For wealth management firms, the start of a new year brings new goals and another chance to evaluate the robustness of your compliance program. While creativity might not dominate discussions in this space, the undeniable wins lie in adopting creative problem-solving approaches. This is an area Smartria’s Software as a Partnership® excels—assisting your compliance team in monitoring your company’s actions and seamlessly organizing compliance.

Here’s a proactive guide to ensure you’re prepared for the challenges and opportunities that 2024 might bring:

Curiosity & Compliance: A Winning Strategy

The compliance landscape is ever-evolving. To stay ahead, you must meet the existing standards and embrace curiosity about regulatory changes and exam priorities. For 2024, stay informed about any regulatory updates that may affect your compliance obligations. The SEC’s focus on putting clients’ interests first and disclosing conflicts of interest emphasizes the need for vigilance.

Annual Review: A Vital Assessment

Conducting an annual review of your compliance program is not just a requirement, it’s a strategic move. Assess the effectiveness of your policies and procedures, identify areas for improvement, and thoroughly document the review process. Your compliance manual should be a dynamic document that reflects any changes promptly.

Testing and Monitoring: Stay Vigilant

Consistent testing and monitoring of your compliance procedures are crucial. Identify and address any deficiencies or weaknesses promptly. A proactive approach to identifying potential issues ensures a robust compliance framework. (Related reading: Are You Ready? Incident Response Planning And Best Practices.)

Annual Compliance Meeting: Communication Matters

To foster a culture of compliance within your organization, prioritize an annual comprehensive compliance meeting with key personnel. This meeting should transcend mere updates and evolve into a dynamic forum for discussing emerging compliance issues, sharing industry best practices, and imparting essential training. This ensures everyone is on the same page, aligned with the organization’s compliance goals, and equipped to navigate the complexities of regulatory adherence.

Regulatory Filings: Accuracy is Key

Ensure all required regulatory filings, such as Form PF or state-specific filings, are submitted accurately and on time. Precision in your filings reflects your commitment to compliance. (Related reading: SEC Charges 21 RIAs For Form CRS Filing And Delivery Failures.)

Training and Education: Empower Your Team

Compliance training isn’t a one-time event, it’s an ongoing process. Keep your team informed about their responsibilities and the latest regulatory developments. An educated team is your best defense against compliance challenges. (Related reading: Smartria® And Kitces.Com Partner To Offer IAR Continuing Education.)

Smartria: Your Compliance Partner

Today, managing compliance can quickly become a full-time job. Fortunately, our team at Smartria is focused on solving your biggest compliance headaches.

Compliance challenges require proactive solutions. When you’re ready to optimize your firm’s compliance, minimize oversights, and strengthen your cyber protections, let’s talk. Schedule a demo with Smartria and embark on a journey to compliance excellence.

Request a Free Demo