From: WealthManagement.com
Many small advisors may not have the resources in-house to meet regulators’ expectations
The recent regulatory sweeps around cyber security by the Securities and Exchange Commission and FINRA are starting to hit financial advisors, and many, especially smaller practices, are not prepared for it.
On June 10, Donald J. Kalil, president of Wilmington, Del.-based Affinity Wealth Management, which has about $300 million in assets, received the SEC’s seven-page questionnaire seeking information about his firm’s cyber security procedures. He had two weeks to complete it.
“I dropped everything,” he said. “It looks like it’s for large organizations, cause I can’t imagine a small organization being able to address all the issues that they’re asking for.”
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