Electronic Books & Records: The Five-Year Retention Requirement
Under SEC Rule 204-2 under the Investment Advisers Act of 1940, registered investment advisers must retain all written communications relating to recommendations, advice, receipt/disbursal of funds, and placing of orders for not less than five years, the first two years in an easily accessible place.
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Text Messaging & Off-Channel Communication Enforcement
With SEC regulatory fines exceeding $2.5 billion across Wall Street institutions for unauthorized WhatsApp and SMS communication, financial advisory CRMs must integrate compliant mobile capture connectors (MyComplianceOffice, Smarsh, LeapXpert) to preserve client texts automatically.
Audit Trail Verification for SEC Examination Sweeps
During a routine SEC Division of Examinations sweep, examiners request complete historical logs of when client risk scores were modified and by whom. We benchmark the immutable audit trail capabilities of Tier-1 financial CRMs.