We’ve reached the halfway mark of 2023 and we’re hopeful that Firm Element training programs are well underway and on track to be finished before December 31st — right?
If you find yourself in the ‘how is there only six months left’ category and feel like time is running out faster than you can put together your training program, we’re here to help with a list of ten courses that are topping the charts so far. Any of these courses would make the perfect addition to your training roster so you can sit back and relax for the back half of the year (*sigh* if it were only that easy…).
Note: A Needs Analysis is required before implementing a training program can begin.
So, without further ado, here are our top 10 Firm Element courses from the first half of the year.
1.) Off-Channel Communications
Course Code: 19461
This course is designed to educate registered representatives of both broker-dealers and investment advisers about the compliance risks associated with off-channel communications. Despite the numerous regulatory actions taken against firms and their employees and the ever-increasing level of monetary penalties assessed, unmonitored business-related off-channel communications continue to plague the industry. The course uses a situational scenario, as well as actual FINRA and SEC disciplinary actions, to illustrate behavior that may lead to regulatory violations and subsequent fines and sanctions. Please note: This course includes audio on each page.
2.) Cybersecurity & FINRA
Course Code: 17703
This course will examine various targets and types of cyber-attacks, their threat to the financial industry, disclosure requirements for FINRA-registered firms, regulatory measures to prevent cybercrime and practical steps toward cybersecurity. We will also discuss recent FINRA guidance, including the presence of cybersecurity in the Regulatory and Examinations Priorities Letter, the Report on Cybersecurity Practices, and Investor Alerts warning investors about cyber threats. Please note: This course includes audio on each page.
3.) Regulation Best Interest (Reg BI) and Associated Materials
Course Code: 17757
On June 5, 2019, the SEC approved a package of new rules and interpretations designed to improve transparency for retail investors. Included in this package are Regulation Best Interest(Reg BI), New Form Customer Relationship Summary (Form CRS), the Investment Adviser Interpretation, and a Solely Incidental Interpretation. This course will cover each of these rules in depth along with potential scenarios that one could encounter. Please note: This course includes audio on each page.
4.) Reg BI Considerations for Variable Annuity Recommendations
Course Code: 15762
This course is intended to connect the provisions of Regulation Best Interest‘s Care, Conflict, and Disclosure obligations with the recommendations surrounding the purchase and sale of Variable Annuities to retail customers by registered representatives of FINRA member broker-dealers.
5.) Anti-Money Laundering: Customer Identification Programs, Red Flags, Everyday Scenarios and Enforcement Cases (FE INT)
Course Code: 9842
This course provides a brief review of the basics of illegal money laundering and the legislative measures adopted to combat money laundering in the US. The course covers requirements for a firm’s AML and CIP programs with an emphasis on real-world context. The course also discusses red flags that every representative should be aware of in their day-to-day dealings with customers and prospective customers, and with accounts. The course concludes with examples of enforcement cases that reinforce the concepts covered in the text.
6.) Anti-Money Laundering for Broker-Dealers – Vol. 2 (FE INT)
Course Code: 9877
This course is designed for registered representatives of FINRA member broker-dealers. The course begins with actual cases involving FINRA member firms that took place in 2015 and then move into a review of basic anti-money laundering concepts. The course then shifts to the representative’s role in preventing, detecting, and reporting suspicious activities that may point to illegal money laundering, providing examples from actual cases of what happens when a firm fails to carry out its AML obligations.
7.) Anti-Money Laundering and Red Flags for Institutional Clients – Vol. 2 (FE INT)
Course Code: 17670
This course is designed for registered representatives of institutional broker-dealers. The course begins with a review of basic anti-money laundering concepts and then shifts to the representative’s role in preventing, detecting, and reporting suspicious activities that may point to illegal money laundering. The course includes a case study based on a real-world example of Anti-Money Laundering failures relating to institutional customer accounts. Please note: This course includes audio on each page.
8.) Identity Theft Prevention and the Financial Services Industry (FE INT)
Course Code: 17730
This course is intended for anyone working in the financial services industry that may have contact with sensitive customer information. This course is beneficial for all firms, as training is required to comply with the Federal Trade Commission FACT Act Identity Theft Rules. This course examines the primary rules that protect customer information and the role that employees play in identifying identity theft red flags. Finally, the course uncovers the various methods used by hackers to steal customer identities. Please note: This course includes audio on each page.
9.) Anti-Money Laundering and the Red Flag Rule (FE INT)
Course Code: 17671
This course is designed for registered representatives, supervisors, and institutional sales representatives. The objective of this course is to raise awareness of anti-money laundering regulations so that representatives have the knowledge to prevent and detect money laundering. After completing this course, representatives will have a better understanding of anti-money laundering regulations, including the Know Your Customer rule. Please note: This course includes audio on each page.
10.) AML Institutional – Understanding Your Compliance Obligations (FE INT)
Course Code: 9954
This course is designed for registered representatives of institutional broker-dealers. The course begins with a review of basic anti-money laundering concepts and then shifts to the representative’s role in preventing, detecting, and reporting suspicious activities that may point to illegal money laundering. The course concludes with a case study involving a US broker-dealer’s AML failures relating to institutional customer accounts.