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Cybersecurity is a hot topic in the wealth management industry, but in all the conversation about major breaches and new security paradigms, one audience is usually left out: small broker-dealer firms and RIAs.
Advisor Domain: Email Archiving: The Broker-Dealer’s First Line of Defense with Regulatory Penalties
The ongoing coronavirus pandemic notwithstanding, FINRA continues to proceed at full speed when it comes to penalizing financial advisors for noncompliance with recordkeeping and supervision obligations. In particular, one recurring area where significant penalties can be imposed is with a financial advisor’s outside business activities (OBA).
Last week, the Treasury Department announced it was fining Morgan Stanley $60 million over mishandled data center decommissioning back in 2016. The agency said several Morgan Stanley hardware assets still contained customer data after these retired assets reached a recycling station.
Garrett Baldwin's Weekly Take on Cybersecurity in Wealth Management
A weekly update on cybersecurity trends in the wealth management space. We explore the client-adviser relationship over a cybersecurity breach.
At the conclusion of a recent interview, CNBC reporter Bob Pisani asked SEC Chairman Jay Clayton: “…is there anything out there that’s on your plate right now that is sort of front and foremost that we haven’t covered that you think we should be knowing about and that the financial advisors should be knowing about right now?”
BlackRock is redirecting trillions of ETF assets from State Street and spreading it across a handful of custodians. It may be Q4, but firms are busy making acquisitions and hiring fresh talent. Charting software integrated across a trio of platforms will support advisors in making investment decisions for clients. Advisors will have more ways to access annuity products. Below is a roundup of the latest press releases.
It’s a busy, yet short week for advisers. So, I wanted to provide a brief recap on some of the stories we’ve focused on this year at Adviser Domain. But first – an important update from the SEC...
Financial Planning Association launches new Cybersecurity for Financial Planners
Advisers' practices established during the pandemic will become the best practices post-pandemic. But are advisers prepared for this digital future? Their technology suggests that they are not.