Janine Walker is required to gather and update client data:

The requirement for Janine Walker to gather and update client data regularly is rooted in the principles of maintaining up-to-date and accurate information about clients, which is essential for effective financial advising and compliance with regulatory standards. Regular updates ensure that any changes in a client’s financial situation, goals, or risk tolerance are reflected in the advice provided, allowing for tailored and relevant guidance.

This approach not only helps in mitigating potential risks but also fosters a stronger advisor-client relationship through ongoing engagement and communication. The notion of regular updates aligns with best practices in the industry that prioritize client-centric services, adapting to any evolving circumstances that could impact the financial strategies being implemented.

Gathering data only when a material change occurs or at the start of the advising relationship could lead to outdated information, which might compromise the quality of advice given. An annual requirement may limit the frequency of updates, which is less responsive to clients' dynamic circumstances. Thus, the practice of updating client data regularly is essential for ensuring that an advisor has a comprehensive and current understanding of the client's needs.