Record Collecting Versus Record Retention

Anyone looking into a financial advisor’s office or file server will notice it right away: hundreds, even thousands of files and records that detail every financial decision, action and communication the advisor has ever made. Do financial advisors need to hang onto every single document? Sort of. The SEC has mandated that financial advisors must keep certain records under the Investment Advisor Act of 1940 (Advisors Act) and Rule 204-2. … [Read more...]

Document Management vs. Records Management: What’s the Difference?

Separately, document management and records management seem straightforward enough, but what happens when you put them side-by-side? While these terms have some overlapping characteristics, there are crucial distinctions that make each practice essential for your organization’s success. Below are definitions of each term, followed by the three key characteristics that distinguish these practices from one another. What is document … [Read more...]