I talk to a lot of advisers connected to a range of AFSLs……and I mean a lot of advisers. I’m often horrified at some of the “directives” these dealerships seem to think are acceptable! By directives I mean “we now want all advisers to do xyz….” Most of the time I wonder whether these directives are actually thought bubbles that somehow end up seeing the light of day, without anyone stopping to ask, “why are we doing this?”

You may think I’m joking….but here are some examples of this insanity.

A financial adviser and social media friend told her dealership that she had set up a business twitter account as a way of communicating with “her market”. Some bright spark, control freak or whatever you want to call them, clearly knowing nothing about social media or twitter, decided that the best way for her to make sure she was compliant was for her to send them the wording she was going to tweet so they could “approve” each tweet before being sent out! When asked how many minutes this approval would take, she told it would take several days to be approved!!! Now to be fair, this was few years ago but someone still thought that this was a necessary/“helpful” process.

Another example I heard a few weeks ago was a dealership who decided that all personal information being sent via email now needed to be “encrypted”. Now in theory this is best practice, but when an adviser asked them how they recommended the advisers encrypt the data, the response was “just use something like “win zip”. What? Say that again? “Just use winzip”? I was really hoping that he had heard wrong! What this highlights is the lack of understanding of some of the other dealerships out there who don’t know and don’t research what innovative technologies are available and there are more being released all the time.
As I said, I theoretically don’t have an issue with encrypting personal client information…In fact, we are currently testing one of the newest applications on the market and I can guarantee that “winzip” isn’t it! It is a very cool email encryption service that is integrated into either outlook or google apps and seamlessly sends, tracks receipt and reports on encrypted emails.

The technology is there, you just need someone to take the reigns and see what new solution or technology works for you so that these directives don’t continue to be so frustrating for advice firms.

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Great decision.

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