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Cloud Technology Blog for RIAs and Broker-Dealers

SEC to Intensify RIA Oversight with more examiners

Agency will shift staffers from broker-dealer space, and may outsource advisor inspections.

2/23/16 12:46 PM / by Justin Kapahi posted in Compliance, SEC, News

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External IT News Round-Up 2/14 - 2/20

A weekly round-up of everything you need to know.

2/19/16 2:40 PM / by Alexander Lapa posted in SEC, News, Robo Advisors

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External IT News Round-Up 2/7 - 2/13

A weekly round-up of everything you need to know.

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

President Obama’s final annual budget proposal includes higher taxes and stronger cybersecurity guidelines. The ongoing stock market rout could be a good thing for advisors if it pushes more prospects to seek out financial help. With small firms and major brokerages all launching several new robo advisor competitors, analysts wonder if the market is overcrowded. Too many advisors may be fooling themselves into believing that their partner is their succession plan. And a consultant exposes some myths about compensation structure.

2/12/16 2:03 PM / by Alexander Lapa posted in SEC, News, Robo Advisors

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Here's how the new cybersecurity act
impacts your business
The government wants firms to share details on threats and defensive measures.

Last year financial firms began to confront the harsh consequences of remaining vulnerable to cybersecurity breaches.

In September, the credit rating agency Standard & Poor’s warned it could downgrade banks that it believed were unprepared for computer-based attacks. In November, federal prosecutors charged three men with launching a major cyber attack against top banks. That same month, U.S. and U.K. authorities conducted a coordinated drill with global financial firms to test how they would respond to a large-scale cyber incident. And in December, President Obama signed an omnibus spending bill that included the Cybersecurity Information Sharing Act of 2015.

That piece of legislation has the potential to affect how all companies — including financial firms — store, protect and share data. It is paramount that companies understand the details of the Act, its ramifications for business operations and what technologies companies can use to maximize cybersecurity under the scope of the new law.

2/10/16 11:54 AM / by Sam Attias posted in Cybersecurity, SEC, News

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External IT News Round-Up 1/31 to 2/6

A weekly round-up of everything you need to know.

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

The SEC is adding 100 compliance examiners to inspect wealth managers more vigorously. It’s also redesigning its website to make it easier for investors to conduct background checks on advisors while using mobile devices. TD Ameritrade’s LINC event takes place this week in Orlando for over 3,000 industry professionals. Fidelity has a new study that suggest advisors are not planning for the transition of their practices as diligently as they should. And IMCA has revised the policies of its CIMA certification, including its code of professional responsibility.

 

2/5/16 9:30 AM / by Alexander Lapa posted in SEC, News, Events

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External IT News Round-Up 1/17 to 1/23

A weekly round-up of everything you need to know.

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

The Department of Labor could be on the verge of finalizing its controversial fiduciary rule. Investors were so alarmed by this week’s stock market drop that they called their retirement plan advisors in record numbers. The RIA aggregator Focus Financial Partners added a mega team to its ranks, in a sign that M&A continues to swell. The chief compliance officer of a $520 million RIA offered tips on upgrading technology without searching in vain for a silver bullet. And Deloitte explained why it’s prudent to understand differences between various kinds of risk-based assessments.

1/22/16 12:31 PM / by Alexander Lapa posted in Financial Services, SEC, News

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External IT News Round-up 1/10-1/16

A weekly round-up of everything you need to know.

1/15/16 11:30 AM / by Alexander Lapa posted in SEC, News, Robo Advisors

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RIA's and Funds, heed the SEC’s Warning and beware Outsourced CCOs

Getting help with compliance is a good idea, but it’s no excuse for gaps in oversight.

Why do so many financial firms choose to outsource the role of their Chief Compliance Officer, the role that serves as the last line of defense between a company and regulatory violations? In a word: Complexity.

Thousands of pages of federal rules. Millions of account transactions. Billions of dollars in motion. And trillions of bytes of data stored on firms’ operating systems. There’s no escaping the fact that the financial industry gets more complex by the day. Even the smallest RIA or fund relies on a combination of third parties, from technology vendors to other financial institutions. Each partnership introduces more information to monitor and more processes to follow.

1/13/16 3:42 PM / by Sam Attias posted in Compliance, SEC, Technology

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Weekly News Round-up 11/8-11/14

a weekly summary of everything you need to know across financial services

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

11/13/15 3:54 PM / by Robin Brown posted in SEC, News

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Weekly News Round-up 10/25-10/31

A Weekly Round-up of everything you need to know

As an added service for our blog readers, External IT provides a weekly round-up of the stories you need to know in the financial industry.

10/30/15 4:27 PM / by Robin Brown posted in Compliance, SEC, News

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