The financial services industry is rapidly changing. Each week our consultants share their thoughts on regulatory news and industry hot topics. Our insights are gained through our experiences as successful industry practitioners and from working with hundreds of clients. Whether you are an executive trying to stay ahead of the curve or are new to the industry and want to learn more, this is the podcast for you.
Podcast Episodes
September 16, 2021 – In previous episodes of our podcast series Cryptocurrencies and Digital Assets: The Wheels are Turning – Are You Up-to-Date? we’ve talked about cryptocurrencies and Stable coins, which of course are built on blockchain or distributed ledger technology. In this episode, Oyster’s Jeff Gearhart, Ed Wegener and Buddy Doyle discuss the nuances for determining if a digital token, whether it is a tokenized security or a security thttps://www.buzzsprout.com/369914/9199486oken, is in fact a security.
September 7, 2021 – We’ve talked about cryptocurrencies and Stable coins, which of course are built on blockchain or distributed ledger technology. That technology means changes are coming on the back end of the industry, including the potential removal of transaction intermediaries.
In this episode, Oyster’s Jeff Gearhart and Buddy Doyle continue their conversation, this time around what the removal of transaction intermediaries means, who it impacts and what we are already seeing in the industry.
August 24, 2021 – Are cryptocurrencies and Stablecoins a currency or a security? Are they the digital gold some people say they are, or will they go the way of VHS and Betamax? Join Oyster Consulting’s Jeff Gearhart and Buddy Doyle as they continue their conversation in our series “Cryptocurrencies and Digital Assets: The Wheels Are Turning – Are You Up To Date?”
July 29, 2021 – Welcome to our new series, Cryptocurrencies and Digital Assets: The Wheels are Turning – Are You Up-to-Date? where we will discuss regulations, the impacts on our markets and the securities industry, why cryptocurrencies are relevant and where they are going, as well as the implications of digital assets in the retail, securities and institutional space.
Hosted by Jeff Gearhart, today’s episode features Ed Wegener, a former FINRA regulator, discussing what is happening
on the regulatory front and how it is impacting the markets.
July 21, 2021 – Paraplanners can make a financial planner’s work life easier and more productive. Join Bill Davis and Matt Thomson, Head of Training at MoneyGuide Pro, as they discuss the challenges financial planners and Advisors face in today’s market, and how having Paraplanners can help resolve some of these issues.
May 11, 2021 – Digital technology use has accelerated in the last 12 months in many areas, from education to exercise to the financial services industry. So what is digital transformation, and what does it mean for the financial services industry? Who will benefit and how? Join our panelists Dave Altschul, Jeff Wilk, Jim Roth and Pete McAteer as they discuss these topics and more.
May 4, 2021 – Regulatory settlement terms could require that the firm obtain the services of an independent third party to review and make recommendations for the firm to adopt and implement. While sometimes viewed with as an extension of the regulator, third party reviews may to your advantage during the settlement and pre-settlement process. Listen to this episode as Oyster Consulting’s Patrick M. Dennis and Evan Rosser discuss the upside of third party review requirements.
April 22, 2021 – Don’t be a findings in next year’s FINRA Exam Priorities report.
Join our FINOP and Finance experts Rob Hall, Clark Tucker and Jeff Harpel as they discuss the repeated and new findings and recommendations in FINRA’s 2021 Examination and Risk Monitoring Program.
April 20. 2021 – Cyber criminals have been active and the costs of compliance or, worse, a security breach, continue to rise. Join our experts Tim Buckler, Ed Wegener and Buddy Doyle as they discuss ways your firm can mitigate cyber threats arising from your vendors and when you are changing technology platforms.
April 14, 2021 – Cyber criminals have been active and the costs of compliance or, worse, a security breach, continue to rise. Join our experts Tim Buckler, Ed Wegener and Buddy Doyle as they discuss ways your firm can mitigate internal and external cyber threats.
March 26, 2021 – Introducing brokers must look down the road when considering economics and profitability, whether it is looking at a neglected clearing firm contract, or considering consolidation, succession and other alternatives to fulfill future needs. Join our panelists David Williams, Jay Donlin, Dave Osborne and Jim Roth as they talk about what they are seeing in these areas, how firms are handling the current environment and how they are looking toward the future.
March 25, 2021 – Competition, regulations, technology and reduced margins may be reducing your broker-dealer’s bottom line. How do you continue to thrive in this environment? The answer may be right in front of you – your clearing firm. Join our panelists David Williams, Jay Donlin, Dave Osborne and Jim Roth as they talk about how maximizing your clearing firm’s capabilities can help your bottom line.
March 17, 2021 – Join Oyster CEO Buddy Doyle and consultants Ed Wegener, Evan Rosser (former FINRA regulators) and Jeffrey Hiller (former SEC regulator) as they discuss the importance of viewing the FINRA’s 2021 Exam Priorities and your compliance program through a risk-based lens.
March 10, 2021 – This year, FINRA’s higher expectations of Reg BI compliance are worth checking into, so you have a successful compliance program and exam. Join Oyster CEO Buddy Doyle and consultants Ed Wegener, Evan Rosser (former FINRA regulators) and Jeffrey Hiller (former SEC regulator) as they discuss how making the most of the new 2021 Exam Priorities information on Reg BI can ensure your compliance program will meet regulator expectations.
March 9, 2021 – For years FINRA has shared its priorities for the coming year, and 2021 was no exception. However, this year’s new format and FINRA’s higher expectations are worth checking into so you can have a successful exam. Join Oyster CEO Buddy Doyle and consultants Ed Wegener, Evan Rosser (former FINRA regulators) and Jeffrey Hiller (former SEC regulator) as they discuss how the new format can help you ensure your compliance program will meet regulator expectations. This podcast is the first of many we will be producing to help you utilize and understand this year’s priorities.
January 14, 2021 – Join Oyster Consulting’s Buddy Doyle, Jeffrey Hiller, Evan Rosser and Ed Wegener as they provide insight on the current regulatory expectations and requirements around remote inspections, as well as things you should consider when preparing for an exam. Oyster’s consultants have been conducting remote testing for clients for years. Jeffrey, Evan and Ed are all former regulators, and have been on both sides of the issue when it comes to remote inspections.
November, 2020 – Join Oyster Consulting’s former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener in our new podcast mini-series, Regulators- Behind the Scenes. In this episode, they share their experiences and perspectives as former SEC, FINRA and State regulators on the best ways to manage and even improve your relationship with regulators.
November, 2020 – Join Oyster Consulting’s former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener in our new podcast mini-series, Regulators- Behind the Scenes. In each episode, they share their experiences and perspectives as former SEC, FINRA and State regulators on document production and the value of cooperation with regulators, cultivating a culture of compliance and “tone at the top.”
November, 2020 – Join Oyster Consulting’s former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener in our new podcast mini-series, Regulators – Behind the Scenes. In this episode, they share their experiences and perspectives as former SEC, FINRA and State regulators on what happens with when regulators find a violation and how they deal with it.
November, 2020 – Join Oyster Consulting’s former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener in our new podcast mini-series, Regulators– Behind the Scenes. In this episode, they share their experiences and perspectives as former SEC, FINRA and State regulators on Document Production and the importance of good communication with examiners.
November, 2020 – Join Oyster Consulting’s former regulators Patrick M. Dennis, Jeffrey Hiller, Bill Reilly, Evan Rosser and Ed Wegener in our new podcast mini-series, Regulators- Behind the Scenes. In each episode, they share their experiences and perspectives as former regulators with the SEC, FINRA and the State of Florida, as well as experiences working as CCOs and consulting for clients on regulatory exams and issues. Some things you just won’t learn from a textbook, such as managing your relationship with regulators, handling violations and document production during an exam, and escalation during an exam, to name a few.
November 4, 2020 – On October 26, 2020 the SEC hosted a Reg BI/Form CRS roundtable. Oyster CEO Buddy Doyle and Consultant Evan Rosser took this opportunity to add their input about where regulators are when enforcing Reg BI, and what we are hearing from our clients. Reg BI is an ongoing compliance requirement, and now is the time for firms to take a look at the feedback from the regulator s, their customers and their sales force. Listen to learn what regulators are looking at, what other firms are doing and what your firm should be doing to comply with Reg BI.
CCO – Behind the Scenes – Part 5
October 14, 2020 – In this episode of CCO – Behind the Scenes, Jeffrey Hiller discusses what makes a good CCO, the importance of being a “straight shooter,” and giving bad news. Listen as Jeffrey shares his real experiences and lessons learned during his vast experience as both a CCO for several global investment firms and Senior Counsel for the SEC’s Division of Enforcement. Being CCO is more than just checking boxes.
October 12, 2020 – Oyster Consulting often works with clients after they’ve been examined by the regulators, and the Market Access Rule (Rule 15c3-5) is no different. It’s in your firm’s best interest to take a proactive look at your Market Access program and get it in good order, before the regulators do. In Part 2 of 2 podcasts covering the Market Access Rule, Oyster Consultants Joe Sisti and Evan Rosser discuss some of the finer points of a solid Market Access program, including post-trade surveillance, annual certifications and periodic testing.
October 7, 2020 – In this episode of CCO – Behind the Scenes, Jeffrey Hiller talks about what “Tone at the Top” means, and why it’s important to embed the Compliance Department within the firm. Listen as, during these short discussions, Jeffrey shares his real experiences and lessons learned during his vast experience as both a CCO for several global investment firms and Senior Counsel for the SEC’s Division of Enforcement. Being CCO is more than just checking boxes.
October 1, 2020 – The Market Access Rule (Rule 15c3-5) remains on FINRA’s priority list – they provided guidance on the rule and initiated enforcement actions against firms struggling to adhere to it. Oyster Consulting often works with clients after they’ve been called to the carpet by the regulators. It’s in your firm’s best interest to take a proactive look at your Market Access program and get it in good order, before the regulators do. In the first of 2 podcasts covering the Market Access Rule (Rule 15c3-5), Oyster Consultants Joe Sisti and Evan Rosser discuss who’s affected, regulatory focus and what firms should be doing to comply.
October 7, 2020 – Being CCO is more than just checking boxes. Listen and learn in these short discussions as Oyster’s Jeffrey Hiller shares his real experiences and lessons learned in his podcast mini-series, CCO – Behind the Scenes. In this week’s episode Jeffrey discusses personal compliance violations and what you should do. Some things you just won’t get from a textbook. Prior to working at Oyster Consulting, Jeffrey served as both a CCO for several global investment firms and Senior Counsel for the SEC’s Division of Enforcement.
September 30, 2020 – Being CCO is more than just checking boxes. There are office politics to navigate, nuances to dealing with regulators and board members, and of course, ethical issues. Listen and learn in these short discussions as Jeffrey shares his real experiences and lessons learned from his decades in the industry. Some things you just won’t get from a textbook, such as repeat violations and how and when to escalate issues successfully.
September 23, 2020 – In Episode 2 of CCO – Behind the Scenes, Jeffrey Hiller shares is lessons learned from decades in the industry as CCO for multiple global investment firms and as Senior Counsel for the SEC’s Division of Enforcement. This week’s topics include repeat violations and when and how to escalate issues successfully.
September 16, 2020 – Listen to Oyster Consulting’s Jeffrey Hiller in his
new podcast mini-series, CCO – Behind the Scenes (Episode 1). Jeffrey shares his vast experience as both a CCO for several global investment firms and Senior Counsel for the SEC’s Division of Enforcement. He literally helped write the book on modern regulatory compliance. Being CCO is more than just checking boxes. There are office politics to navigate, nuances to dealing with regulators and board members, and of course, ethical issues. Listen and learn in these short discussions as Jeffrey shares his real experiences and lessons learned from his decades in the industry. Some things you just won’t get from a textbook, such as cultivating the “tone at the top,” document production during an exam, escalation, dealing successfully with Boards, and repeat violations, to name a few.
August 19, 2020 – Oyster industry leaders Buddy Doyle, Bill Davis, Jeffrey Hiller, Jim Roth and Ed Wegener discuss what firm executives and decision makers should be focusing on in today’s volatile and changing business environment. Topics include: improving your bottom line, updating and improving your planning services to meet client needs, risk levels and employment challenges, managing your cybersecurity and third party vendors in a pandemic world, vendor support , controls, testing and disclosures.
August 5, 2020 – Virtual teaching concept. Female young hispanic school math teacher, college tutor coach looking at webcam and talking in classroom giving remote class online lesson by zoom conference call on laptop.
July 29, 2020 – For financial services firms regulatory exams have instilled a range emotions from annoyance to anxiety to outright fear. Much of this could be mitigated with a better understanding of the exam process, the necessity for robust risk assessments, and by nurturing the firm’s relationship with it’s regulatory contact. Oyster Managing Director Ed Wegener, formerly a SVP and Midwest Regional Director of FINRA discusses risk assessments and how FINRA is using those assessments to help determine the scope, depth, breadth and frequency of their examinations of broker-dealers.
June 16, 2020 – As advisors build out their financial planning business, they gather a lot of data, and over the years the strategy of the firm can change. That may mean it’s a good time to change from a software application that’s more cash flow to one that’s more goal-oriented, or vice versa. As a follow-up to last week’s high-level overview of the software selection process, Bill Davis offers the best approaches for advisors to take when selecting and implementing retirement plan software.
June 11, 2020 – Firms are always looking for ways to improve their bottom line, and updating or upgrading their software is one of them. But where to begin? How do you know if it will work for your firm? What will the implementation look like? What about hidden costs? In this week’s episode Managing Director Polly Cordle, offers some tips and tricks on what to look for when you are considering new software.
May 28, 2020 – Oyster Associate Director MJ Phillips discusses a variety of operational issues that can be uncovered during a merger, acquisition or transformation, and how outsourcing an operations specialist to preform an operational assessment can help resolve the issues to make firms more efficient and enhance their client service.
May 20, 2020 – Oyster CEO Buddy Doyle, General Counsel Patrick M. Dennis and Managing Directors Polly Cordle and Jeffrey Hiller discuss remote supervision, and what that means in the current pandemic workplace, as well as some general best practices firms should consider. Topics include email review, trade surveillance, central supervision processes, training and roll-out, and remote supervision tactics.
May 13, 2020 – When markets are volatile, history has shown us that there is often an increase in securities litigation, In this episode, Oyster’s General Counsel Patrick M. Dennis and Director Evan Rosser talk about past litigation trends in volatile markets and what they see coming as the pandemic continues to wreak havoc on the national economy and individual investments.
May 6, 2020 – As firms begin to adjust to the “new normal,” which for many means staff and clients working remotely for an indefinite amount of time, it’s important to not lose sight of all the moving parts. Compliance is one of those, and now is a good time to look at your program and test it against how your firm is functioning in this new environment. Do your policies and procedures match up with how you are doing things now? Oyster CEO Buddy Doyle, Managing Director Polly Cordle and Relationship Managers Molly Bryson and Gena Spitzer address several things firms should be reviewing, including email surveillance, marketing and advertising, policies and procedures, your compliance calendar and how you will test these things remotely.
April 29, 2020 – The Consolidated Audit trail (CAT) is moving forward and the SEC has released new exemptive relief dates for parts 2a (Equity reporting) and 2b (Options reporting). The SEC has also provided exemptive relief for introducing brokers. In this episode, Oyster Consultants Ralph Magee and Jeff Call discuss what firms should be doing around certifications, linkages, testing validation and the upcoming options reporting deadlines. Oyster also has a new software application to validate firms’ CAT reporting. Learn more about that in this episode, or by clicking here.
April 20, 2020 – As more and more people are turning to Investment Advisors and Financial Planners for help managing their money, advisors and planners are looking for ways to better serve their new and existing clients and continue to grow their business. Oyster Director Bill Davis explains how Oyster’s new Advisory Planning Services help Advisors and Financial Planners improve their efficiency, assess, select and implement software, and better understand their clients’ wants and needs.
April 16, 2020 – Oyster CEO Buddy Doyle and Managing Director Polly Cordle discuss best practices for conducting broker-dealer and investment advisor annual reviews. Topics include testing your compliance program, including reviewing your compliance calendar to maximize the use of your time and resources, new products, system implementations and taking into account what’s different in today’s environment. Buddy and Polly also discuss how Oyster Solutions software can make producing your annual review a much more efficient process.
April 8, 2020 – Oyster Consulting CFO Robert Hall and Consultants Jeff Harpel and Clark Tucker discuss FINRA’s Exam Priorities from a FINOP perspective, and what the impacts COVID 19 could have on FINOP procedures and Business Continuity Plans.
April 2, 2020 – Oyster Consultant Ralph Magee and Devyze CEO Jeff Call discuss what the Consolidated Audit Trail (CAT) is and its purpose, what is happening in the industry from a reporting standpoint, where we are with the CAT today and what firms should be doing.
March 25, 2020 – This week’s episode features Oyster CEO Buddy Doyle and Polly Cordle, Managing Director of Oyster Solutions Software, discussing the importance of risk assessments, especially in today’s volatile financial situation. Included are best practices for creating and maintaining risk assessments, regulatory reporting around risk, and how Oyster Solutions Software makes maintaining and reporting risk assessments easy.
March 18, 2020 – Transitioning your platform can be a vital component of making sure your firm is successful for many years to come. Managing your firm’s platform transition is a significant undertaking that will impact most areas of your business. Investing in a third party to make sure the disruptions are minimized while the planning, execution, testing and change management are being done concurrently can be a good strategy to free up firm resources.
In this podcast episode, Managing Director Pete McAteer discusses why outsourcing makes sense, and how Oyster Consulting is uniquely positioned to help.
March 12, 2020 – In light of the evolving progression of the COVID-19 virus, today’s podcast discusses what firms should be considering when it comes to their Business Continuity Plan.
Are you ready to provide the critical services to your clients if you must close your business during a quarantine? What if 20% of your employees can telecommute, but are sick? There are no boiler plate approaches to business continuity planning that will work like one designed for your business. So, spend some time soon reviewing your plan. Ask yourself if it will work or not and amend it, as necessary. And if you want to be truly ready, practice it.
March 4, 2020 – The analysis to decide if it’s best to invest in your current platform or consider a different path should not be ignored or pushed too far into the future. One of the most meaningful relationships any introducing broker-dealer has is with its clearing provider. In this week’s episode, Managing Director Pete McAteer discusses what you should do after you’ve identified any gaps in your clearing platform needs, including a discussion of the selection and implementation processes.
Are you getting the most out of your clearing partner?
Are your costs where they should be?
Are you looking to improve your service, technology and financial position?
February 27, 2020 – One of the most meaningful relationships any introducing broker-dealer has is with its clearing provider. In this week’s episode, Managing Director Pete McAteer discusses when and why you should be evaluating your clearing platform, and things to consider.
February 19, 2020 – In case you’re wondering what the regulators will be focusing on this year, they are kind enough to let you know when they publish their annual Exam Priorities Letters. This episode is Part 3 in a series discussing the SEC and FINRA 2020 Exam Priorities Letters. Oyster Consulting CEO Buddy Doyle, Director Evan Rosser and Senior Consultant Joe Turner talk about what’s new, particularly around Technology, Cybersecurity, Business Continuity Plans and Cash Management / Bank Sweeps.
February 12, 2020 – In case you’re wondering what the regulators will be focusing on this year, they are kind enough to let you know when they publish their annual Exam Priorities Letters. This episode is Part 2 in a series discussing the SEC and FINRA 2020 Exam Priorities Letters. Oyster Consulting CEO Buddy Doyle, Director Evan Rosser and Senior Consultant Joe Turner talk about Market Access and Best Execution requirements.
February 5, 2020 – In case you’re wondering what the regulators will be focusing on this year, they are kind enough to let you know when they publish their annual Exam Priorities Letters. This episode is Part 1 in a series discussing the SEC and FINRA 2020 Exam Priorities Letters. Oyster Consulting CEO Buddy Doyle, Director Evan Rosser and Senior Consultant Joe Turner talk about what’s new, particularly around Reg BI and Form CRS requirements.
January 29, 2020 – As you complete your Form ADV, completing the Regulation Best Interest (Reg BI) Form CRS should also be on your list of things to do. In this week’s episode, Oyster Senior Consultant Bob Tuch and Oyster Solutions Managing Director Polly Cordle discuss what’s required and how Oyster Solutions is helping our clients make the task of completing Form CRS easier.
January 22, 2020 – NIST published in January 2020 its Privacy Framework, “a voluntary tool developed in collaboration with stakeholders intended to help organizations identify and manage privacy risk to build innovative products and services while protecting individuals’ privacy.” In this podcast episode, Oyster Consultant Tim Buckler explains what the Privacy Framework is, why you should implement it, and what is involved.
January 14, 2020 – In this episode, Managing Director Polly Cordle and Consultant Gray Houghton share how Oyster Solutions Software can make your Annual Compliance Calendar and Review processes easier and more efficient using workflows and automated reporting.
January 8, 2020 – Deciding whether or not to outsource the Chief Compliance Officer role is an important decision. In this episode, our hosts discuss things you should consider when making this decision, including resource availability, experience, and interaction with regulators.
Enjoy our holiday take on the popular ‘Twas the Night Before Christmas poem as our fictional CCO realizes the benefits of hiring Oyster Consulting to assist with his regulatory exam.
Happy Holidays from Oyster Consulting!
If you are having trouble keeping up with your FinOP reporting, worried about making mistakes, or are a newly-licensed FinOP but need more experience, outsourcing the job, even temporarily, may be the answer. This week Oyster Founder and CFO Rob Hall and FinOP Consultants Jeff Harpel and Clark Tucker talk about what an outsourced FinOP can do for your firm and common mistakes FinOPs make.
Oyster Consulting General Counsel Patrick M. Dennis and Independent Consultant Andy Favret discuss what makes an effective Expert Witness, as well as the typical industry cases they have participated in as an expert witness.
In this episode, Part 2 of 2, Oyster Associate Director Bill Reilly and Senior Consultant Michelle Craft discuss relevant SEC enforcement actions around Advertising, and the impact Reg BI will have on Advertising policies and procedures, especially the use of titles.
The SEC Advertising Rule hasn’t been amended since 1961 – a time before widespread use of desktop computers, cell phones, social media or even websites. In this episode, Part 1 of 2, Oyster Associate Director Bill Reilly and Senior Consultant Michelle Craft discuss the proposed changes in detail and what firms should be thinking about when assessing their advertising materials.
In this episode, Oyster CEO Buddy Doyle, General Counsel Patrick M. Dennis and Managing Director Polly Cordle discuss the Reg BI Compliance Obligation and the core things firms should focus on to fulfill that obligation, including:
Products
Advertising & Marketing
Training
In this episode, Managing Director Polly Cordle, (former) Associate Director Nikki Brinkerhoff and Consultant Lance Whittemore discusses the Regulation Best Interest Disclosure Obligation – what it means for broker-dealers, advisors and dual registrants. Topics include disclosure and conflict examples, as well as Form CRS requirements.
In this episode, Oyster Consultants Bob Tuch and Joe Sisti, along with Oyster’s General Counsel Patrick M. Dennis, discuss the Regulation Best Interest (Reg BI) Care Obligation. Bob and Joe touch on factors to consider when making recommendations, “Reasonable Available Alternatives,” account selection and rollover recommendations.
In this episode, Oyster CEO Buddy Doyle, Bob Tuch and Bill Reilly discuss the Regulation Best Interest (Reg BI) Conflicts of Interest Obligation, including:
Identifying and assessing conflicts
Disclosure, mitigation, elimination and monitoring
New product review around conflicts
Escalating conflicts
Conflict surveillance
Disclosure reviews
Training
October 3, 2019 – Reg BI is a bigger deal than you might think, and the implementation deadline is only 9 months away. This episode presents an overview of the four Obligations of Reg BI and what firms need to be doing. Reg BI will affect many, many aspects of a firm’s policies and operations, from marketing and advertising to compensation, recommendations and communications, to name a few. Patrick gives an update on what regulators and industry members are saying, and touches on the complexity of Form CRS. Polly discusses what Oyster Solutions, Oyster’s governance, risk and compliance software, is doing to help our clients be ready for the implementation.
