2020 was a year unlike any other, as we worked through the impact of the COVID pandemic, shutdowns, and sheltering in place.
With everyone trying to resume life as normal while still facing the challenges of remote work and staffing concerns, 2021 has been a blur. And now, it’s already time to start thinking of and planning for 2022.
In preparation for the new year, it is time for everyone to review operations to see what, if any, changes will take place going forward into the next year. Which items should be on your list as you move into a new year, so you can remain compliant and manage your efforts?
Many firms choose to log in to their online accounts to complete their forms and make their payments. As a reminder, the CRD/IARD system does shut down for the year on Dec. 26, so save yourself some stress and don’t wait until the last minute to complete the process.
You want to ensure you are registered anywhere your clients reside, as well as anywhere where you may want to advertise or promote your services in the future. It can be frustrating to prepare a marketing campaign to attract clients in a new area, then to have to put it on hold because your advisers aren’t registered to conduct business or to advertise in that area.
Additionally, for state-registered advisers, it is important to keep an eye on the regulatory assets under management to ensure the transition from state to SEC is handled in a timely manner when required.
Use a registration management tool to ensure you’re able to keep track of the myriad requirements for your advisors to continue managing their client relationships and attracting new business efficiently. Using a system can make your filings easier and more automated at the same time that it makes tracking more streamlined and convenient.
Many firms buy an initial template from a vendor and have good intentions to update it. However, when work becomes a blur as it has the past two years, it can be easy to put written policy updates on the back burner.
Finish up the year with a thorough review of your policies and ensure that you document the review so examiners can quickly and easily see you’ve been striving for compliance.
Does your staff have the technology resources in place to support their compliance efforts? Ensure the tools you currently have are working for your firm and making your processes more efficient, rather than creating additional hoops for your team to jump through. Your compliance technology should:
Although it may have been difficult to conduct business as normal, the past two years will not be an acceptable excuse for compliance responsibilities to go by the wayside. The SEC, state regulators, and FINRA may still not conduct onsite audits in 2022, but they are still regulating, conducting audits remotely, and are insisting on an ongoing commitment to high compliance standards.
Need support to ensure your compliance efforts are organized? Our compliance consultants and technology can provide additional support for your firm as you ensure you’re ready for a successful and compliant 2022.