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How Mutual Funds Service and Protect Shareholders Affected by Disaster

By Joanne Kane

June 26, 2018

Mutual fund shareholders were among the millions of people affected by the numerous natural disasters that affected the United States during 2017. The recent volcanic event in Hawaii is another reminder that disasters—natural or manmade—can strike anytime, anywhere.

As both the summer tornado season and hurricane season get underway, the destruction in Hawaii serve as a reminder that US residents should be prepared for the unexpected—just as mutual funds are prepared to help and protect shareholders affected by disaster.

Helping Shareholders After a Disaster

Shareholders who are affected by a natural disaster and who contact their fund complex following the event may need expedited resolutions to their requests. Many mutual funds have processes and procedures in place to address such circumstances as shareholders no longer having a permanent address or being temporarily displaced, needing expedited transaction processing to pay for housing or other expenses, or dealing with suspended or discontinued mail services to their area. 

Disasters can pose another risk, too: they create opportunities for scam artists and other criminals looking to take advantage of those in a vulnerable state. Unscrupulous contractors and phone scams abound, but identity theft is far and away the most common crime.

Mutual funds and their transfer agents understand that it is critical to be highly attuned to potential red flags and fraud attempts. Transfer agents have robust programs in place to help their call center representatives identify potential red flags and suspicious activity. Transfer agents also monitor current fraud trends and track fraud alerts from multiple sources, including the FBI and Department of Justice. Additionally, fund complexes have a series of other controls in place to help identify and prevent fraud.

What Can Shareholders Do to Prepare?

Because shareholder education is one important defense against fraud, many mutual funds provide shareholders with information on how to protect their personal information and accounts. Similarly, shareholders can be proactive—taking steps on their own before disaster hits, to limit potential instances of fraud while gaining easier access to their accounts in real time.

Some of the ways shareholders can protect themselves include:

  • establishing online access with their financial institutions, so that they do not need to rely on paper;
  • registering for electronic delivery of fund documents, so they can receive them at any time, regardless of circumstances;
  • linking bank and fund accounts, to allow for quick and convenient access to money; and
  • providing their financial institution with alternative contact information, such as an email address or mobile phone number.

Working together, mutual funds and shareholders can prevent potential fraudsters from making an already horrible situation far worse.

Resources Are Available

Shareholders can find more guidance about protecting themselves at the Department of Homeland Security’s financial preparedness campaign site.

ICI members interested in more information on fund or transfer agent considerations for servicing and protecting shareholders affected by a disaster can find more information in ICI’s recent members-only white paper, Servicing and Protecting Shareholders Affected by Disaster.

Joanne Kane is ICI’s director of operations and transfer agency.

Permalink: https://www.ici.org/viewpoints/view_18_ops_protecting_shareholders

TOPICS: Operations and Technology

IBM Expert Demystifies Artificial Intelligence, Touts Its Value for Asset Management

By Jeanne C. Arnold

June 22, 2018

Forget what you’ve heard about artificial intelligence (AI), Tom Eck, chief technology officer for IBM industry platforms, told the crowd at ICI’s 60th annual General Membership Meeting. Despite its depiction sometimes in popular culture as a malevolent force, he said, there is nothing to fear from the technology, which happens to hold great potential for the registered fund industry....

Read more…

TOPICS: EventsGMMMutual Fund

Young Leaders Reflect on Building a Better Business

By Christina Kilroy

June 21, 2018

Emerging leaders in the asset management industry are at the forefront of changes that will fundamentally affect the business—from technology, to client expectations, to how to attract and retain top talent. During a panel at ICI’s Operations and Technology Conference, held concurrently with the 60th annual General Membership Meeting, three such leaders explored how their firms are rethinking legacy processes and moving into the future....

Read more…

TOPICS: EventsGMMMutual FundOperations and TechnologyShareholder

Meeting Investors’ Evolving Expectations—and Why Delivering Returns Is No Longer Enough

By Jeanne C. Arnold

June 19, 2018

Serving investors is at the heart of asset management. Yet in today’s technology-driven world, in which personalized services and experiences dominate everything from banking to shopping, asset managers are having to rethink how to best meet the evolving needs of investors and advisers. 

During the opening session of ICI’s 60th annual General Membership Meeting, held this year from May 22–24, a group of industry experts took to the stage to discuss the future of the fund industry—and to explain why simply delivering returns is no longer enough....

Read more…

TOPICS: EventsGMMMutual Fund

How Astronaut Jerry Linenger Found Strength, Perspective During His 132 Days in Space

By Candice Gullett

June 14, 2018

Captain Jerry Linenger has been around the world more than a few times—literally. As a retired US Navy flight surgeon and NASA astronaut posted on Russian space station Mir, he’s seen it all. But you don’t have to go in to space to benefit from Linenger’s insight—he had plenty of wisdom to share with attendees of ICI’s 60th annual General Membership Meeting (GMM), held in Washington, DC, from May 22–24.

Read more…

TOPICS: EventsGMMMutual Fund

Amy Herman Makes Order out of Chaos with the Art of Perception

By Melanie Cohen

June 11, 2018

Art might not be the first topic that comes to mind when discussing the mutual fund industry, but lawyer and art historian Amy Herman showed that there is a connection to be found after all.

Addressing attendees at ICI’s recent Operations and Technology Conference, held concurrently with ICI’s General Membership Meeting in Washington, DC, from May 22–24, Herman explained that analyzing art requires stepping in closely and asking questions from every angle—a style of observation that also is important for the fund industry…

Read more…

TOPICS: EventsGMMMutual Fund

Artificial Intelligence Offers Opportunity for Funds and Investors

By Miriam Bridges

June 7, 2018

What’s the future of the financial services workforce and artificial intelligence (AI)? Adam Broun, president and COO of Kensho Technologies, believes that AI will help human beings become better at what they do. “We’re not replacing humans yet in any meaningful way; we’re making people more effective and efficient in what they’re doing,” Broun told the audience at ICI’s annual Operations and Technology Conference, held concurrently with the General Membership Meeting on May 22–24 in Washington, DC.

Kicking off the session, Broun described how Kensho developed its “new economy” indexes and how AI comes into play...

Read more…

TOPICS: EventsGMMOperations and Technology

For Good Cybersecurity, Keep Your Eye on the Basics, Says Fidelity’s Chad Renfro

By Todd Bernhardt

June 5, 2018

The computer breaches and hacks that make headlines are typically massive and complicated, and this can lead to the belief that information security solutions must be similarly complex.

But—as Chad Renfro, head of enterprise cybersecurity at Fidelity Investments, told a capacity audience at ICI’s recent General Membership Meeting—good cybersecurity doesn’t have to be complicated or expensive. Instead, he said, companies that make “strategic, optimized investments in cybersecurity” and that focus on the fundamentals can drastically reduce the amount of risk facing their firm…

Read more…

TOPICS: CybersecurityEventsGMMOperations and Technology

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