas Hibarger, managing director of Stroz Friedberg, warned Wednesday at the Securities Enforcement Forum in Washington, adding however that enforcement is “not a trend yet.”
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Summary: Financial firms — including financial advisers — are still coming up short in managing their cybersecurity efforts, according to External IT, which provides unified cloud computing to the financial services industry.
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Summary: Depending on what survey you read, as few as 1 out of 5 financial advisers have a binding and credible succession plan in place. The lack of one could cost you and your heirs millions of lost dollars and is a disservice (and some would say a fiduciary breach) to your clients. Ask yourself, if you die tomorrow, will you feel good about how well your clients will be taken care of and how well your heirs will be compensated?
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Summary: To ensure that their students are receiving the real-life skills they need to succeed, the faculty and administrators in charge of these schools’ financial planning curriculums are working closely with local advisors to repurpose their programs. The mutual objective is to prepare the schools’ graduates to walk out of their classrooms and into jobs at nearby wealth management firms.
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Summary: The estimated financial cost of turnover, depending on the source, can range from one to three times the departing team member's compensation. This is not the most detrimental cost though — even worse is the psychological impact frequent turnover has on firms and how it causes existing team members to lose confidence in their leader, makes it harder to recruit new talent due to a perceived impaired culture and employee-unfriendly reputation, and leads to an overall downward spiral of morale.
