Schwab’s Insurance Mandate: What You Need To Know – Advisor Insurance – 11.5.21

Overview:
Title: Schwab’s Insurance Mandate: What You Need To Know
Date: Friday, November 5, 2021
Time: 2:00 PM Eastern Daylight Time
Duration: 1 hour

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Summary:

Now On Demand. Charles Schwab’s insurance mandate has opened up a lot of questions for RIAs. Let’s get some answers. Jay Hummel, CEO of AiK2 and Partner of WAGN, will sit down with Jennifer Pappas, Director of Advisor Enrollment & Complex Account Solutions at Charles Schwab Advisor Services, to provide clarity around the mandate and what Schwab RIAs should do to comply. Here’s what we already know: The RIAs who custody with Charles Schwab Advisor Services must obtain errors and omissions insurance covering social engineering, theft by hacker incidents, and theft by employee (if applicable). Policies must have an aggregate of at least $1 million of coverage. RIAs who currently custody with Schwab will be required to obtain coverage sometime in the coming year, while new advisors to the platform will have 90 days within signing their service agreement to acquire it. Ready for more details? Please join us for an in-depth presentation that will cover:

  • An overview of the mandate.
  • Why Schwab issued the mandate.
  • What RIAs are expected to do and if it varies based on size and other factors.
  • Expected timing for compliance with the mandate.
  • How RIAs can move forward as efficiently as possible to find the right-fit policy for their firm and budget, with insights and expertise from Dan Jones of AIK2.

Speakers:
Jay Hummel Jay Hummel CEO Wealth Advisor Growth Network

Jay serves as CEO of Wealth Advisor Growth Network (WAGN), a key partner to Advisor Insurance. Jay also serves as the Chief Executive Officer of Advisor Insurance, with responsibilities as the general manager of the company. Prior to founding WAGN, Jay was a Senior Vice President and Head of American Century Investment’s Personal Financial Solutions Business. Jay was responsible for the strategic and executional oversight of teams serving 600,000 individual and small retirement clients with $40B in assets under management. He is a former Managing Director of Envestnet where he served as the Head of Strategic Initiatives and Thought Leadership. Jay is the former President and Chief Operating Officer of Lenox Wealth Management; a Cincinnati based multi-family office and started his career in accounting and consulting at Deloitte. Jay is a frequent industry speaker and writer. Wiley has published two of his books: Success and Succession and The Essential Advisor.
Jennifer Pappas Jennifer Pappas Director of Advisor Enrollment & Complex Account Solutions Charles Schwab

Jennifer Pappas is the Director of Advisor Enrollment and Complex Account Solutions divisions at Schwab Advisor Services. Prior to joining Schwab, she held several roles at an RIA based in New York City, including Chief Operating Officer, Chief Compliance Officer, and Vice President of Client Relations. Ms. Pappas holds a bachelor’s degrees in political economy from Tulane University and a Master of Business Administration degree from the Leonard N. Stern School of Business at New York University.
Lindsey Chastain Lindsey Chastain Accounting Manager ARGI

Lindsey is the Accounting Manager at ARGI and a CPA in the state of Kentucky. Her main role at ARGI is to direct daily accounting activities and provide financial reporting for decision making. Along with those responsibilities, she also participates in internal committees including their Internal Risk Team, ESOP Committee, Recognition Committee and DE&I Subcommittee for Talent Attraction and Retention. The mission at ARGI is to exemplify a heart of service by continuously improving lives with every relationship, and she considers that a personal mission as well. In her spare time, she likes to swim, eat good food and hang out with her husband, Kameron, and son, Karsyn James (KJ).
Dan Jones Dan Jones Vice President | Sales & Marketing AIK2

Dan serves as the Vice President of sales and marketing with AIK2 Insurance Services. Prior to this role he was a wealth advisor with Buckingham Strategic Wealth helping clients with holistic wealth planning. The decade prior to Buckingham he served on the Business Development team for Envestnet Financial Management where he supported the firm’s Institutional sales initiatives focusing most of his efforts on prospecting new institutional clients (RIA’s, Banks, Broker/Dealers and Trust Companies) as well as consulting and advising existing clients. Dan received his bachelor’s degree in Economics from Southern Illinois University. Additionally, he holds a Series 65 Investment Advisor registration and a Missouri Property & Casualty Insurance License.