Culture Of Compliance

After recently undergoing an SEC examination, I am convinced that our emphasis on ethical practices is what helped our audit go smoothly.  It was clear to the SEC from looking at our processes, talking to our employees and examining our records that my firm is based on the principal of doing what’s right for the clients.

Here is what I believe creates a culture of compliance within a firm:

  • An uncompromising insistence on doing what is best for clients
  • An emphasis on team education, including compliance topics such as privacy rules, custody, etc.
  • A practice of ongoing open communication between and among advisors, staff and clients
  • A focus on doing the right actions instead of just documenting the right actions
  • Careful consideration and selection of the people and companies with which your firm does business
  • Fostering an atmosphere of learning from mistakes
  • Leading by example

By choosing to adhere to fiduciary duty and stressing that philosophy to all on your team, you can create a true culture of compliance.

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