The Silver Lining Behind Increased Regulation

Restrictions regarding how insurance policies or investment account information is reported are increasing. Clients often have multiple asset types under management – 401(k), IRA, insurance, joint accounts, business and trust accounts (revocable and irrevocable). While it may seem natural for all family connected assets to be combined into a single report, consider business-owned life insurance or an irrevocable trust. Family members may be the insured but not the legal owner. I recommend developing a form to identify the individual, policy/account number and an owner’s authorization to allow combined reporting.

3. Distribution of meeting minutes

I’ve always been a believer in taking good notes at meetings. They serve as a great resource to document conversations and generate action steps. Thanks to my participation in non-profit boards, I appreciate the distribution of minutes, their correction and approval. This makes sense in the world of non-profit management; why not build it into your practice? Prepare minutes for client meetings and distribute them to those in attendance with a follow up asking for corrections and confirmation. The procedure will be well received by clients, joint colleagues and other professional advisors.

As compliance requires increased disclosure, documentation and record retention, establishing procedures that improve communication with clients can be viewed as positive. In the long run, making these standards regular habits truly simplifies our process and assures a winning proposition for your clients, practice and those in compliance supervisory positions. Here’s to an all-around win for your clients, practice and compliance personnel.