When the Chief Compliance Officer (CCO) at a leading North American wealth management firm learned about the Regulation Best Interest, he was immediately concerned about the firm’s ability to meet the deadline. Failing to meet the deadline would increase their risk of violations, fines, and costly remediation events.
The Form CRS would need to be added to all their customer communications, across all channels. After some investigation, the CCO concluded the system and process they used to manage customer communications was simply not up to the task.
In the client’s words, the process they used to manage customer communications was a homegrown “sausage factory” that had been cobbled together over years of use. It was fragmented and complex.
The wealth management firm needed to modernize their approach to customer communications management in order to add the new disclosure content by the Regulatory Best Interest deadline. Speed and accuracy would be the keys to success.
They turned to Messagepoint’s Customer Communications Management (CCM) solution to modernize their management of regulatory disclosures and address their challenges head-on.
Cleaning up and optimizing customer correspondence inventories is on the to-do list of many organizations in regulated industries…Read the Article