Regulatory & Compliance: Off-Channel Communications and Complex Products

Kenneth Cherrier of F&G interviews Kendra Cain of Arvest and Kevin Larson of Cetera Financial Group on two topics making a splash in regulatory and compliance right now: off-channel communications and complex products through a Regulation Best Interest (Reg BI) lens. 

Listen to this podcast episode on your way to the BISA Regulatory & Compliance Summit, November 13 - 14, the event bringing together program executives and compliance officers from across the bank insurance and securities industry to learn about and discuss pressing regulatory and compliance issues. 

Key topics discussed:

• How staff communication is handled at their organizations
• If their organizations place restrictions on which digital communications to allow
• What information security requirements are considered when implementing new communication channels and vendors
• A few thought experiments on complex products — including whether an RR should be compensated more for additional complex product training; must a client fully understand all functionality of a complex product; and what steps BDs and RRs take when selling complex products to meet Best Interest requirements

About Kenneth Cherrier
As the CCO for Fidelity & Guaranty, Kenneth is responsible for the firm’s day-to-day Enterprise Risk Management function and has held numerous positions with prior firms in senior executive-level roles. Taking a “stewardship” approach to the industry, Kenneth acts as a FINRA arbitrator and is/has been an active member of numerous industry associations, such as NSCP, FSI, BISA, and CEFLI. He has sat on the Board of the NSCP, has thrice served as a member of the FINRA District 4/Midwest Regional Committee, and sat on FINRA’s Regulatory Affairs and Continuing Education Committees.

About Kendra Cain
Kendra serves as chief compliance officer at Arvest Wealth Management. She is an Accredited Investment Fiduciary (AIF®) and a Certified Regulatory and Compliance Professional (CRCP®). Kendra is also a member of the Bank Insurance and Securities Association's Regulatory and Compliance Education Committee. She has over 20 years of industry experience and has worked at other regional broker-dealers and investment advisors in various roles, including CCO and Director of Compliance and Operations. Kendra graduated from the University of Louisiana at Lafayette and resides in Lafayette, Louisiana.

About Kevin Larson
Kevin joined Cetera Investment Services in 2014 as the Chief Compliance Officer. In that capacity, he oversaw all compliance functions of Cetera Investment Services. He currently works within Risk Management at Cetera Financial Group. He is actively engaged in BISA and IRI to help provide education and act as a resource to banks and credit unions in this profession. Prior to joining Cetera, Kevin was the Chief Compliance Officer and Anti-Money Laundering Officer for a regional broker-dealer for seven years. Kevin holds his Series 7 and 24 licenses and received a Bachelor of Science degree in Marketing from Saint Cloud State University

BISA is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance and other financial products and advisory services through the bank channel.

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