Jeff Groves, president of CWI ComplianceWorks, a compliance support business for advisors, reminded advisors that they have to meet all federal and state regulations even while working at home.

“Advisors still have to use business email accounts for business communications and any prohibited types of communication and transactions still are prohibited at home,” he said. “Confidentiality should be considered on everything. Being in a home office does not suspend compliance.

“You also have to understand the limitations of your computer and of the systems being used by third party providers,” Groves said. “And you have to be careful what information you show during a webinar. Your client may not be in a secure environment.

“Document everything,” he emphasized. “If you did not document it, you did not do it.”

While team members are working in diverse locations, the firm still has to show clients that everyone is working together and that the firm can react to market movement as needed, Glover explained. “See how often you clients are checking their accounts. Those who are checking frequently probably need a phone call from you.

“During this time, everyone should keep good notes about the things that are going right and the things that are going wrong, so it can be analyzed later,” she added.
 

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