Records Retention Policy

Every state has a required Records Retention Policy.  For example, Virginia requires brokerages to maintain records for 3 years, while West Virginia has a 5 year records retention policy.

I am a former Records Management implementation architect.   We educate our clients on the importance of not only having a records retention policy in place - but also having a records destruction policy in place - and abiding to it.  It's a significant component of their Risk Management Procedures.  Records kept after their required timeline become a liability to the company should you ever be called into a court of law.   IF you still hold documents, you WILL BE required to deliver all documents - even if you are past your retention requirement.  

It has always been my policy to destroy all records that are due for destruction in January.  Skyslope does NOT have the ability for me, as a Broker/Owner/Admin, to destroy my company files that are due for destruction.  This is a HUGE potential liability for me.  

As the admin - and the owner of all files - I should have the right and ability to destroy them as my state allows.   I highly recommend a change in the software that allows the Broker/Owner/Admin to destroy files that are due for destruction.

I'm happy to talk to anyone about the ramifications of maintaining these documents in perpetuity.

Thank you.

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