Yes, posts to FPPad have been sporadic of late, but trust me, work is going on behind the scenes.
In particular, I’ve been working with several individuals on communicating the risks and responsibilities when it comes to using client login credentials (e.g. login and password) to access captive or held-away accounts. As client services continue to expand, advisers are aggregating information on held-away accounts to generate reports that include all of a client’s assets, not just those that are held with the adviser’s custodian of choice.
Last week, I participated on a webinar hosted by ByAllAccounts that addressed the issues of custody when adopting this practice.
Today, Advisor Perspectives has published my article titled The Custody Conundrum. I trust that you will find most of the answers to your questions when it comes to custody and the practice of retaining and using your clients’ account logins.
Thanks to Tim Simons, CFA, CPA, CFP®, CSCP, CIPM of Ashland Compliance Group, LLC and Karla Paxton of ByAllAccounts for their consultation.
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[…] The webinar I participated in last week about custody issues when retaining client login credentials has really generated a lot of media coverage. Yesterday an article was featured in Advisor Perspectives. […]