Accurate, up-to-date books and records allow advisors to demonstrate that they are fulfilling their fiduciary duty while also potentially saving time and resources for the firm. For example, implementing an organized recordkeeping system that tracks location, retention period, storage method, and responsible party can help firms retrieve records efficiently. Examiners often draw an important first impression from an advisor’s ability to respond quickly to records requests.
Determining which books and records should be kept and how can be a daunting task. This white paper explores the various recordkeeping requirements and offers best practices to consider for general operations and storage, including storage of electronic records.