Compliance issues have long been a major challenge for financial advisors, involving huge commitments of time and money. But when President Obama signed the Dodd-Frank Act into law last summer, financial services firms got 2,319 more reasons to worry.
In fact, the U.S. Chamber of Commerce reports that there are at least 350 new regulations and approximately 150 studies mandated in the 2,319-page reform bill. Many of these rules and regulations will apply to financial advisors, and one of the more significant—a switch from federal to state oversight for advisors with less than $100 million in assets under management—will take effect on July 21, 2011.
The upshot of this change will be more frequent audits for advisors of all sizes. Learn how ECM can help you sail smoothly through audits and navigate the other major changes ushered in by Dodd-Frank in Laserfiche’s new white paper, “What Financial Advisors Need to Know about the Dodd-Frank Act.”
The white paper highlights the most relevant parts of the reform bill for financial advisors and provides an overview of the many ways ECM software can help you adapt, including streamlining audits, simplifying recordkeeping and automating the disclosure process.