RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
“People today don’t want to be sold XYZ product. They want a customized, personalized financial plan for life,” says Mitch Anthony, founder of the Financial Life Planning Institute.