The end of 2021 marks more significant changes in the financial services industry with the implementation of the bulk of the client-focused reforms .
These new rules will introduce enhanced know-your-product , know-your-client, and suitability requirements to which dealer firms and advisors must adhere. Yet, these reforms are not the only changes that advisors and their firms are focusing on. From demographic changes to the rise of responsible investing and the hot housing market, these themes, and various others, made an impact in 2021 and will continue to do so in the year ahead.Why the investment industry should prepare for more rigorous regulations
Investment industry firms and advisors need to be working proactively on updating their client relationship policies and procedures in order to stay on top of anticipated future changes beyond the new CFRs set to take effect later this year. However, the CFRs don’t include several other proposals that have been discussed in recent years, such as a more rigorous KYP and investment suitability processes and restrictions on referral arrangements, which many industry players believe are coming.
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