Portland, OR - While independent investment advisors often leave large proprietary firms or elect to set up their own practice over issues of choice about how their business is run and their clients are served, there remains one aspect of the industry in which the element of "choice" has been all but removed.
In the wake of the increasingly stringent state and federal compliance regulations that independent investment advisors and RIAs are facing, Cornerstone Revolutions, Inc. announced today its partnership with compliance attorneys John Carr and Todd Schwartz of Carr & Schwartz, LLP, in an alliance that will return at least some element of choice to users of its Cornerstone PowerBroker asset management software. "New SEC and state requirements are particularly challenging to the advisor operating solo or with a small staff," says Angela Lyles, CEO of Cornerstone Revolutions. "The new rules and regulations require written compliance manuals, policies and procedure documents, record keeping systems, and an identified chief compliance officer. In a one-person office, there aren't a lot of options as far as who is going to make that happen." Until now. Carr & Schwartz, LLP, a Portland, Oregon-based firm, found a common target market with Cornerstone in RIAs and independent investment advisors just starting out or opening their own firms. Providing legal and compliance services to a national clientele of investment advisors, John Carr and business partner Todd Schwartz recognized that many start-up RIA firms didn't have the resources of time, staff, or money to meet compliance requirements in-house. In response, they've put together an all inclusive turnkey start-up package that includes not only the documents necessary to open an RIA practice but also a full range of policies, procedures, and compliance manuals needed to meet state and federal compliance rules and regulations. As part of their partnership with Cornerstone Revolutions, this turnkey package will be made available to PowerBroker users at a discounted rate "With the 2004 SEC mandate requiring the implementation of compliance programs, the regulatory landscape has been transformed for both new and established RIA firms," says Todd Schwartz, principal of Carr & Schwartz, LLP. "Many established RIA firms that traditionally handled compliance issues on their own are finding such methods are no longer cost effective due to the complexity of the new regulations. Our turnkey package includes policies which have survived SEC scrutiny for both established and new RIAs needing to bolster the compliance side of their business." Cornerstone's partnership with Carr & Schwartz, LLP marks the beginning of a concerted effort on Cornerstone's part to build a selection of Service Solutions for investment advisors just starting out or establishing their own practices. "At Cornerstone we believe you always have a choice about how you do business," says Lyles. "Our goal is to continue to provide options for PowerBroker users that support their choice to be independent."For a complete listing of Cornerstone asset management tools and pricing, visit www.powerbrokertools.com, or call Cornerstone Revolutions, Inc. at 503-968-7202 for additional information.
About: Cornerstone Revolutions, Inc., is a software development firm specializing in applications for financial professionals, located in Portland, Oregon.
For a complete listing of Cornerstone asset management tools and pricing, visit www.poweradvisortools.com, or call Cornerstone Revolutions, Inc. at 503-968-7202 for additional information.
About: Cornerstone Revolutions, Inc., is a software development firm specializing in applications for financial professionals, located in Portland, Oregon.
