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Code of Financial Integrity
Brokers and Managers
- Create and maintain a separate account for media owner revenue. Monies collected on behalf of media owners (managed accounts and non-managed) can never be mixed with the firm’s operating funds.
- Non-managed media owner monies must be turned around quickly. Payments from brokered clients must be made to outside managers within 7 business days of their receipt.
- Payments to managed media owners, whether from brokered accounts or outside brokers, must be made within the month they are received.
- Firms must never hold up media owners monies pending resolution of a disputed invoice and unresolved short payments. In such cases, media owners should be paid proportionately.
- All firms should perform proper due diligence when working with new marketers. No firm should knowingly place orders for a new marketer they deem a bad credit risk.
- No firm should knowingly allow an existing client’s account receivable become delinquent, while continuing to place new orders.
- All firms should continue to adhere to proper credit and collection practices for accounts they may have lost until such a time all financial issues are settled.
- Firms should not attempt to shift their fiduciary responsibility by haphazardly requesting ‘letters of guarantee’. While there is occasional need for such requests, their over-use can be counter-productive.
- No firm should place undo hardships on clients who have moved their business to another media company.
- All firms should commit to open dialogues with other companies and strive for an environment that while competitive, is also cooperative and mutually beneficial.
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