Using Technology With Your Compliance Consultant

You’re the founder of a Registered Investment Advisor; busy with Sales, Marketing, Operations, Compliance, and more.  You probably wear many hats and jump from challenge to challenge. While business owners cannot delegate all tasks to employees or outside professionals in the early stages of growth, getting your compliance program right the first time saves a noteworthy amount of time and money in the long run.

Here is a brief self-test to see whether your current solution is working for you:

  • When was the last time you updated your compliance manual to reflect new rulings?
  • Are your compliance tasks properly reflected in a calendar?
  • Do you have any unresolved findings from your annual review that are older than 30 days?
  • Do you have any documented exceptions? (A lack of exceptions could indicate failure to test.)
  • Are your files presentation-ready so you can quickly respond to an audit request?
  • Do you have questions about your compliance that you aren’t yet willing to pay an attorney to answer?

If you found it difficult to answer some of the questions above, it may be time for you to focus on your firm’s compliance program. 

Not only do compliance mistakes carry a high cost in terms of time and energy to correct, in extreme cases, but regulatory fines and significant reputational damage can also occur. While it may seem intimidating at first, understand that there are options to help you through the compliance process. These options include, but are not limited to: navigating the field yourself, building your own team, or working with a compliance consulting firm. 


Although RIA Compliance Technology is not a compliance consulting firm, we believe that working with a compliance consultant is the best practice. However, we understand you may not have the budget to engage a consultant, so let’s talk about the Do-it-Yourself model. As a small or even a single advisor firm, you are still required to perform compliance tasks, tests, and document your compliance program.  If you do not have a plan or a systematic approach to addressing compliance, ignoring or re-prioritizing compliance can quickly become a challenge. Our company helps Do-it-Yourselfers plan and organize their compliance tasks by assessing their unique situations, then provides advisors a framework to stay on track with our simple compliance calendar and portal

Build your own team

Next, let’s address working with an internally operated compliance team. If you have your own team, you may find yourself struggling with a lack of organization and communication throughout your firm. When it comes to workflow, oftentimes information is skewed and even lost entirely in translation from one team member to the next. Our solutions provide automated task assignment and workflow to your team members and a simple dashboard to keep everyone on the same page. These solutions allow your firm to maintain the organization of your compliance information and allow you, as the business owner, access to oversee workflow as it happens. 

Work with a consulting firm

Finally, when working in tandem with an outsourced consulting firm, it is still important to have open lines of communication through the compliance process. If your current firm does not have the technology to accommodate such needs, our simple solutions will keep you and your compliance consultant working in the same direction and our simple dashboards and workflows monitor and alert you to outstanding compliance responsibilities. 

Why Use RIA Compliance Technology?

Overall, our compliance management technology is designed to maintain organization and communication throughout the compliance process. Whether you are doing it yourself, with a team, or hiring a consulting firm to plan your process, our software keeps everyone on the same page at all times.

At RIA Compliance Technology, we understand the extent of compliance expenses and see value in streamlining services to maintain a reasonable compliance budget. When it comes to engaging a compliance consultant, there are multiple business models which consulting firms follow: a flat monthly fee with bundled services, a pay-as-you-go system with an hourly charge, or a combination of both. Additionally, we want our clients to understand that, while we are not a consulting firm, the use of our software paired with a consultant will allow for a predictable cost and value proposition for your compliance budget. Our clients maintain peace of mind in knowing that their time is better spent on revenue-producing activities. 

Every business owner must remember, regardless of your choice to do it yourself, build your own team, or outsource to a compliance firm, you are ultimately responsible for overseeing the firm’s compliance standards. With this in mind, owners can then decide what they want to outsource to a compliance team and what they may want to do themselves. At RIA Compliance Technology, our simple compliance calendar and simple compliance portal have been designed to assign specific responsibilities to members of your team, and are transparent so everyone knows what has or has not been completed. Our technology ensures that your RIA compliance program is organized and you are prepared for a visit from the regulators. 

RIA Compliance Technology software is designed to help the do-it-yourselfers, individual teams, and those working with a compliance consulting firm. Whether you choose our Simple Compliance Calendar, Simple Compliance Portal, Simple Email Archive, or Simple Trade Monitor, our solutions are designed to maintain simplicity for everyone involved. Our simple solutions allow all team members to remain on task and organized throughout the workflow process. Our company is here to assist you with your transition to a more organized and streamlined approach to compliance. Contact us to get connected with a compliance consultant and an introduction to our solutions, which are designed to automate the hard stuff, and organize everything else.


Compliance Consultant, RIA Compliance, RIA Technology

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