After 2 well-spent days with knowledgeable compliance officers, wealth advisors, attorneys and an SEC Examiner, our VP-Marketing Director came away with a number of key points. Here’s the short list:
  • There are 3 a priori areas SEC examiners closely look at: any rule violations, policies and procedures and best practices
  • Social media–especially across mobile platforms–is no longer an option for brand building and brand reinforcement
  • Portfolio managers must explain the “what has happened” story in simple english while investors want to understand “why this happened”
  • Compliance officers and examiners believe Facebook “likes” and LinkedIn “recommendations” are potential testimonials and endorsements
  • The DOL Fiduciary Rule that takes effect April 2017 is a notable plus for consumers and a sizeable administrative challenge for some of the larger firms