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Defense from Mgmt

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Feb 9, 2009 3:29 pm

Mgmt at our firm gets wind of branch audits and all this past week and now on Monday they are demanding we “correct our wrongs” by making us feel like we will lose our jobs if we don’t comply, examples are that are client notes are not good enough, need better notes; go in and improve them, by signing acknowledgement forms that we have held client reviews, talk to your staff and be sure they are prepared to answer auditors questions correctly, etc.  If we were being managed correctly it seems as if all of this should have been done all throughout the year and not the few days before an assumed audit.  This makes me feel like I am being put on the chopping block instead of Mgmt in case something goes wrong.  If I was an auditor and saw all advisors in our area make client notes on the same dates across the board I would have to think something is up with that…  I don’t see anything that would go wrong with the audit but these days I have learned never to assume… is there anything legally I should be doing to try and protect myself instead of being pinned down to make sure Mgmt is covered?

Feb 10, 2009 9:03 pm

It would freak me out too if my firm only insisted on documentation standards when an audit is imminent…

Feb 11, 2009 1:21 am

Thank you Bill for that link.  The case against Fidelity is exactly what it always feels like at my firm whenever an auditor is coming.  Yesterday I got a call from my manager saying they didn’t see client notes on our system and that the auditor needed to see what we had…  he was on the phone with our ops mgr and myself saying he didn’t care how the client notes appeared… he just needs anything so the auditor would not ding him for this.  I am not the only one either many other advisors have had the same discussions during this and past audits.