Communicate personally with your clients if a privacy breach occurs

Name:

Matt Murphy

Occupation:

Senior human resources advisor

Location:

Calgary

Age:

36

Investing for:

7 years

Has an advisor?

Yes, since 2016

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This article is part of the Advisor’s Edge 20 Ways to Be a Better Advisor feature package, published in the June 2018 edition of AE. Click here for more tips and to learn about our 20th anniversary.

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Q How is your advisor modernizing his business?

A He has a very good online platform run through National Bank, where there’s lots of self-serve information. I’m sure it makes his end more efficient as well.

Q Did your advisor tell you how they would digitally protect your information?

A There was some information and literature given to us when we were oriented to the firm and to our advisor—a conversation at that point but nothing further. We’re happy with our advisor. He’s protected our information well. Where there’s a third party that manages our account [Matt’s advisor is an independent who uses National Bank’s online platform], I would expect they would have a level of insurance that would take care of any sort of losses.

“You never get the information back once it’s out, but I would hope the appropriate steps would be taken to ensure our security was reinstated.”

Q What kind of communication would you expect from your advisor in case of a privacy breach?

A I would hope there would be a phone call: personal communication of some sort to ensure that we’re informed of the breach as soon as possible and what the next steps would be. The personal communication would be key.