Examinations, best execution, the basis for a recommendation, rollover documentation, and what ‘risk score’ actually means.
Compliance
A firm can obtain excellent execution and still fail the obligation.
Compliance
Using the methodology and claiming compliance are different things.
Risk
Tolerance, capacity and requirement collapsed into one score — and where that misleads.
Compliance
Every proposal documents what was recommended. Almost none document why.
Risk
A large share of advisors became discretionary managers without deciding to. The workload is the visible part.
Compliance
Mostly whether you can demonstrate what you did, not whether you did wrong.