You may have noticed a wave of Privacy Policy updates coming through your inbox lately. What financial advisors, and particularly those of us in the US, may be less knowledgeable of, is what’s driving these updates. The reality is that the updates are the result of General Data Protection Regulation (GDPR), which is a new set of laws that govern internet privacy in the EU, going into effect May 25, 2018. And while it may seem that privacy regulation in the EU is irrelevant to US advisors, that may not be the case. In fact, if you have any clients in the EU, you market your services to clients in the EU, you have clients who will be moving to the EU, or even if you may merely have EU web traffic, then you could be impacted by GDPR!
In this guest post, Zach McDonald of Mineral Interactive, shares his thoughts on how advisors can remain compliant with EU laws after GDPR goes into effect, including the rights of consumers guaranteed under GDPR (e.g., right to be forgotten, right to have access to personal data, right to grant or deny services consent, and right to grant or deny placement of cookies), the advisors potentially impacted under GDPR (including any advisors who work with clients in the EU, as well as potentially those who may merely have EU web traffic), the steps advisors can take to become GDPR compliant (from getting permission to track cookies, to verifying that vendors are compliant, and more), and the tools advisors commonly use that could also create GDPR issues (such as appointment schedulers, landing pagers, and many others)!
Ultimately, though, the key point is to acknowledge that advisors in the US cannot simply ignore GDPR as something that only applies to those in Europe. Many advisors in the US could fall under GDPR, due to something as minor as a single client who moves to Europe, or even just getting EU web traffic (whether the advisor wants it or not!). Advisors overlook GDPR compliance at their own risk, as failure to comply with GDPR can lead to fines of up to $20M! And given the recent scandals and large-scale breaches of consumer data in the US – such as those at Facebook and Equifax – GDPR could simply serve as a bellwether of changes to come in the US as well!
source https://www.kitces.com/blog/gdpr-compliance-rules-financial-advisors-digital-marketing-data-controller/?utm_source=rss&utm_medium=rss&utm_campaign=gdpr-compliance-rules-financial-advisors-digital-marketing-data-controller
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