Cyber regulations to make it more expensive to run an RIA
Regulators recognize that more definitions are needed around cybersecurity for wealth managers, and they are working to put them in place, said Michael Cocanower, founder and CEO of AdviserCyber.
Whatever you are doing now will be more reinforced and more commanding. But if you listen to regulators in examinations and enforcement, they repeatedly say that whenever an MCO acts in good faith and enforces policies, we rarely see enforcement come out of it. It's when your policy said something, and you're not doing it.
Cyber security needs to be culturally integrated into your organization and you have executive-level support for cyber training, he said. “The easiest organization to hack is an individual,” he said.
-Diana Britton
The next generation RIA: A recipe for turbo-charging boost
Arthur Ambarik, CEO of Perigon Wealth Management, on the conditions under which RIAs can receive capital infusions: “There are more investors coming into our industry every day, so flexibility and optionality will become better and better.”
— Elaine Misonzhnik
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