for small firms
Helping firms just like yours
AdvisorVault’s Consolidate D3P solution was created to give small FINRA firms a total, yet inexpensive option to achieve SEC rule 17a-4. Firms, especially broker-dealers and registered investment advisors often find themselves forced to use several providers to achieve all the demands of 17a-4; they have to outsource the backup of books and records, the archiving of email and the recovery of critical systems to several third parties. This was complex during audits not to mention expensive. AdvisorVault has changed this.
What is a D3P?
For small FINRA firms with limited time and budgets, finding the best partner to assist them with their D3P needs can be a daunting task. They need to choose a provider that can help them achieve these requirements effectively – choosing the wrong D3P can cause unnecessary burden and quickly increase the overall cost of data compliance.
BENEFITS of the D3P
The majority of fines handed out these days by FINRA are failure to properly supervise communications. The main reason is firms want to take advantage of new technology; they want to use mobile devices, social medial and cloud based messaging to communicate with partners and customers. Because of this they often lose control of the whole process. Now, a new approach is needed to make sure all these new ways of communicating are kept compliant
The Designated Third Party puts extra responsibility on firms and it is designed to ensure an amount of long-term stability is built into their data compliance strategy. By choosing the right D3P, not only do firms have greater confidence during SEC audits, they will also have more chance of gaining long-term customer confidence regarding electronic records retrieval and supervision.
ANSWERING THE BIG QUESTIONS ABOUT THE DESIGNATED THIRD PARTY (D3P)
It is critical that the firm establish a relationship with a third party that has the ability to provide the SEC (or other securities regulators) with independent access to their retained electronic records and information.