81% of all SEC audits conducted in 2006 resulted in a deficiency letter. And, the typical independent investment advisor currently spends 9 hours per week on compliance related activities.
Developing a "culture of compliance" for your advisory practice is an expense that is rising right along with the complexity and frequency of regulatory requirements.
For the independent investment professional operating solo or with a small staff, compliance costs represent a proportionately higher percentage of office overhead than for a larger firm with several advisors.
The cost of compliance to advisors is measured not only in dollars lost hiring outside compliance consultants or buying new computers and software to ensure records are complete and accessible for the auditors. The time spent dealing with regulatory audits, maintaining records, and consulting with compliance specialists is time lost that could be used serving an existing client base or prospecting for new clients.
At Cornerstone Revolutions, we believe compliance solutions should be as close as your asset management software.
PowerAdvisor delivers the solutions you need to manage compliance records and print accurate, relevant compliance reports with:
- Simplified record keeping features for your compliance program
- Suite of audit-ready compliance reports developed in consultation with State and Federal compliance experts designed to answer auditor's most frequently asked questions
- Intuitive interface for immediate record retrieval when auditors are waiting
