Compliance Best Practices for Financial Advisors
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Prepare and maintain all required records, including financial records. Back up electronic data and protect records. Document any checks that get forwarded.
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.
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.
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