Here we are at mid-April. The annual disclosure update has been submitted, quarter-end reports and billing are done, taxes have been prepared, reviewed and filed. Nothing to do, right? Well, some of us are likely going on vacation next week, like my accountant likes to do. That is something to do, though not actually work. But if you have cleared the decks of all these tasks that seem to hit at one time, there are a few things that likely would benefit from some attention.
There are things that should be done regularly in your firm which make things easier, particularly when it comes time for an audit or some other unexpected event. A review of trading, including best execution, trade errors, personal trading by advisers in the firm and more will pay dividends in ensuring that operations are running smoothly and compliance is satisfied. Changes in client situations which may affect billing and fees should be addressed as well.
And, speaking of unexpected events, how about a disaster recovery test which could run the gamut from a major weather event to loss of an advisor to death, disability or other cause or perhaps a loss of services due to an EMP attack or other means? A documented test not only will please your compliance folks and the regulators but will give you confidence that your firm is in a position to keep up and running even when a negative event takes place.
Finally, and not least in importance, a review and update of your online or web presence is a great idea now that the dust of all the March and April deadlines has settled. Ensuring that content is both fresh and accurate is a great benefit for your firm. Keeping clients engaged, prospects interested and business partners linked is critical to long term success.
Though the beach sounds nice, you will enjoy your vacation more if some of these tasks are done.