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FINRA’s First Exam Report Focuses on Cybersecurity, OBAs

FINRA releases its first Report on Examination Findings, financial advisor income on the rise and art collectors don’t work with art advisors.

As part of its FINRA360 initiative and CEO Robert Cook’s listening tour, the Financial Industry Regulatory Authority released its first Report on Examination Findings. The regulator highlights certain issues that came up in recent exams, including cybersecurity, outside business activities and product suitability. The section on cybersecurity provides firms with areas that need improvement, including the need to terminate departing employees’ access to firm systems on a timely basis; implement formal risk assessment processes; have formal processes to review prospective vendor’s cybersecurity preparedness; better controls at the branch office level; and segregate cybersecurity duties.

Financial Advisor, Pilot Income Is Soaring


Data collected by SmartAsset on the average incomes for 815 occupations found that financial advisors were among those whose income has increased the most in recent years. In 2016, the average income of a financial advisor was $123,100 up from $90,820 in 2012. The study didn't include any reason for the increase in pay, but as more compensation becomes fee-based, recent market performance might have played a role. Among other professions that got a bump in pay were airline pilots, orthodontists and anesthesiologists.

HNW Collectors Don’t Have Art Advisors

Copyright Tristan Fewings, Getty Images

Art Basel in Miami started Thursday and UBS shared a recent survey of high-net-worth investors with findings that might surprise advisors. Out of nearly 2,500 respondents, about 1,000 considered themselves collectors and only 363 fine art collectors. But 88 percent of all respondents said they don’t work with an art advisor; they refer to guidance elsewhere, including: 66 percent from art galleries; 60 percent from online resources; 50 percent from museums; 44 percent from magazines and 26 percent from art events. Out of those who researched art online, 26 percent also said they have purchased art online, unseen. I wonder what an art advisor would say about that?

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