For financial advisory firms which fall in to the small- to medium-sized (SMB) category, regulatory compliance can often present unique and significant challenges. The likes of which, take time and energy away from your core capabilities and what should be your core focus – your clients.
In this blog, we’ll identify some of the top regulatory compliance challenges specific to SMB financial advisory firms and provide some tactical steps to help you streamline and enhance your compliance program for this year and the next.
Common regulatory compliance challenges for small- to medium-sized financial advisory firms
SMB financial advisory firms have to do more with less. Instead of a multi-person compliance department, your firm likely supports a regulatory compliance department with one or two people, often with the chief compliance officer (CCO) serving in some additional capacity within the firm. This creates significant challenges which larger financial advisory firms simply don’t face. But let’s break it down even more. As an SMB financial firm, still tasked with meeting all regulatory requirements, your firm likely experiences a:
1. Lack of time
As the most limited of resources, your time is extremely valuable. And often, for SMB firms, there simply isn’t enough of it in the day to effectively manage a regulatory compliance program, especially in the midst of the heightened level of activity coming from regulatory bodies in the past 12 months.
2. Lack of resources
Like we mentioned before, your firm doesn’t have the employee count of your larger counterparts and may not be able to invest the resources into additional headcount needed to support ongoing compliance initiatives.
3. Lack of focus for core capabilities
You probably aren’t a compliance expert. You are, however, an expert in your core advisory capabilities. The problem? When you are spending hours and hours every day focused on compliance tasks, you don’t have the focus for those core capabilities or the people who benefit from them – your customers.
How technology can help SMB financial advisory firms solve for their common regulatory compliance challenges
The answer? A regulatory compliance technology solution which doesn’t break your budget. And we know what you’re probably thinking, easier said than done. Finding an effective and cost-effective solution can often feel like an impossibility.
But it doesn’t have to.
Regulatory compliance technology designed specifically for SMB financial advisory firms can provide necessary support without breaking any budgetary constraints.
And ComplySci’s Compliance Solutions for SMBs does just that. With capabilities designed to help you navigate core compliance challenges effectively and efficiently, you rest assured the details are covered and the conflicts are checked.
ComplySci’s Compliance Solutions for SMBs, includes:
- Archiving and communications.
- Cybersecurity.
- Vendor due diligence.
Ready to level up your compliance program and meet the demanding requirements of the regulatory landscape? Schedule a demo to learn more about ComplySci’s unique SMB compliance solutions today!