helps the advisor … but cyber/information securitybecomes a very big issue.
For monitoring, we outsource some of it toSecureworks for our whole network. For thenetwork perimeter, you don’t control whatthe end customer is doing. … Your controlis limited as you go further out.
We realized with all the work we’redoing that we needed the help of an outside company to monitor our systemsand to deal with all the cloud alertswe’re getting.
If you’re in the cloud, you’re constantly getting alerts and you’ve gotto analyze those alerts. But do youhave the bandwidth and the resourcesto do it?
There’s also simple things like two-fac-tor authentication. We instituted that someof the time, and we’ve centralized logins, etc.
Diachok: Cybersecurity is a big challenge. But we’ve been on top of that for thepast few years, to the point where we’ve beendoing the remote monitoring of our advisors andhome office [staff].
Like others said, we didn’t make a big announcementabout our home office staff working from home. We hadmultiple advisors say to us, “If you wouldn’t have told us, wewouldn’t have even known you guys were primarily remote.”There have been challenges with some administrative thingsthat can’t be done remotely. We have a handful of employeesrotating in and out of our office. I think we’ve done a good jobof taking the proper safety precautions, and our employeeshave been very comfortable with how we’ve done that.
How are we going to do branch inspections? And there’sthe issue of not being able to have conferences this year andhave that interaction with our advisors. We have to … be moreinnovative in how we [do some activities and in how we] communicate and connect with our clients.
Dolber: What am I going to do with my 45,000 square feet[of office space]? Are we going to transform the way we thinkabout going forward, as far as our physical plant?
We are. We’re going into a hybrid scenario where we’regoing to allow employees to elect whether they want to go,with conditions and rules, and whether they want to workremotely. And I’m sure the regulators are going to weighin on this.
Burmeister: We have until March 2021 to get branchaudits done.
Diachok: We’re lucky that we have in-house branch auditorsand … a couple are in different parts of the country. We’ll workthrough it, and maybe FINRA will give a little relief on this.
Burmeister: Yes. Our compliance team has been doing
“Never let a good crisis go to
That was the gap we learned to
waste.” We really used this
[situation] to leverage where the
gaps were, not from a processing
or operational perspective, but
in other areas. Our advisors
and associates needed us to
step up and communicate more.