The service team at Regal Holdings has decided to use this month’s Operations Newsletter as an update for all of the important upcoming dates this fall!
Regal Holdings is always looking to improve the technologies and processes in order to provide the highest service to our advisors. This fall will bring many exciting changes to our technologies as well as some important dates regarding licensing and client documents. The dates and announcements will be continually added as Field Updates on www.RegalRIA.net and www.RegulusAdvisors.com, as well as regular informative emails sent to Advisors and Assistants.
Upcoming Important Dates
October 1st: CIAA Fee Schedules dated October 1st or later will need to be completed for all asset levels. We will also no longer accept the “greater than” (>) symbol on fee schedules starting with paperwork dated Oct 1st or later.
October 15th: Sleeve Trading & Reporting will officially be implemented allowing accounts to have multiple strategies held under one account number. Thus, simplifying the process for a more diverse portfolio.
ProPlan and ProPlan Assist will allow advisors to use Riskalyze and MoneyGuidePro®. These proposal systems and more robust planning options will allow advisors to be able to provide a complete financial plan that is integrated with a risk analysis report showing how much risk corresponds to the recommendation. Click on the link below to view the replay of the last webinar introducing ProPlan and ProPlan Assist.
November 18th: Starting November 18th work items for any client account that does not contain paperwork dated within the past 3 years will be sent back to the rep. Due to FINRA and Regulus/Regal policies, all client paperwork over 3 years old will require an update. Look for a full field announcement in October with additional details.
November 11th — December 1st: This will be the renewal period for 2020 state licensing. There will be a full field announcement in late October / early November as well as individual messages to reps asking them to confirm their registrations for 2020.
February 29th 2020: Deadline by which all client paperwork in COMET must be up to date. This includes all clients on the RIA and BD side. Up to date is defined as having a new account form dated within 3 years or a documented letter to the client asking for updated information uploaded to COMET.
In order to effectively prepare for the implementation of eSignature, it is important that Advisors and Assistants become resourceful in utilizing the Starting Point tool in COMET. Over the next weeks, the Regal Holdings team will be providing additional training resources to our affiliates to make this enhancement as accommodating, useful, and seamless as possible.
Training for the preparation of eSignature will include:
- Weekly email campaigns
- Training webinars
- Personal training correspondences
- Updated training material to the Regal/Regulus websites
We have found that many of the work items that have missing or distorted forms often have other issues that require additional attention that might have been missed before the work item was submitted. To correct this, in the coming weeks Regal Holdings will be adjusting the format and process in which work items are corrected upon submission to COMET. Work items with the following insufficiencies will be sent back to the advisor as an ‘Incomplete Work Item’ rather than a NIGO:
- Missing document(s)
- Document(s) image quality is not in accordance with Regal Holdings standards
These work items may not always require client interaction as the work item is considered ‘incomplete’ rather than incorrect documents. These corrections should always include the advisor reviewing the documents as the message to the advisor will read as;
“Please be aware this is an insufficient work item submission. As your work item was not sufficiently complete to make it into principal review, additional corrections as listed below are required. Before resubmitting please review the work item for completion and quality, including making sure all documents are included in the work item.”
The goal of this adjustment is to ensure all documents are correctly uploaded to the work item before it gets to Processing, with the ultimate goal of reducing a work item being NIGO multiple times.
Upcoming Technology Training
Each month Regal hosts a technology webinar that covers basic navigation and use of Tamarac, COMET, custodial websites and Xtiva. We encourage all new advisors and/or assistants to attend, as well as those that need a quick refresher.
The next webinar is Wednesday, October 9th 2019, at 1:30 PM – 3:30PM EDT.
If you have any questions, please contact the client services team at 800-357-4757 or firstname.lastname@example.org.