Compliance Oversight Explained
Over the years and as we grow as a company, we have received correspondence from multiple legal firms representing Clients attempting to sue WWA for unapproved outside business activity and recommendations conducted by Advisors while registered under WWA.
We want to stress that legal inquiries are very real and do happen.
Our compliance procedures are very important in order to protect both our Firm and our Advisors from these types of increasingly common legal situations and to provide a framework for conducting business appropriately.
We appreciate each Advisor's dedication to honoring our compliance rules and regulations in their day-to-day business both inside our systems and outside of what is visible to our staff.
We also appreciate each Advisor's prompt attention to completing compliance tasks on time. Note that staff members may not complete compliance surveys and they must be completed by the registered Advisor. Failure to adhere may result in financial penalties and/or registration cancellation with our Firm.
All Advisors registered under WWA are required to complete compliance tasks on a regular basis - regardless of account volume or AUM.
Compliance Surveys
Advisors are required to complete compliance surveys by clicking the survey link below and submitting answers by the survey due date.
Surveys may not be delegated to administrative staff and must be completed by each registered Advisor directly.
All Advisors must set calendar reminders to pro-actively monitor the survey list at the start of each calendar quarter at a minimum.
All tasks have a window of 3 weeks from the day assigned before they are considered overdue. $250 non-refundable overdue fees will be applied to monthly Advisor ACH payments until all required items are completed. Overdue tasks may also cause Advisor registration with WWA to be at risk.
STRICT RULES EXPLAINED
Outside Business Activity
Wealth Watch Advisors would like to remind all of our Representatives and Solicitors that we do not allow the sale or recommendation of any product that has not been pre-approved by Wealth Watch Advisors executive staff.
The only exception to this rule is that of an insurance product that is offered, underwritten or issued by an insurance company with a B+ or better rating with A.M. Best and Company.
Wealth Watch must be notified in writing of any and all outside business activities, which must then be APPROVED by Wealth Watch executive staff in writing BEFORE discussing or offering said outside product or services to a Client. Submitting answers through a survey does NOT represent permission from Wealth Watch to engage in reported outside business activities. Permission is granted in writing through direct communication with Bill Gastl outside of this survey.
Any Advisor who does not disclose outside business activities accurately and/or does not receive pre-approval from Wealth Watch compliance before recommending said products to a Client will be subject to immediate termination.
Please be advised that Wealth Watch Advisors has never, and will never, approve the recommendation of alternative investments to Clients, including (but not limited to): any unregistered securities, those structured as a promissory notes, uncollateralized loans, collateralized loans, certificates of deposit issued by a non-FDIC bank, crypto-currencies, commodities, or real estate ventures.
Please contact Bill Gastl if you have sold or offered any alternative type investment or unregistered security while contracted as a Representative or Solicitor of Wealth Watch Advisors. It is important that our Firm is aware of such a sale up front, given that attorneys are actively looking for Clients who were sold these types of products and litigation has become very popular.
STRICT RULES EXPLAINED
Client Accounts at Charles Schwab
Advisors must facilitate opening and maintaining client accounts under the discretion of WWA at Charles Schwab in accordance with the WWA policies and procedures manual. This manual is available 24/7 on our website.
WWA Operations staff will provide instructions and feedback to Advisors during the Advisor onboarding process and as situations arise over time. Similarly, our online systems provide a framework for how Advisors must operate. Advisors must adhere to information lined out by the WWA Operations staff and work within the provided systems and pre-approved products.
Communication with Regulators and Attorneys
It is the policy of Wealth Watch Advisors that should our Advisors receive any correspondence from a regulator or an attorney either over the phone or in writing, that the Advisor not engage in conversation. Instead, let the third party know it is our policy to forward all correspondence of this nature to our legal counsel.
Please notify Bill Gastl in writing immediately by forwarding along all written communication and/or a written summary of a phone call.
After this correspondence has been received at Wealth Watch, we will contact you and walk through the situation along with any next step items that need to be taken. You must not respond to the correspondence by phone, email, or in writing until we have had an opportunity to review and discuss the matter with you. This policy applies to advisory services, insurance, and any other outside business activity.