Schmoozing clients stuck in lockdown can be a thankless task, what with virtual meetings plagued by glitchy audio, childcare intrusions and the monotony of the ubiquitous bookcase in the background.
A U.S. watchdog has some good news.
The Financial Industry Regulatory Authority Inc., which oversees Wall Street brokers, said it would allow bankers and traders to expense meals as entertainment costs even if they’re just hosting an online get-together.
Finra’s strict limits on gifts have always included an exemption for entertainment, which typically means restaurant excursions. So what happens in a video-only world?
“A key distinction between gifts and business entertainment is that the latter involves an associated person of a member personally hosting employees of institutional customers,” Finra said in a notice on its website this week. For virtual business-entertainment events or meetings, the authority said it would view food and beverage costs as exempt from its $100 gift limits.
Finra’s only request: The host shouldn’t set up a video call, order the meal and disappear. Fancy care packages to cheer up clients are still prohibited.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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