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PTE 2020-02: The Case for Deploying Compliance Technology

The Department of Labor’s (DOL) Prohibited Transaction Exemption 2020-02 (PTE 2020-02) has been in effect since February 2021, allowing financial professionals to receive compensation for rollover recommendations providing that their advice meets a set of best interest requirements. The DOL’s grace period for enforcing specific documentation and disclosure requirements will end on June 30, 2022. […]

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Leveraging compliance to grow your assets

Leveraging Compliance to Grow Your Assets

Our industry has seen a wave of compliance regulations in the last few years, often described as a tsunami. While the client-focused reforms (CFRs), considered to be the most significant wealth reform in decades, have added to the list of compliance challenges that advisors and firms face, they can also be leveraged for business growth. […]

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FINRA’s 2022 Exam Report Addressing Reg BI’s Care Obligation Gaps

FINRA’s 2022 Exam Findings: Reg BI and the Care Obligation

It has been almost two years since Regulation Best Interest (Reg BI) came into effect. Recently, the Financial Industry Regulatory Authority (FINRA) published their 2022 Exam Report. The report brings renewed attention to meeting the regulatory requirements, as it shows that many broker-dealers (B-Ds) are failing to address various aspects of Reg BI’s Care Obligation. […]

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How to Meet the DOL’s PTE 2020-02 Disclosure Requirements

How to Meet the DOL’s PTE 2020-02 Disclosure Requirements

Whether or not to roll over retirement savings from an employer-sponsored plan is one of the most important financial decisions an investor will make in his or her lifetime. When an investor rolls over an employer-sponsored retirement plan into an individual retirement account (IRA), the financial professional stands to benefit.  To ensure rollover recommendations are […]

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How leveraging tech supports advisors’ books

How Leveraging Tech Supports Advisors’ Books

Wealth management has traditionally lagged other industries in terms of digital adoption, with most investments focused on the back office. The pandemic altered this trend, but is tech acceleration fast enough? When Canadian financial services professionals were asked to grade their firms’ digital transformation efforts in 2021, 53% of respondents gave their firms an A […]

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Reg BI and PTE 2020-02 The Perfect Regulatory Storm

Reg BI and PTE 2020-02: The Perfect Regulatory Storm

Two major regulatory changes are currently bearing down on financial professionals and broker-dealers. Regulation Best Interest (Reg BI) came into effect on June 30, 2020, requiring that broker-dealers and financial professionals ensure their recommendations are in a client’s best interest. This means evaluating recommendations based on cost, risk and return factors; considering reasonable alternatives; disclosing […]

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Reg BI Exams and Enforcement: Current Observations

With SEC examinations ramping up and PTE 2020-02 deadline around the corner, we invited Issa Hanna from Eversheds Sutherland and John Carl from Retirement Learning Center to share their observations regarding Reg BI examinations and enforcement and what firms and financial professionals can do to mitigate risk. == Parham Nasseri (PN): What were the biggest […]

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FINRA’s Exam and Risk Monitoring Reg BI Edition

FINRA 2022 Report – Exam and Risk Monitoring: Reg BI Edition

Today, FINRA published the 2022 Report on FINRA’s Examination and Risk Monitoring Program. For firms that are impacted by Regulation Best Interest (Reg BI), this regulatory report is certainly insightful. It addresses over 20 regulatory areas, adding new topics including Reg BI exam findings and effective practices. Since 2020, InvestorCOM has been helping wealth management […]

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Top 5 Highlights of the New DOL PTE 2020-02 Requirements

Top 5 Highlights of the New DOL PTE 2020-02 Requirements

Wondering how the new DOL PTE 2020-02 requirements apply to investment advisers already acting as fiduciaries? Read on. On January 31, the U.S. Department of Labor (DOL) will start enforcing Prohibited Transaction Exemption (PTE) 2020-02, the new rule for investment advice fiduciaries concerning the rollover and retirement plan advice they provide. Later this year, on June 30, the DOL will start enforcing the documentation and disclosure requirements […]

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Implementing KYP: Client Conversations and Firm Preparedness

Implementing KYP: Client Conversations and Firm Preparedness

Throughout the CFR journey, InvestorCOM has met with regulators, wealth leaders and many compliance experts around the principles-based elements of the reforms. We are proud to have helped dozens of firms meet their KYP requirements with confidence. Reflecting on the approach firms are taking towards implementing a solution for the CFRs, we can group firms […]

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