Have you ever thought in terms of what you can get out of compliance – instead of worrying about what they want to get out of you?
Assistant Editor Katie Keir talks to advisors about this topic all the time. And they’ve told her life gets easier when you can show regulators that you really do know your clients well.
Doing this includes respecting clients’ privacy, as well as going the extra mile to ensure your firm’s security systems can protect their data. In an age where breaches are front-and-centre on news web sites, these concerns are all too real.
In some cases, protecting client privacy can extend to holding back details about a client’s physical or mental health form his or her children. While that sounds difficult, it’s also part of the job for an advisor who truly understands a client’s wishes.