This is the most frequent question I get when it comes to the SEC’s quickly approaching new regulation: Can I wait until the day before? As long as I have a solution by 11:59pm on June 30th, I’ll be alright, right?
I totally get it, waiting until the last minute is something uniquely human. I was a master of procrastination in University and it gets addictive. Many might even be thinking there’s still a chance maybe the rule might go away.
There are a few reasons you don’t want to procrastinate on this regulation:
- You don’t want to forget this: Putting something to the back of your list can quickly get it thrown off the list entirely. Forgetting to get ready for Reg BI could lead to some serious problems. The SEC won’t care that you forgot about it, and it won’t work as any excuse later on. Not even a global pandemic has made them delay the release of this regulation, so putting this off won’t be a good alibi.
- Preparing takes time: Getting prepared for Reg BI for you and your firm can definitely take a bit of time. You need to make sure your process is in place beforehand because any rollovers or recommendations happening after July 1st will be applicable to this rule. There may be training, new forms, and plenty of other work on top of everything you’ve got to do. If you aren’t ready on day 1, it will be hard to catch up.
- Early adopter deals!: If you haven’t checked out our Reg BI Optimizer yet, it is your one stop shop for compliance whether you’re a compliance officer or just taking care of your own practice. We have a special price available for all people signing up before July 1st, so if you are waiting till the regulation is in effect you will be paying more than everyone else. As a bonus, we keep anyone who subscribes at our discounted price locked in for the lifetime of their subscription. So not waiting pays off!
With such little likelihood of this regulation getting delayed or stopped, there really isn’t any reason to be putting off getting prepared. We’ve done plenty of research and work to help take the pain out of preparation. We’ve even written a whole E-BOOK with all the information you need. Click the banner below for a Reg BI Optimizer demo today to see how we can make sure you are protected with plenty of time to spare.