Quest CE

Quest CE’s Newest FINRA Course Regarding Business Conduct

ldaguanno — Thu, 16 Feb 2012 19:23:51 +0000

MILWAUKEE –February 16, 2012 – Quest CE, premier provider of insurance continuing education and FINRA firm element training, is proud to announce the latest addition to their FINRA course line up, Business Conduct-Institutional: Understanding Information Barriers.

This course is designed to help securities industry professionals understand information barriers and the regulatory obligations regarding confidentiality, privacy and conflicts of interest as they relate to material, nonpublic information. It explores, in depth related topics such as wall-crossing procedures, restricted and watch lists, physical and electronic separation, and insider trading as it relates to information barriers. Life-like scenarios address information barriers with respect to research and investment banking.

Quest CE provides crucial FINRA course training options, along with a wide array of continuing education courses to fulfill every adviser’s industry needs at both state and national levels.

Visit http://www.questce.com/company/downloads to view Quest CE’s 2012 Firm Element Course Catalog. For questions regarding this or other FINRA and/or Quest CE authored Firm Element course options, please contact a Quest CE Sales Executive at 877-593-3366 or e-mail sales@questce.com.

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About Quest CE

For over twenty-five years Quest CE has been the premier provider of Compliance Education to the financial services industry. In addition to offering Providership Administration and insurance continuing education (CE) for professionals holding insurance licenses and professional designations like the CFP, CPA, CLE, CIMA and CLU/ChFC designations, Quest CE also provides a complete spectrum of FINRA compliance training solutions including annually required Firm Element Training for registered representatives, on-demand Annual Compliance Meetings, Annual Compliance Questionnaires, Needs Analysis Surveys, Outside Business Activity Tracking, Gifts and Entertainment Tracking and Political Contributions Tracking.

Serving more than 350 leading insurance carriers, broker-dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses their competitors. Quest CE is the single source solution for organizations seeking training and compliance needs.

FINRA Regulatory Notice 12-05

ldaguanno — Wed, 15 Feb 2012 16:02:18 +0000

BROKER-DEALER COMPLIANCE NEWSLETTER EXCERPT – February 2012 – According to FINRA, they have received numerous reports of customers losing funds to theft due to instructions that were emailed to firms from customer email accounts indicating a desire to transmit or withdraw assets from their accounts.

FINRA issued this special alert notice to focus on customer account protection and to highlight relevant rules and notices including NASD Rule 3012 (Supervisory Control System) and Incorporated NYSE Rule 401 (Business Conduct) that “require all firms to establish, maintain, and enforce written supervisory control policies and procedures that, among other things, include procedures that are reasonably designed to review and monitor the transmittal of funds or securities”

FINRA suggests that firms revaluate their risks, policies, and procedures regarding customer assets in order to better protect their customers from having their assets stolen. The Federal Bureau of Investigation (FBI), Financial Services Information Sharing and Analysis Center (FS-ISAC) and Internet Crime Complaint Center (I3C) have also released a joint fraud alert discussing a similar situation of stolen client assets.

Click here to read the complete FINRA Regulatory Notice 12-05: Verification of Emailed Instructions to Transmit or Withdraw Assets from Customer Accounts.
Click here to read Quest CE’s February Broker-Dealer Compliance Newsletter
Click here to subscribe to Quest CE’s monthly Broker-Dealer Compliance Newsletter

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About Quest CE

Small Broker-Dealers Stay Cool under New Market Pressure

ldaguanno — Wed, 15 Feb 2012 15:51:53 +0000

BROKER-DEALER COMPLIANCE NEWSLETTER EXCERPT – February 2012 – According to an AdviserOne article, broker-dealers find themselves in a new financial services environment with new and increased rules and regulation, fee compression and industry consolidation. These hazardous conditions leave some uncertain about how broker-dealers will adapt to their new environment , questioning if smaller firms in particular will thrive or fall victim to the rapidly changing conditions. Smaller broker-dealer firms do not seem as bothered by the new territory, and are confident they have what it takes to make it in this market.

Wall Street Financial Group’s Joe Richards and Marshall Leeds, Summit Financial Services Group’s chairmen and chief executive officer believe that there are two essential elements for smaller firms to focus on, “the need for outsourcing and a clean compliance record when it comes to the products they approve. The latter, in particular, along with its associated liability, has caused a number of smaller firms to recently close their doors.” “With technology, as an example, it doesn’t make sense for a broker-dealer of our size to develop it in-house,” Leeds says. “It’s much more cost effective and state-of-the-art to outsource to technology providers, often through our clearing firms, Pershing and Wells Fargo. And once I invest in the technology, the updates are automatic, so I don’t have to worry about it being cutting-edged. We offer a technology buffet, and we let the advisors choose the providers they want to go with.”

The article concludes that as long as smaller firms continue to maintain their populations of dedicated representatives, maintain the highest standard of compliance, and outsource when necessary, they will have a better chance at market survival.

Click here to read the complete AdviserOne article: “Small Broker-Dealers under Fire but Confident: FSI OneVoice 2012”
Click here to read Quest CE’s February Broker-Dealer Compliance Newsletter
Click here to subscribe to Quest CE’s monthly Broker-Dealer Compliance Newsletter

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About Quest CE

RIAs: Don’t Wait for the Switch, Take Action

ldaguanno — Tue, 14 Feb 2012 21:18:00 +0000

RIA NEWSLETTER EXCERPT – February 2012 – By the middle of 2012, advisers who posses assets under management ranging from $25 million to 100 million will be making the switch from residing under Federal regulation to State regulation. According to an AdviserOne article, advisers must take a proactive approach, and according to some reports prepare for states to be a lot tougher.

Many state regulators are saying this is not the case, and they are not trying to make it harder on advisers, instead they state they are happy to offer insight to help advisers comply with their new regulations instead of having to impose hefty fines for non-compliance. Besides offering their guidance, state regulators also urge advisers to take action and make the switch sooner than later. Maryland Securities Commissioner Melanie Lubin, who is in charge of monitoring the switch for the North American Securities Administrators Association (NASAA), says that while “there are some different requirements between state and federal” regulation for advisors, nothing is “particularly difficult. They’ll have to focus on investment advisor representative registration,” …It’s too soon to say which—if any—specific areas might present the most problems for advisors making the switch.”

Lubin offers two suggestions for all advisers making the switch: Number one is to make the switch to the state level of regulation sooner than later by applying for state registration first and then withdrawing from federal regulation, allowing enough time for regulators to completely finish the application process. Number two is if an adviser has any questions, they should not be afraid to reach out to their jurisdiction for clarification.

Linda Cena, Michigan securities director and chair of the investment advisor section at NASAA says that over half of states have implemented switch workshops to help advisers become acquainted with the new requirements and switch process. If you are unsure if your state has switch workshops, contact your jurisdiction and they can point you in the right direction.

Click here to read the complete AdviserOne article: “State RIA ‘Switch’ Warning: Don’t Procrastinate, Ask for Help”
Click here to read Quest CE’s February RIA Newsletter
Click here to subscribe to Quest CE’s monthly RIA Newsletter

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SEC Redefines Insurance Suitability Qualifiers for Certain Products

ldaguanno — Tue, 14 Feb 2012 21:07:47 +0000

INSURANCE NEWSLETTER EXCERPT – February 2012 – According to an AdviserOne article the SEC decided to redefine the accredited investor standard that is used to determine whether or not someone is permitted to purchase insurance product that allows investors the ability to invest in high-risk commodities, for example hedge funds.

The redefinition increased the required net worth for an investor to qualify to purchase the high risk product. An individual becomes an accredited investor if they possess a net worth of at least $1 million dollars (not including the value of their primary residence).

Before the SEC made their final adjustments to qualifying accredited investors, individuals could become an accredited investor if they themselves have a net worth or their joint net worth with their spouse was greater than $1million. This total could also be drawn from their primary residence, which is where the SEC found the flaw. Allowing people to add their primary residence into their net worth, because of the “inflated housing market,” encouraged marketing geared to individuals who were” house rich,” but did not understand the risky market products they were buying.

Accredited investors have a separate market opportunity than the everyday investor, allowing them to part take in purchasing uncertain products such as private placement life insurance (PPLI) allowing them to “ make hedge fund investments the same way that other insurance clients make mutual fund investments–through subaccounts of a variable universal life insurance (VUL) policy.”

Click here to read the complete AdviserOne article: “SEC Redefines Insurance Suitability Qualifiers for Certain Products”
Click here to read Quest CE’s February Insurance Newsletter
Click here to subscribe to Quest CE’s monthly Insurance Newsletter

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About Quest CE

Carriers Looking Past Variable Annuities and onto SALBs

ldaguanno — Tue, 14 Feb 2012 16:25:09 +0000

INSURANCE NEWSLETTER EXCERPT – February 2012 –According to an InvesmentNew’s article, Carriers who are interested in attracting fee-based and fee-only advisers are looking past variable annuities and onto Stand-Alone Living Benefits (SALB) that combine guaranteed-lifetime-withdrawal benefits from variable annuities with an investment account managed by a fee based or fee only adviser.

SALBs first made their appearance to the financial services industry in 2008, but the hype slowly died down, until now. They begin with investors turning over a “lump sum of cash” to their advisers for a stream of retirement income. If the investment account is drained through too many withdrawals or eaten away by the market, the insurance begins. Investors and advisers alike will have to understand that SALBs will differ depending on who is issuing the insurance coverage.

Noel Abkemeier, a consulting actuary at Milliman Inc. says “The reason for creating SALBs is to broaden the tools for advisers. Advisers have a disinclination to use insurance products.”

The only concerns for SALBs are the fear that complexity will deter the acceptance of the reemergence of this adviser tool, and there is also a concern about regulatory issues. Tamiko Toland, managing director of retirement income consulting at Strategic Insight said “the regulatory concern is really about the fact that the insurer doesn’t have the same kind of control as it does with variable annuities. The regulatory issues will eventually be resolved, but another key here is getting this style of guarantee out to a different clientele — to reach out to a set of advisers who may not be all that familiar with or crazy about variable annuities.”

Click here to read the complete InvestmentNews article: “Carriers look beyond variable annuities”
Click here to read Quest CE’s February Insurance Newsletter
Click here to subscribe to Quest CE’s monthly Insurance Newsletter

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About Quest CE

Quest CE Promotes Whitney Hagstrom to Manager of Business Development

ldaguanno — Fri, 03 Feb 2012 15:23:01 +0000

MILWAUKEE – February 3, 2012 – Quest CE, premier provider of insurance continuing education and FINRA firm element training, is proud to announce the promotion of Whitney Hagstrom to Manager of Business Development. Whitney has been with Quest CE since 2009 as a Sales Executive, diligently accepting increased sales and clientele responsibilities.

Hagstrom graduated from the University of Wisconsin Madison with a Bachelor of Science in Consumer Science with an emphasis in Affairs in Business. During college, she began her work in the Sales field as the Sales and Marketing Intern at Direct Networks, Inc. After Direct Networks Inc., she continued finessing her skill for sales, working as a Sales and Marketing Intern at Madison magazine, the editorial magazine leader for readers in Madison, Wisconsin. In October, 2009 she joined the Quest CE team as a dedicated Sales Executive, where she immediately excelled in Sales and Quest CE Client Customer Services.

Her performance in sales has been influential for Quest CE’s outstanding record for industry-leading customer relations, problem resolution, and the ability to maintain customer promises. Hagstrom is a team player whose leadership skills will prove beneficial in her new role. As Quest CE’s Manager of Business Development, she will be responsible for attracting new customers, penetrating existing markets, and maintaining outstanding customer management.

Hagstrom is a member of MMAC and actively participates in their branch Fuel Milwaukee, Milwaukee’s Professional Networking Organization, attending their monthly get togethers. In her free time, Hagstrom enjoys taking in musical theatre and Broadway shows. She also enjoys spending time outside of the city at her favorite cabin up north, where she participates in biking trips and nature walks. Quest CE is confident that Hagstrom’s history of excellence in sales, customer service, along with her ability to create innovative business solutions will ensure her success in her new role as Manager of Business Development.

Quest CE is dedicated to attracting and retaining the best talent. For career opportunities at Quest CE, please Click Here (or visit http://www.questce.com/company/careers).

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About Quest CE

Serving more than 300 leading insurance carriers, broker/dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses their competitors. Quest CE is the single source solution for organizations seeking training and compliance needs

Benefits of Value-Add Continuing Education: A Quest CE Webinar

ldaguanno — Thu, 02 Feb 2012 16:39:29 +0000

Quest CE introduces its highly anticipated webinar series for the insurance industry. This introductory webinar featuring an in-depth discussion of Quest CE’s Financial Adviser Survey, as well as the benefits that lie within offering value-add continuing education, will offer insight backed by statistical data and shared experiences by some of the top wholesalers in the industry. The industry supported information as a whole will reveal to attendees the multitude of ways continuing education offerings increase sales and strengthen professional relationships.

Follow the below links to register:

Wednesday February 22nd @ 2:00 pm CST
Register to attend

Thursday February 23rd @ 11:00 am CST
Register to attend

February 2012 Webinar Agenda

Relationship Building with Continuing Education
· 2011 Financial Adviser Survey

Understanding the Financial Adviser
· Increase Meetings & Attendance
· Impress to Build Trust

Wholesaler Opportunity
· Continuing Education Preferences
· Available Resources

Discussion and Wrap Up

Staci Simmons Promoted to Manager of Marketing Communications

ldaguanno — Fri, 20 Jan 2012 15:30:20 +0000

MILWAUKEE – January 20, 2012 –Quest CE, premier provider of insurance continuing education and FINRA firm element training, is pleased to announce the promotion of Staci Simmons to Manager of Marketing Communications. Stepping into her new role, Simmons will lead, implement, and facilitate annual marketing strategies, support the development and execution of sales goals, translate business objectives into strategic plans, and facilitate corporate growth while continuing her responsibilities as graphic designer.

After graduating from the Illinois Institute of Art with a Bachelor of Fine Arts in Visual Communications and Graphic Design, Simmons quickly found a position at World Class Incentives, Chicago’s leading business to business corporate travel company. At WCI, Simmons began her work with some of the financial services industry’s top companies, designing and implementing materials for their internal sales meetings. In December 2010, Simmons joined the Quest CE team as Marketing Graphic Designer. Utilizing her previous industry experience and design expertise, Simmons reevaluated the organization’s branding structure, and executed a branding and advertising strategy that truly encompassed Quest CE’s culture, professionalism, and position as one of the top continuing education vendors in the industry.

Simmons enjoys traveling, whether it is international or trips home to her native Illinois. New to Wisconsin, she has embraced the Wisconsin weather and has since taken an interest in biking, snowboarding, and enjoying the outdoors. She appreciates staying in and enjoying her relaxation time, but also loves to explore the new restaurants emerging on the Milwaukee circuit with friends.

Quest CE is certain in her skill set, and feels that Simmons’ success in personally promoting the Quest CE brand, her high level of originality and her savvy for graphic design and marketing concepts will make her successful in her new role as Quest CE’s Manager of Marketing Communications.

Quest CE is dedicated to attracting and retaining the best talent. For career opportunities at Quest CE visit http://www.questce.com/company/careers.

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About Quest CE

Executive Team Members Partner with IRI as Committee Members

ldaguanno — Tue, 17 Jan 2012 15:18:07 +0000

MILWAUKEE – January 17, 2012–Quest CE, premier provider of insurance continuing education and FINRA Firm Element Training, proudly announces the addition of five Quest CE executive team members to the Insured Retirement Institute’s (IRI) committee seats. IRI is a not-for-profit organization designed to encompass the concerns of the insured retirement income industry, financial advisers, and consumers.

IRI’s official mission is to: “encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and to advocate before public policy makers on critical issues affecting insured retirement strategies.” Quest CE believes this is an important message to convey to the financial services industry, and is proud to have five seated committee members extending the IRI mission.

By joining the IRI board, Quest CE team members gain access to FINRA reviewed information, further their ability to make a difference in the financial services industry by enhancing best practices, and the privilege of providing exclusive note-worthy, information to their clientele. Committee seats are as follows:

•Adam Krenke, Executive Vice President of Operations and Compliance, is a member of the IRI Research Committee.
•Alex Krenke, Vice President of Sales, Marketing, and Client Services, is a part of the IRI Marketing and Sales Committee
•Jennifer Greene, Client Account Executive, is a member of the IRI Member Service’s Committee
•Patrick Torhorst, Chief Information Officer, is a part of the Operations and Technology Committee
•Aaron Thompson, Vice President of Finance, is a member of both the State Affairs Committee and the Federal Regulatory Affairs Committee

IRI members include insurers, distributors, banks, asset managers, and solution providers to the financial services industry. Quest CE is in full support IRI’s purpose and plan of action, and proudly supports them through team member participation and company practices.

To learn more about Quest CE, visit http://www.questce.com/company/about or contact corporate headquarters at (414)375.3400

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About Quest CE

Serving more than 350 leading insurance carriers, broker/dealers, banks, and other financial institutions, Quest CE is committed to providing advanced custom solutions at cost effective rates, while providing a level of service that greatly surpasses their competitors. Quest CE is the single source solution for organizations seeking training and compliance needs