Documentation Strengths and Deficiencies Assessment
Why complete this Assessment?
There are some must-haves for Financial Advisors when it comes to documentation. You can use this checklist as a periodic refresher of the current strengths and deficiencies for documentation in your business: You have this documentation recorded ("I have it") You need it but you don't have it ("I need it") OR You don't need it ("I don't need it") based on the sources of your obligations. Once you have completed this list, the checkmarks in the "I need it" column illustrate the business deficiencies you should tackle one at a time over the coming months so that you are mitigating risk and protecting the work to which you have dedicated so much time and effort. Once complete, share this checklist with your team along with your priority list so that everyone is on the same page and working to the same goals.
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Documentation Strengths and Deficiencies
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I Have It
I Need It
I don't Need It
Compliance Officer
Privacy Officer
Privacy Manual
Privacy and Disclosure Document (signed by clients)
Anti-Money Laundering Manual
CE credit tracking
Client complaint log
Individual E&O insurance
Corporate E&O insurance
Privacy & Cyber Liability insurance
Advisor Disclosure Document
Privacy Consent Form
Documented KYC process
Notes from all client interactions
Client file structure
Needs Analysis (for all required clients)
Reason Why Letter (for all required clients)
Suitability Assessment (for all required clients)
Succession and/or transition plan
Business Continuity Plan
Have you identified areas in your documentation where you and your team are currently falling short - the "I need it" list? Note them here and start prioritizing so you can tackle them one at a time.
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Collection of Information Disclaimer
At The Gryphin Advantage Inc., we understand that the privacy of our clients' data is of the utmost importance. We are committed to protecting the confidentiality of any personal, financial, or business-related information that is shared with us during the course of our services. We will only use this information for the purpose of providing our services to the client and will not disclose it to any third parties without the express written consent of the client. We have implemented appropriate technical and organizational measures to ensure the security and protection of our clients' data. If you have any questions or concerns about the privacy of your data, please don't hesitate to contact us.
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