Les Abromovitz, Guest Columnist

Hi Les, I apologize this comment is so overdue but I just wanted to say how much I enjoyed this article, especially your wise insistence on “hoping for the best and planning for the worst.” It is so important that RIAs implement appropriate systems in their firms to both protect against threat, but also make it possible to quickly and reliably recover from disasters of all sizes should they ever occur. If you have a second, you may enjoy taking a look at one of my articles, the World’s Worst Disaster Recovery Plan (http://discussionondigitalcompliance.com/2011/02/07/the-worlds-worst-disaster-recovery-plan/). The worst part is this plan was actually passed by an SEC auditor!

The SEC wants you to consider the catastrophes

Les Abromovitz: Solo practitioners need to have a succession plan, too.

Les Abromovitz

The past two years have been some of the most momentous in the relatively short history of the RIA profession. Legislators and regulators have been gradually embracing the fiduciary standard, though whether it will fully apply to everyone calling themselves advisors remains to be seen.

The Department of Labor’s crusade to lower costs and increase transparency in retirement plans means a spate of new regulations affecting advisors and brokers in that market. Dodd-Frank Financial Reform, meanwhile, continues to unroll across the profession, with the biggest change being a shift to state oversight of RIAs with less than $100 million AUM. In this section, you’ll find continually updated RIABiz.com coverage on all these topics.

The SEC wants you to consider the catastrophes

Michael Price

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