During the annual Securities Industry and Financial Markets Association (SIFMA) event in New York, FINRA representatives made it clear that the agency will start probing broker-dealers' compliance with its new rules meant to protect elderly clients from financial abuse and exploitation.
A single security breach can have detrimental effects on a small advisory firm. Small firms often face more difficulty as they lack resources or technical expertise to implement a sound defense system. Luckily, government and industry officials have developed resources to help them get started. SIFMA has detailed a list of tips such as password tips, managing administrative privileges, and regularly backing up data.
SIFMA has proposed its own version of an advisor conduct standard. While the Department of Labor released their own standard earlier this spring, SIFMA believes their newly-proposed standard is more workable.
According to the forecast from the SIFMA’s Economic Advisory Roundtable, 2015 looks to be a continuation of the positive trends of 2014.
