Q&A Discussion: InvestorCOM Webinar - SEC and FINRA's Focus on Reg BI's Care Obligation

Recently we hosted a webinar discussing SEC and FINRA's Focus on Reg BI's Care Obligation. The webinar generated significant interest from participants, and we were unable to answer everyone's questions during the event.
Our webinar panelists, David Porteous from Faegre Drinker and Ed Wegener from Oyster Consulting, joined InvestorCOM to discuss documentation and why it's important when considering reasonably available alternatives.
Questions that were discussed:
1. Is it your view that while there's no prescriptive written requirement for documentation, a firm will receive a deficiency if that firm doesn't have a documentation requirement and process for its registered reps?
2. Comparing costs and reasonably available alternatives can be generally applicable to account types and product recommendations. Would the assessment bleed beyond or outside of the firm offers?
3. Can you explain the concept or purpose behind the assessment of costs and reasonably available alternatives - if there are 10-similar investment products available, what will the assessment accomplish?
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The link to the webinar replay is available on UA-cam.
Watch now - • On-Demand Webinar: 20...
Details for this webinar:
FINRA’s 2023 risk monitoring report, the SEC’s Risk Alert on Reg BI and 2023 Exam Priorities are three recent regulatory reports that call out deficiencies and a continued focus on Reg BI’s Care Obligation.
With regulators calling for more to be done, we invite you to watch this on-demand webinar to hear industry experts from Faegre Drinker, Scopus Financial Group and Oyster Consulting discuss:
Insights and observations that firms can use in strengthening their compliance programs.
How to leverage technology to consider reasonably available alternatives (RAA) when making recommendations.
Monitoring best interest rollover and account recommendations.
How to prepare for the retrospective review requirements.
How to establish a product review process to identify and categorize risk and complexity levels for existing and new products.