Quest CE Enhances Outside Brokerage Account Disclosure Tracking Service
MILWAUKEE – October 29, 2018 – Quest CE, premier provider of compliance training and tracking technology solutions, announced today several enhancements to its Outside Brokerage Account Disclosure Tracking system. The updated service provides an effective way for firms to track, manage and control the intake of statements received from accounts opened by advisors and brokers outside the member firm.
In accordance with FINRA Rule 3210, the tracking service offers two distinct areas of functionality: the intake of an account opening request, which previously existed in the system, and the management of those affiliated statements. Not only can compliance teams approve/reject submitted disclosures, but they can now upload and store those statements in a WORM-compatible format to ensure every step of the management process is fully documented.
“We understand that managing paper-statements is not only time-consuming, it’s also extremely risky considering all the ways in which information can go missing or simply be overlooked,” said Quest CE EVP of Sales, Marketing and Online Services, Alex Krenke. “By adding the ability for compliance teams to upload statements into the system directly, we’ve created a centralized repository for efficient account management controls, with granular access to detailed reporting.”
Based on the integration of these two processes, the system can proactively identify whether statements received were properly pre-disclosed, as well as identify gaps in statement activity. A color-coded Statement Gap Report qualifies whether statements are missing during a designated time interval, which could be monthly, quarterly or annually. Firms can also execute risk alerts in the system to inform them via email if/when a certain trading activity or trading limit occurs.
Quest CE’s outside brokerage account tracking service serves as a first line of defense against identifying and mitigating potential conflicts of interest. By keeping tabs on outside accounts, firms are able to track trades and report on any activity that may be considered suspicious or inappropriate in accordance with their written supervisory procedures, significantly reducing the risk of non-compliance and the related consequences.
If you would like more information or have any questions regarding our new outside brokerage account disclosure tracking service, click here, or contact a Quest CE Sales Executive at 877-593-3366 or e-mail firstname.lastname@example.org.
About Quest CE
For over thirty years, Quest CE has been the premier provider of compliance training and tracking solutions to the financial services industry. In addition to offering on-demand insurance and designation continuing education, Quest CE provides a complete spectrum of proprietary technology solutions for managing compliance risk exposures.
Serving more than 1,000 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 that of our competitors. Quest CE is the single source solution for organizations’ training and compliance needs. For more information on Quest CE, visit www.questce.com.