What To Look For In An RIA Compliance Consultant

So you’ve decided to trade in your FINRA licensure to go RIA only— but you’re feeling overwhelmed with all of the new roles you’ll have to take on, now that your wirehouse, brokerage, or support staff aren’t there to support you.

Who will handle all of the business operations, including IT, marketing, legal, and, of course, compliance?

We’re not going to sugarcoat it — compliance is a full-time job that touches nearly every aspect of your business. You’re now in charge of filing a Form ADV, keeping your registrations in order, and keeping up and remaining compliant with state and SEC regulations. 

Our best advice is to hire an outside compliance consultant or firm to handle all of your compliance needs. As a new principal of an RIA and business owner, you simply don’t have the time to do it yourself — and why would you want to? Your time is better spent focusing on more important tasks, like growing your RIA business. 

Do your research!

First thing’s first — you’ll need to do some research to get a complete picture of a potential consultant or firm’s offerings. Do their services line up with the type of compliance consulting you need? Do they specialize in compliance processes for firms of a similar size and registration type to yours? 


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Is it a cultural fit?

Next, similar to any new addition to your team, your compliance consultant needs to be a cultural fit. Does their communication style match yours? Does their work ethic mesh well with others on your team? Does the consultant have more of a conservative or liberal approach to compliance? 

Compliance doesn’t have to be an overwhelming task if you’re smart enough to delegate your needs to an independent consultant or firm. As with every business, choosing the right fit is important, especially for long-term growth. You’ll want your business to develop and grow in tandem with your compliance team.

Ready to become an RIA or start a firm?

In addition to offering custom RIA setup, registration, and ongoing compliance services for registered investment advisor (RIA) firms, AdvisorLaw can also help advisors transition out of their broker-dealer, including navigating the Broker Protocol, removing negative FINRA disclosures from BrokerCheck and the CRD, regulatory or enforcement defense, and more.

Our compliance team always includes both attorneys and Certified Securities Compliance Professionals (CSCPs). Why are we a better choice? AdvisorLaw has a robust regulatory enforcement defense and expungement practice. We deal with the ramifications of enforcement actions on a daily basis, and we know how to keep regulators happy.

If you’re interested in learning more about our RIA registration, setup, compliance, or transition services, please contact us using the form below: