For this installment of our CCO Spotlight series, we spoke with Dodd St. Louis, Chief Compliance Officer for Hohimer Wealth Management.
Why compliance? Can you walk us through your career path?
I think like a lot of people, after graduate school, I spent some time considering what path I should take. I earned a Bachelor of Arts, Political Science and Government from Fisk University and my Master of Public Administration from Murray State University.
I considered working for the U.N. and moving to Europe, but ultimately, I chose to go into government, specifically working for the Securities Division for the state of Tennessee.
And that was my first real exposure to securities regulation.
I became a Fraud Examiner while serving the Tennessee Securities Division, during which I investigated cases of securities fraud and investor harm. I really got to see first-hand the importance of investor protection and the work I was doing.
After about 5 years, I moved from Tennessee to Washington State, where I worked as a Financial Examiner for the Dept. of Financial Institutions. I met some incredible mentors during my time in this role and was able to really make a mark in the division. However, in 2022, I decided to make the move into a compliance manager role for Hohimer Wealth Management.
I think what is so truly unique about compliance is that in your everyday life, you don’t meet a lot of people who work in this field. There isn’t a lot of concise training or education out there, but it is a field that makes a huge difference to thousands of investors.
What does a typical day look like for you?
Of course, it always depends on the week or the quarter! Since we are currently in Q1, my days are busy with annual filings, routine compliance tasks, and, of course, meeting with our CEO and CIO on ongoing/new projects as our firm continues to grow.
What’s topping your priority list right now? Any challenges (big or small) currently taking a lot of your time?
As I mentioned above, our firm is growing. Specifically, we have just entered the private fund space, which for my role, means new compliance requirements, documents, and more.
Additionally, our firm is undergoing some technology and data service provider changes, which, of course, takes up time across the firm.
And I would be remiss if I didn’t mention the demands of the evolving regulatory landscape and the new requirements that may come from current rule proposals. As we are also dynamically growing the firm, the challenges are compounded and make it even more important for me to stay one step ahead, keeping my eye around the corner for what could come next.
Speaking of your to-do list, what are some of your biggest compliance priorities for 2024?
My to-dos probably line up with a lot of compliance departments out there:
- New regulations
- Filings for the first quarter
- SEC priorities
And then, of course, as the firm steps into the private funds space, I have items like business changes, marketing, and growth on my plate.
We’re in a fairly active regulatory landscape. How are you preparing for the impact of new rules?
I think it’s important to really stay on top of the material out in the space as we prepare for the impact of new rules! I do this by:
- Subscribing to SEC alerts
- Speaking with colleagues
- Speaking with regulators
- Attending conferences and education sessions
- Using resources like COMPLY
Using these resources keeps my head in the right place, understanding what’s happening in the industry and what I should be doing to safeguard my firm.
What are some of your go-to resources for compliance news and insights?
I get my news and insights from a variety of sources, like:
- SEC alerts
- The IAA
- COMPLY resources and Roundtables
- Media and industry publications
- Consultants
Any advice for your fellow compliance colleagues?
I once heard someone say that it took them 4-5 years to know what was going on, and I think that really sets the tone for the space. It is like drinking from a fire hose, and that feeling really never goes away.
My advice to the newbies is simple, don’t put down the fire hose. You will master the skill. Be patient, continue to collaborate, attend events, further your knowledge in the space, and embrace technology.
This space is always changing, so it is important for people who work in compliance to also always be changing and evolving, growing new skills and embracing innovation.
I also think it’s important to take time for yourself and take part in activities that will give you a peaceful life. Compliance can often keep you in an anxious space, with all the possibilities of what could go wrong, which makes it important to prioritize yourself.
I like hiking and hot yoga, but everyone needs to find something that will create peace in their life.
You currently live in Seattle, got a favorite coffee order?
I didn’t drink coffee before moving to Washington. After the move, however, my manager started a daily routine of taking me to coffee in the mid-morning. In my first few weeks, I didn’t drink any coffee, but soon I became an avid coffee drinker. Currently, I am taking a caffeine break but if I miss the taste, I order an oat milk decaf latte, extra hot. I have also really gotten into looseleaf tea!
It looks like you have a soccer jersey in your background, got a favorite team?
Liverpool!!!
Dodd, thank you for sitting down with us today! It was amazing to hear your story and your advice for those just starting out in compliance.
Editorial Note: At COMPLY, we understand the tremendous value compliance professionals can gain from networking and learning directly from their peers. For the CCO Spotlight blog series, we are sitting down for candid conversations with Chief Compliance Officers from firms across the world. This blog series will share those CCOs’ thoughts, ideas, and best practices for compliance programs with our readers. The views expressed in this blog post are the CCO’s own views and do not necessarily reflect the views of their firms.