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My name is Sander Ressler and I have over 30 years of experience handling compliance and supervision issues.  At “Nightmare on Compliance Street†we address questions submitted anonymously from our readers that are escalating their anxiety levels. The reason we call this segment “Nightmare on Compliance Street†is that many of the issues handled by…

Conor Delaney, CEO of Good Life Companies, a Reading, PA-based independent hybrid registered investment adviser (RIA) firm with $6 billion and 200 licensed financial professionals, vividly remembers when the global COVID-19 pandemic reached America in March 2020. “It was clear the country was facing a serious public health crisis that would require a transformation in…

For Sander Ressler, Managing Director of Essential Edge Compliance Outsourcing, a compliance supervision consultancy for the wealth management space, the Reddit-fueled surge in GameStop’s share prices towards the end of January was a memorable time for his firm. “My phone started ringing off the hook, with some calls from in-house counsel and compliance executives with…

A hybrid examination would be a viable, if temporary, approach to comply with regulations while protecting the health and safety of examiners, branch employees and advisors. Sander J. Ressler COVID-19 cases are on the rise again nationally, and it’s incumbent on professionals in the wealth management industry to try to limit the spread of the…

In recent months, as the coronavirus pandemic has made remote work a new norm, broker-dealers, branch offices and financial advisors have found technological workarounds to the in-person interaction that has traditionally characterized how we work together in the wealth management space. Yet one area in which substitutes for face-to-face interactions will not be sufficient is…

The SEC’s work over the past 10 months with broker/dealers, advisors and regulatory agencies has prepared everyone for compliance by the end of June, Chairman Jay Clayton said today. Despite the ongoing spread of COVID-19 in the United States that has forced many firms to implement business continuity plans and work remotely, the SEC is holding fast…

The Covid-19 pandemic has thrown a wrench into some firms’ ability to comply with Regulation Best Interest in time for its June 30 compliance date, according to the Securities and Exchange Commission’s head examiner. “It is certainly something that’s been raised and we’re aware of it,” said Peter Driscoll, director of the agency’s Office of…

As the coronavirus pandemic spreads, advisors’ business continuity plans may need to include much more than video chats and Slack channels. In 2016, the Securities and Exchange Commission proposed a rule that would require investment advisors to put business continuity and transition plans in place. But the rule was never finalized. So there’s no clear guidance on…

Advisors who take an up-front transition check without disclosing it to clients face potential legal and regulatory downside risks. Sander J. Ressler As the recruiting wars between independent broker/dealers intensify, firms in this space are offering ever-larger up-front recruiting bonuses to top-producing financial advisors to get them to jump firms. In certain cases, larger independent…

How should the SEC and FINRA modernize their regulations to better serve the interests of RIAs, broker/dealers, and individuals and family investors? Clive Slovin, president and CEO, The Strategic Financial Alliance Too often, advisers find themselves structuring their businesses based not on the needs of their clients or what will deliver the best service experience,…