Reg BI’s Care Obligation requires a financial professional to consider reasonably available investment alternatives (RAA) offered by the broker-dealer (refer to “Reg BI’s Care Obligation and Reasonable Alternatives” for more information on this topic). While some may have implemented an RAA process for assessing mutual fund and ETF recommendations, Variable Annuities (VAs) may present yet […]
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Last week, the MFDA and IIROC published their much-awaited versions of the Client Focused Reforms (CFRs) (MFDA’s publication – IIROC’s publication). These versions are aimed to amend the Self Regulatory Organization’s (SRO’s) rules to adhere to provincial regulators’ requirements. The combined efforts of the provincial regulators and the SROs are intended to result in a […]
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Under the Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI) rule, broker-dealers (B-Ds) are mandated to act in the clients’ best interest. To do this, they must adhere to their obligations of disclosure, care, conflicts of interest and compliance. With the regulations now in effect, B-Ds have taken steps to achieve various degrees […]
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Meeting Reg BI’s care obligations may require financial advisors to consider one million data points per day Since the introduction of Regulation Best Interest (Reg BI) by the SEC earlier this year, there are several important changes for Broker-Dealers (B-D’s) and their representatives. The overarching goal of Reg BI is to enhance the broker-dealer standard […]
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For many wealth management firms, the last few months have gone by in a flash. The combined pressures of working remotely, executing business continuity practices and meeting the Reg BI implementation deadline have kept most teams burning the midnight oil. With the Reg BI implementation deadline now behind us, some may be hesitantly looking back […]
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With the introduction of Reg BI (Regulation Best Interest), wealth firms will be expected to implement the most significant wealth compliance reform in decades. The Reg BI implementation deadline in the US has recently passed on June 30, 2020. While most firms have met basic compliance requirements, many have deferred compliance technology decisions as the […]
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With Reg BI now in effect, broker-dealers and their representatives will need to illustrate how they are complying with the SEC’s Regulation Best Interest (Reg BI). One of the requirements dealers should pay close attention to is the Care Obligation and the consideration of Reasonably Available Alternatives (or RAA) when making a recommendation. What’s Changed? […]
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Who should care? SEC registered investment advisers, broker-dealers, and dual registrants, who do business with retail investors. Why Form CRS? Form CRS (client relationship summary) is designed to provide investors with simple and comparable, easy-to-understand information about the nature of their relationship with their financial professional.[1] What are the Deadlines? By June 30, 2020, all […]
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Advisors and dealers are rethinking their pre-coronavirus routine of serving clients from their offices. I recently had a conversation with a leader at one of the largest global wealth managers. He shared the company’s plan to have only 50% of its wealth team return to the office after COVID-19. Thousands of employees will continue to […]
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Vasyl Soloshchuk from WealthTech Club interviewed David Reeve to learn why Wealth Management Needs RegTech. InvestorCOM’s CEO David Reeve InvestorCOM is a provider of regulatory compliance software and communications solutions, whose intuitive solutions were developed in response to increasing regulation and the demand for more effective communication and disclosure from the financial services industry. The […]
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