RIA Pop Quiz: Do You Know Your Recordkeeping Regulations?
No one is a fan of financial industry-related funny business. Those hijinks got old really fast. That’s why regulators are putting the pressure on financial advisors to increase their accountability by keeping better records.
As an RIA or financial firm, you’ve probably been drilled to do things by the book. But how compliance-savvy are you? Take the 10-question quiz below and see how well you know your recordkeeping regulations.
Unless you truly aced the quiz and knew the material, you might want to consider getting a refresher on the regulating body that oversees you or your firm. That would either be the SEC or FINRA. Understanding SEA 17a mandates is a great place to start.
It’s especially important to read up on the rules surrounding social media. Nearly 60% of advisors surveyed by InvestmentNews in 2013 were uncertain of the compliance and regulatory rules surrounding social media communication.
Don’t be a part of the 60% (or the unknown percentage of those who think they know the rules but actually don’t). Get your free copy of The Dos and Don’ts of Social Media Archiving.