Here are the 5 "dont's" to avoid when archiving communications for your RIA firm.
- Be afraid to ask questions
There’s no shame in checking your understanding. Reach out to a compliance consultant or your chosen archiving technology partner to be sure you’re making right decisions given your firm's business model and types of communication.
- Save archives to vulnerable places
Archiving all your firm’s data to a hard drive that you keep in an unlocked drawer in your office is not only asking for trouble but also will lead to compliance issues. Be sure tp archive your data to a separate location and ideally use a data storage facility or vendor to help you double- and triple-back it up.
- Archive selectively
When in doubt, archive everything. It’s better to provide an SEC auditor with more information than they need than to be found lacking.
- Forget to update regularly
You should archive frequently and regularly. Furthermore, archiving should be automated.
- Make it complicated
We’ll reiterate it once more—the policies you put in place need to be easily followed if you want everyone in your office to do what’s necessary to keep your firm in compliance.
Learn more about RIA firm archiving requirements here.