Making the Most of Your Sail Into Summer (Part II)
written by Heather Rivera
Your Customer Relationship Manager (CRM), Actually Managed!
For most advisors, the CRM is the nucleus of managing the firm. It’s how we keep track of anything and everything that goes on in the office as well as all the pertinent information regarding our clients. When was the last time you ran a data check on the information in your CRM? Are there holes in your data? Are you missing important information for individual clients (DOB's, SSN's, primary contact information such as phone numbers and email addresses)? Let VOS assist you in running the necessary data check reports to identify any areas with missing information and get them cleaned up and up to date.
(Relatively) Painless Audit Prep
While we are focused on cleaning up your CRM…..Ask yourself, are you prepared for an audit? If you had to compile a multitude of information about your firm and your clients, do you have processes and reporting in place that would automate that task for you?
We all dread that moment where an auditor walks in our door at the most inconvenient of times and hands us a list of items to compile that makes our eyes cross. It doesn’t have to be that way. By running some additional data checks such as those listed below, VOS can help you prepare workflows, activity templates, and reports that will alleviate stress and allow this process to run smoothly for both you and the auditor.
Some examples include:
Client Lists - Current Clients, Related Persons, Ex-Clients, (including AUM at start/ending account value, reason for term) states of residency
Contact Lists — Vendors, COIs, Disaster Recovery Lists
Important Dates — Account Inception Dates, Termination Dates, Contract Dates, IPS Dates, Risk Tolerance Questionnaires, ADV and Privacy Policy Delivery
Important Account Data — Discretionary? Managed? Type of Account?
Client Communication — Email, Correspondence
Demonstrating a “Culture of Compliance” – Workflows, Processes, and Recurring Tasks
Stay tuned for Making the Most of Your Sail into Summer Part III!
We would love to hear from you! Click here to email Heather Rivera, our Director of Operations. Please also feel free to call our office at 954-271-2966.
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