Whether you are an investment advisor, a lawyer or an accountant, it is important to minimize risk in the financial industry. Protect your business and clients from everyday risks with these best practices:

Screen Your Clients

Landing a new client is often the result of weeks or even months of hard work. While the idea of a new prospect is exciting, it is important to screen them thoroughly before beginning your partnership. Beyond the basic contact information, ask these important questions:

  • What is the scope of work?
  • What are the client’s expectations?
  • Is the matter within our primary areas of practice?
  • Does a conflict of interest exist?

Starting your client relationships off on right can lead to long-term success. Download Lockton Professional’s free Client Screening Checklist for a full list of questions to ask prospective clients.


Sign an Engagement Letter

 After you have thoroughly screened potential clients and you both decide to work together, always complete an engagement letter. An engagement letter is a legal document that outlines the exact duties of all involved parties, including the firm, the lawyer and the client.


Implement Data Security

Cyber Security is a growing threat for businesses in the financial industry. Because many financal businesses digitally store Personally Identifiable Information (PII), such as Social Security Numbers, addresses, driver’s license numbers and more, there is a growing risk of cyber-attacks.

To protect your company and client data, ask these questions regularly:

  • Are your programs and anti-virus software up to date?
  • Are passwords and encryption used correctly?
  • Is data backed up on a regular basis?
  • What is our emergency response plan?

For a full list of questions to evaluate your company’s data security, download Lockton Professional’s free Data Security Checklist.


Even the most prepared business can have claims filed against them. Lockton Affinity can help you find the correct insurance coverage, including Professional Liability Insurance, Cyber Liability Insurance and more to help protect you and your business.