As much as they seem to make sense, important customer account details or files can be lost, get confused or incomplete when more people interact like teams, groups, companies with forms, documents, agreements and rules and regulations.
Claims involving introducing brokers and carrying and clearing firms or when a stockbroker, investment adviser or private banker goes to a new firm or changes account custodians present formidable challenges for the best of teams of advisers.
Customer accounts with investment advisory, wealth management or financial planning firms in safekeeping at a third party custodian can create greater risks to compliance with applicable CFTC, NFA, SEC, FINRA and or state rules and regulations. High turnover in personnel, inadequate training, lack of awareness of certain customers, computer – based electronic oversight instead of face-to-face in branch personal knowledge can compromise customer account and account beneficiary protections.
Do you sometimes get the feeling your advisers devote more time and attention to planning their next round than watching your accounts?
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