When it comes to your RIA firm, we know you’re concerned with the bottom line. You don’t have the time or budget to invest in novel solutions just because they’re convenient—the tools you use, including your compliance software, need to show real-world benefit before you make them part of your processes.
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“Time is money” It’s a common saying, and anyone who doesn’t believe it probably hasn’t tried to run a business. Whether you’re a professional investment advisor or the principal of an RIA firm, your time and your employees’ time can earn or cost you money, and it’s vital for you to find the balance between the two if you want to be successful.
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Are you and your staff at the forefront of RIA compliance training, or could your tools and processes use an upgrade? Even when you think you’ve got everything covered in the event of an audit, there’s always room for improvement. Particularly when it comes to the tricky world of compliance for RIA firms, there’s no time like the present to work training into your schedule for the year.
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When the new administration took office, members of the wealth management industry assumed that it would result in the loosening of federal and state regulations, and the decrease of SEC RIA oversight. That, however, turned out to be incorrect. At least so far.
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The internet provides a huge and growing frontier for criminals, and your firm is always at risk for an attack. Poor data and network management, lax protocols, and lack of knowledge can make any company susceptible. Without the proper protections, unscrupulous people can easily steal information to use, sell, or ransom back to you at an exorbitant rate.
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In the weeks since the new administration has taken office, the news cycle has been filled with talk about executive orders and memos, controversy and, most of all, uncertainty. Many industries have already been affected. You may be wondering what this means for RIAs and how a Donald Trump DOL Fiduciary Rule might affect your firm.
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When starting an RIA, one of your surest paths to success is to understand compliance. Familiarizing yourself with the ins and outs of SEC and state RIA compliance will help to establish your business as a knowledgeable and conscientious partner in wealth management. And it has the further benefit of placing you in a better position for firm-wide preparedness when you undergo an audit.
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Navigating the world of RIA compliance can feel time-consuming at best and stress-inducing at worst. Compliance isn’t always an easy task, but keeping up with DOL, SEC, and state mandates is a necessary step in ensuring the success of your business.
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The Financial Industry Regulatory Authority, also known as FINRA, is not a governmental body like the SEC or state RIA regulators, but it still plays a major role in how RIA firms are run and overseen. FINRA is a private, non-profit, self-regulatory organization for broker-dealers. It operates on appointment by the SEC and can levy fines and other penalties on its members.
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The Department of Labor Fiduciary Rule is set to start a year-long rollout in April 2017, placing fiduciary responsibility to act in the best interest of the client on the shoulders of independent broker-dealers, investment advisors, and other professionals who deal with investment accounts covered under the Employee Retirement Income Security Act of 1974.
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