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Compliance Best Practices for Financial Advisors

Using recent research from the North American Securities Administrators Association, Harold Reimer -- head of private wealth management for Tenemos in North America -- put together a list of advisory compliance best practices.



Click through to see the list, or read the related article:

Tech Tools to Avoid Compliance Missteps

1. Keep Good Records 1. Keep Good Records

Prepare and maintain all required records, including financial records. Back up electronic data and protect records. Document any checks that get forwarded.

2. Review & Update Paperwork 2. Review & Update Paperwork

Review and revise Form ADV and disclosure brochure annually to reflect current and accurate information. Deliver disclosure brochure initially and annually as required. Review and update all contracts. Review all advertisements, including website and performance advertising, for accuracy.

3. Document Policies & Procedures 3. Document Policies & Procedures

Prepare and distribute a privacy policy initially and annually. Prepare a written compliance and supervisory procedures manual relevant to the type of business to include business continuity plan. Assess and update periodically. Review solicitor agreements, disclosure, and delivery procedures.

4. Know Your Clients 4. Know Your Clients

Prepare and maintain current client profiles. Make sure client's investment policy and suitability information are current. Implement appropriate custody safeguards, as applicable. Pay close attention to direct fee deduction invoices.

5. Watch the Money 5. Watch the Money Calculate and document fees correctly in accordance with contracts and ADV. Keep accurate financials. File timely with the jurisdiction. Maintain surety bond if required. Disclose soft dollars or benefits received.



Read the related article:

Tech Tools to Avoid Compliance Missteps

Using recent research from the North American Securities Administrators Association, Harold Reimer -- head of private wealth management for Temenos in North America -- put together a list of advisory compliance best practices.

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Comments (4)
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Posted by jtllopsg k | Saturday, April 05 2014 at 6:01PM ET
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Posted by jtllopsg k | Saturday, April 05 2014 at 11:38PM ET
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Posted by jtllopsg k | Monday, April 07 2014 at 1:40AM ET
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Posted by jtllopsg k | Tuesday, April 08 2014 at 8:55PM ET
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