Advisors Paying More for Compliance
October 9, 2017 | Diana Britton | WealthManagement.com
When President Trump was elected, some broker/dealers and advisors thought it would usher in an era favorable to financial services, with a pullback in regulatory reach and a return to a “friendlier” legal environment for small businesses.
“I think everybody said, ‘All this money that I’ve put into compliant systems and people and process, I’m going to be able to cut back on,’” says Alan Halfenger, partner and head of the global diversified financial practice at ACA Compliance Group. “Right off the bat that wasn’t true.”
While some regulations have been delayed or rolled back, the demands on compliance departments’ time and money haven’t slowed down, compliance officers say. Broker/dealers and advisory firms are investing more into ensuring they are complying with regulations including new rules and heightened disclosure and documentation requirements.
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.