Quest CE Launches Compliance Training for Investment Advisers
Released on: October 26, 2010, 12:30 pm
Author: Alex Krenke
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.
• 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.
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.
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.
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.
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
Contact Details: 10850 W Park Place
Milwaukee, WI 53224
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