15 Best Cyber Security Best Practices for RIAs Cyber attacks pose a significant risk to financial businesses, costing companies millions and damaging reputations. The tactics used by hackers are always evolving, so it’s important to keep up with the currently recommended best practices. However, many firms fall behind — and that’s where a problem can [...]
Read MoreAdvisor-Client Communication Tips Good communication in the advisory business is essential for client success as well as the health of your business. When communication between the advisor and the client breaks down, misunderstandings can multiply. Such misunderstandings can strain relationships, decrease client satisfaction and increase the possibility of a claim. To minimize these risks, it's [...]
Read MoreThe Risks of Internal Theft vs External Theft for Financial Professionals The topic of external theft is familiar for many advisors. Assets you oversee are attractive to criminals and so is the personally identifiable information of your clients, investors and plan participants. Stories abound of fraudsters and internet hackers stealing funds from financial firms and [...]
Read MoreCybercrime Terminology to Know As an advisor, not knowing or understanding the cybercrime risks your business faces puts you at a disadvantage against cyber criminals who know exactly what they're doing. But wrapping your head around the lingo used to talk about the topic can be tricky. Cybercrime terminology is complex and it's constantly changing [...]
Read More4 Ways to Minimize the Risk of SECURE 2.0 Changes After a long and windy road, the SECURE 2.0 Act has become law. The new legislation, which updates the original Setting Every Community Up for Retirement Enhancement Act of 2019, contains a number of changes impacting recordkeepers. SECURE 2.0 changes represent an opportunity for your [...]
Read MoreReport: Finance Is One of the Most Targeted Industries by Cyber Criminals Financial services businesses have been a target for criminals since the days of the Pony Express. Now, modern businesses face a serious threat from cyber criminals seeking to steal funds from bank accounts, real estate closings, court settlements and retirement funds. A new [...]
Read MoreOne Law Firm Filed 11 Copycat Lawsuits Against Advisors of 401(k) Plans Last Year Financial advisors have been plagued by 401(k) lawsuits in recent years. So frequent are new suits in the headlines, that it may seem like every law firm in the country has a case pending against an advisor. Yet in reality, many [...]
Read MoreFighting Cyber Fraud: Two Case Studies of Claims Against Recordkeepers “Did you hear? Another recordkeeper was sued for cyber fraud!” Recordkeepers have heard this line a lot lately. But around the watercooler, such stories often blur together. The details get lost, and that can make it harder for registered investment advisors to understand the risk [...]
Read MoreFinance, Cyber Attacks and Geopolitics: The Risk to Businesses Like Yours Businesses in the finance industry are facing new online risk as cyber attacks and geopolitics merge into a single threat. Cyber attacks have already been at an elevated level for several years. However, the latest geopolitical threat comes in addition to those existing risks [...]
Read More7 Easy Ways to Reduce Excessive Fee Claim Risk Excessive fee claims pose a major risk to advisors. From questionable allegations to cookie-cutter ERISA lawsuits, excessive fee claims are growing, impacting more and more retirement plan fiduciaries. These sprawling class-action lawsuits can put both your professional and personal assets at risk but there are some [...]
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