Junxure’s Friedman: Use Tech to Ensure Smooth Exams

Friedman noted that “it’s usually an older person with a new, younger person. The former wants to see how the latter will perform, but often the latter doesn’t really know what it is they’re asking for.”

The speed, ease and accuracy with which the requested information can be retrieved will go a long way in determining the outcome of the exam. Friedman noted that a client of Junxure was told by an examiner that if the client could produce one last bit of information as the examiner was sitting there, the examiner would guarantee that the client would not be examined for at least another five years.

“The client proudly told me they were able to produce it, and it demonstrated that culture of compliance to the examiner,” he noted.

Freidman then provided examples of the types of questions he was asked during his own examinations.

• “Explain how you determined that the recommended allocations and investments were appropriate for this client.” Friedman noted that the breadth of data gathered from the client as well as the notes stored in the CMS were instrumental in satisfying the examiners.
• “There was a trade back on this particular date that was not on your trade blotter. Can you explain this?” Once again, Friedman said service notes in the CRM “saved the day.”
• “We would like to see the following client lists: New clients during the examination period, lost clients during the examination period, clients by state, discretionary clients, and a list of the advisors in the firm.” Friedman noted he could retireve the information almost immediately.

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