Financial services firms know that when FINRA or the SEC decides to mount an examination, one of the top things they look at is a firm's communications - both the content and the written policy governing the messages, if there is one.
But there’s confusion about what this means: What types of messages need to be saved for a future potential audit? Do firms need a written policy? Will you need outside help? For advisors without dedicated compliance departments, it's a cause for anxiety.
Jimmy Douglas, director of alliances and industry relations at Smarsh, shares some basic steps to prepare for the regulators' communications review.