The work from home issue has been rumbling on for many years but was paused to a large degree during the Covid pandemic. But some brokerage firms are mandating return to the office, with some citing regulatory requirements.
However, while allowing registered persons to work remotely or hybrid from their home office or other location outside of the firm’s offices can some with additional responsibilities, Finra has been keen to refute statements from some firms that this results from “stringent” new rules, calling the claims “incorrect.”
The regulator says that “a location from which an associated person regularly conducts securities business on behalf of a member firm, including a home office, has always been subject to possible disclosure, registration and inspection under Finra rules and applicable rules of other regulators.”
However, it states that although during the pandemic firms were given relief from the rules as a temporary measure, firms were informed that this would end on May 30, 2024.
The new Residential Supervisory Location (RSL) Rule and Remote Inspections Pilot Program Rule are “intended to provide member firms greater flexibility — not less — to allow eligible registered persons to work from home, following the expiration of temporary COVID-19 relief from existing requirements,” Finra said.
While they are new rules, Finra says their implementation follows more than three years of its rulemaking process which included “substantial outreach” with firms and other stakeholders prior to approval by the SEC.
The regulator has provided guidance including webinars and documents explaining the rules and how they apply to brokerage firms, including:
Last year, a Deloitte survey revealed that 66% of U.S. financial services leaders who work remotely at least part of the week say they would quit their current role if they were forced to return to the office five days a week.
The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.
The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.
David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.
Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."
Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
