Running a wealth management firm today means balancing growth with compliance. As M&A activity continues and advisor transitions accelerate, your digital onboarding systems must maintain compliance with FINRA Books and Records Retention Requirements and federal securities laws while enabling efficient practice scaling.
Core Regulatory Requirements
Broker-dealers are subject to FINRA Rule 4511, which governs books and records requirements throughout every aspect of their practice. While many firms still prepare documents manually, leading to extended transition periods, automated compliance features can ensure comprehensive books and records maintenance in accordance with FINRA rules, the Securities Exchange Act, and applicable Exchange Act rules. Digital transformation offers significant operational improvements, but detailed documentation remains critical – from client information to securities transactions records and business communications archives.
For RIAs, the SEC’s framework is established through Exchange Act Rules 17a-3 and 17a-4. These regulations define what records need to be created, retention periods, and acceptable storage formats.
FINRA Record Retention Rules
Your approach to FINRA and any regulatory record retention rules must consider both technology and operations. OnBord’s electronic recordkeeping system secures data while providing quick access for your team’s daily work. The platform’s automated compliance features ensure data integrity while enabling efficient retrieval for both operations and examinations.
Digital Onboarding Integration
Successfully integrating digital onboarding means balancing compliance with operational efficiency. OnBord integrates directly with major CRMs and clearing firms, connecting document collection, verification, and compliance monitoring while maintaining securities exchange act requirements alignment. Your registered representatives bridge these digital systems with regulatory requirements – supported by OnBord’s mobile-friendly platform and comprehensive training resources.
Security and Data Protection
Advanced security isn’t optional – it’s essential for both compliance and business protection. OnBord’s security framework incorporates sophisticated encryption for data storage, precise access controls, and detailed audit logging. Client data never touches OnBord’s database, transmitting directly to your systems through secure APIs.
How Does OnBord Help You Adhere to Regulatory Requirements?
As you guide your wealth management firm forward, meeting FINRA & SEC Books and Records Retention Requirements through digital onboarding requires balancing regulatory demands with operational needs. Your success depends on accurate books and records, proven electronic recordkeeping systems, well-trained registered representatives, and strict adherence to federal securities laws.
OnBord transforms this complex process into four simple steps:
- Quick advisor input of basic client information
- Automated client communication through SMS and email
- Secure, compliant information collection and processing
- Systematic follow-up to ensure completion
Ready to see how leading firms are transforming their onboarding process?