Quest CE Launches Compliance Training for Investment Advisers



Released on: October 26, 2010, 12:30 pm
Author: Alex Krenke
Industry: Financial

Quest Continuing Education Solutions (Quest CE) is proud to announce a new product line-up to meet Investment Adviser’s Compliance Training Needs. Since 1986 Quest CE has built a reputation of being the premier provider of Compliance Education Training to the financial services industry including insurance professionals and FINRA regulated Broker/Dealers. Quest is now able to address the regulations and requirements that face the Investment Adviser world.

Quest CE’s comprehensive Investment Adviser Training Program allows advisers to complete essential training through a cost-effective one-stop easy to use program. The Investment Adviser Compliance Training program enhances advisers’ ability to provide investment advice to clients, protecting the client, adviser and firm.

Courses include:

• Anti-Fraud Programs and Controls
• Anti-Money Laundering and the Red Flags Rule
• Investment Adviser Client Suitability
• Information Security Protecting You, Your Clients and Your Firm
• Investment Adviser Code of Ethics

Complete Investment Adviser Compliance Training Packages start at $25.00 with individual courses starting at $10.00.

Our courses are delivered through interesting and interactive self-paced online presentations. All of our courses use images and manageable page lengths to enhance the learning experience and make compliance enjoyable.

Compliance Tracking
Quest also offers a complete suite of compliance tracking tools including:

• Outside Business Activities
• Gifts and Entertainment
• Political Contributions

Professional Designation & Insurance Training
Quest CE is a Nationally Approved Provider of Insurance Continuing Education (Insurance CE). Each year we deliver over 150,000 insurance CE courses. Complete state CE packages start at $29.95 with individual courses starting at $12.95.

We offer courses approved for Life/Health/Variable Annuities, Professional Designations including CFP, CIMA, CLU/ChFC, CLE as well as state specific Annuity, and Ethics courses.

Investment Adviser Requirements include:

Anti-Money Laundering Rule and Requirements
The USA Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities.

As a result of the Patriot Act, persons who are or are required to be registered as futures commission merchants (FCMs), introducing brokers (IBs), commodity pool operators (CPOs), and commodity trading advisors (CTAs) are subject to requirements for establishing AML programs, reporting suspicious activity, verifying the identity of customers, and applying enhanced due diligence to certain types of accounts involving foreign persons.

Organizations that as a part of their normal business activity that do one or any of the following are required to comply with developing an ongoing AML program:

• Report Suspicious Activity
• Verifying the Identity of Customers
• Due Diligence Measures for Certain Accounts Involving Foreign Persons
• Transactions in Excess of $10,000 in Currency
• Foreign Bank and Financial Accounts
• International Transportation of Currency or Monetary Instruments
• Information Sharing among Financial Institutions and Law Enforcement

Establishing AML Programs
The Patriot Act requires that all financial institutions establish AML Programs.

An AML Program must be in writing and must include:

• the development of internal policies, procedures, and controls;
• the designation of a compliance officer;
• an ongoing employee training program; and
• an independent audit function to test programs

Who Must Comply?
Covered financial institutions include banks, securities brokers, futures commission merchants and introducing brokers, investment advisers, money services businesses and operators of credit card systems.

Anti-Fraud Provisions
Section 206 of the Advisers Act of 1940 prohibits misstatements or misleading omissions of material facts and other fraudulent acts and practices in connection with the conduct of an investment advisory business. As a fiduciary, an investment adviser owes its clients undivided loyalty, and may not engage in activity that conflicts with a client's interest without the client's consent.

Section 204A, which requires advisers to establish, maintain, and enforce written procedures reasonably designed to prevent the misuse of material nonpublic information. As a part of this requirement, firms are responsible for anti-fraud education and training;

Section 206(3), which makes it unlawful for any investment adviser acting as principal for its own account to knowingly sell any security to, or purchase any security from, a client, without disclosing to the client in writing before the completion of the transaction the capacity in which the adviser is acting and obtaining the client's consent.

Insider Trading Procedures and Duty of Supervision
Section 204A of the Advisers Act requires investment advisers (whether SEC-registered or not) to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by the investment adviser or any of its associated persons. Investment advisers also have a duty to supervise persons associated with the investment adviser with respect to activities performed on the adviser's behalf.

Suitability Requirements
As fiduciaries, investment advisers owe their clients a duty to provide only suitable investment advice. This duty generally requires an investment adviser to determine that the investment advice it gives to a client is suitable for the client, taking into consideration the client's financial situation, investment experience, and investment objectives.

About Quest
With a client retention rate of 95.17% and a growth rate of over 400% since January 1, 2005, more and more people are discovering why Quest CE is the Next Generation of Compliance Training Solutions. Quest CE serves more than 160 leading insurance carriers, broker/dealers, banks, and other financial institutions. Quest is a privately held company which allows them to quickly meet the ever-changing needs of their clients. Quest’s commitment is to provide advanced custom solutions at cost effective rates while providing a level of service that greatly surpasses that of our competitors. Quest provides a single source solution for organizations’ training and compliance needs, saving you both time and money.

Quest will be exhibiting at the 2010 NSCP National Conference in Baltimore on November 1-3 at the Hilton Hotel. If you would like more information on their Investment Adviser Training Solution stop by their booth and speak to one of their Sales Associates.

Contact Details: 10850 W Park Place
Suite 1000
Milwaukee, WI 53224



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