AdvisorPerspectives: Taking Care of Compliance
By William G. Mulligan
July 21, 2009
As more and more brokers and wealth managers leave large firms to start their own registered investment advisory (RIA) businesses, many have found that it takes more than creative investment ideas and attentive client service to start an advisory firm. Firms need systems and processes that will not only streamline their investment activities, but also generate the reports and filings needed to satisfy regulators and clients.
Custodians have a role to play in providing RIAs with technical and operational guidance. Some even provide technology to handle portfolio management, client relationship management and e-mail retention. When it comes to the crucial area of compliance, however, RIAs are often left to fend for themselves.
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