Results for "compliance"

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Defining the standard for data stewardship

August 15, 2019

When I founded Envestnet almost 20 years ago, my vision for the company was clear: to help independent advisers and financial institutions deliver better outcomes to their clients through cloud-based technology and related services. Data aggregation...

Why a culture of compliance is critical

July 19, 2019

The financial industry's reputation was hit broadside by the financial crisis, eroding trust and opening the door for new industry players offering transparency, convenient service models and lower fees. We remain in a general environment of...

Finra widens window on exam cycle for some small firms

August 8, 2019

Finra will widen the examination cycle for some small brokerage firms, according to one of the regulator's board members. Robert A. Muh, chief executive of Sutter Securities, said in an interview that small firms with a "clean record" — those...

Vendors need to be held to a higher standard on privacy

July 25, 2019

Not that long ago, keeping clients' data secure was easy. It merely required a lock and key. Now, with third-party providers, remote access and the use of internet platforms, keeping clients' personally identifiable information private is much...

Galvin smacks LPL with $1.1 million fine

June 26, 2019

In yet another chapter of the seemingly constant battle between the largest independent broker-dealer and the most notable state securities regulator, Secretary of the Commonwealth of Massachusetts William Galvin said on Wednesday his office...

Finra fines, suspends ex-Merrill Lynch broker over loans from clients

June 25, 2019

The Financial Industry Regulatory Authority Inc. on Tuesday fined a former Merrill Lynch broker $12,500 and suspended him for eight months after the broker borrowed $69,000 from two of his clients without telling his firm. The broker, Fred Brown,...

Merrill Lynch pays $40 million settlement over broker churning, faces second claim for $42 million

July 19, 2019

Merrill Lynch last month paid a stunning $40 million settlement to a customer who alleged his broker churned his account and is facing a similar claim for $42 million from another customer who had the same broker. The broker, Charles E. Kenahan,...

Three crucial compliance requirements to satisfy right now

April 1, 2019

Every year at this time, registered investment advisers are — or should be — thinking about some of the annual regulatory compliance requirements imposed by the Securities and Exchange Commission. Yet every year, we are contacted by advisers...

It's time to focus on supervision professionals' specialized needs

June 6, 2019

Many members of our industry tend to view supervision as part of compliance when, in fact, it is its own distinct function. The complex and time-consuming nature of regulation in our space means that these two crucial functions are carried out...

Texting your clients? Read this first

July 15, 2019

Are you texting your clients? Do clients text you? Are you sure you know the answers to these questions when it comes to your staff? If you haven't added texting as a component of your firm's communications mix, perhaps it's because you believe...

SEC advice rule brings tech focus back to compliance

June 21, 2019

The Securities and Exchange Commission's new reforms on financial advice could push firms to rethink how they invest in technology. Technology vendors say they've experienced a flurry of incoming questions from broker-dealers, registered investment...

How much is enough compliance? SEC grumbles about firms' efforts to cover risks

May 13, 2019

The Securities and Exchange Commission is warning investment advisory firms to devote adequate resources to compliance, which has spurred a debate about whether attitude or money is more important. In a recent speech, Pete Driscoll, director...

Finra bars ex-Raymond James compliance executive for data tampering

July 8, 2019

The Financial Industry Regulatory Authority Inc. last Wednesday barred a former Raymond James & Associates Inc. compliance executive who in 2016 fiddled with and falsified branch audit data, therefore avoiding performing follow-up work. In January,...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

Discussing volatility with clients — with a twist

May 20, 2019

Having filled out several risk profiles over the years, I've found they share one characteristic in common: They really don't measure how I feel about losing money on my investments. I understand why advisers must quantify an investor's appetite...

Super OSJ or small firm? What small and midsize practices should consider

July 31, 2019

Many small and midsize practices are leery of affiliating with a large firm because they fear that may result in getting lost in the shuffle. Indeed, when you are just a number in a sea of advisers, it can be challenging to get the type of support...

Finra wants to improve how it digitally interacts with member firms

May 14, 2019

The Financial Industry Regulatory Authority Inc. is taking on a multiyear project to improve how member firms digitally interact with the regulator. Based on feedback from more than 50 firms about how the industry engages with Finra for compliance...

SEC bars ex-Transamerica broker who took $583,000 from clients

July 8, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker,...

Thorough internal investigations of sexual harassment claims are critical for advisory firms in the wake of #MeToo

January 8, 2019

Financial institutions conducting sexual harassment investigations in the wake of the #MeToo movement need to proceed cautiously. As Wall Street has come under scrutiny on how it handles complaints of sexual misconduct, compliance and human...

SEC exams to focus on investor fees, adviser conflicts of interest in 2019

December 20, 2018

The Securities and Exchange Commission will target disclosures of fees and expenses to retail investors as well conflicts of interest in its 2019 examinations of investment advisers and brokers, the agency said Thursday. The SEC's Office of...

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