On Monday, the Financial Industry Regulatory Authority Inc. encouraged the 3,600 broker-dealers it oversees to dust off their business continuity plans as the coronavirus continues to spread.
Finra last gave its members guidance on how to operate during an outbreak of a severe illness during the swine flu outbreak in 2009.
In the context of a pandemic, broker-dealer firms should consider having employees and financial advisers working in remote or backup offices or from home, according to Finra's notice to members Monday. They should remember to inform Finra if they make such arrangements, the regulator said, and be on the lookout for additional cybersecurity events such as phishing.
"The risk of cyber events may be increased due to use of remote offices or telework arrangements, heightened anxiety among associated persons and confusion about the virus," according to Finra.
Finra also urged broker-dealers to remain focused on their clients, an increased number of whom may call or use their online accounts given the large moves in the markets.
Broker-dealers "are encouraged to review their [business continuity plans] regarding communicating with customers and ensuring customer access to funds and securities during a significant business disruption," Finra's notice stated. "If registered representatives are unavailable to service their customers, member firms are encouraged to promptly place a notice on their websites indicating to affected customers who they may contact concerning the execution of trades, their accounts, and access to funds or securities."
Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.
The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.
Wealth managers offer unique ideas for couples to grow closer emotionally and financially.
Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.
Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.
Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies
From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.