In an Investment News report, Brendon Tavelli, of the law firm Proskauer Rose, provides an overview of the laws financial advisors should be aware of and steps they can take to protect their clients' privacy and prevent legal problems. Suggested steps include publishing a privacy policy, encrypting personal information and carefully selecting outsourced service providers. "Vendors that will be given access to personal information should be vetted to ensure that they can protect it," Tavelli writes. "They should be contractually required to maintain appropriate safeguards for the life of the engagement." Additionally, Tavelli says advisors should be allowed to audit vendors' compliance periodically.
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