When hiring a Chief Compliance Officer, we’ve often seen that the need to hire such an employee generally rises under time sensitive circumstances. It can be tempting to simply look at a candidate and think, “Well, they’re good enough.”
RIA compliance is very different from other related banking and financial services industries, even the closely related Broker Dealer arena.
However, just because a person has a background in compliance, this doesn’t mean they’ll be a good fit in a registered investment advisor. RIA compliance is very different from other related banking and financial services industries, even the closely related Broker Dealer arena. It can take a long time to train someone who doesn’t already have the understanding of the unique fiduciary mindset required for this role. When hiring a Chief Compliance Officer, you should always seek out candidates who are already well trained and have direct RIA compliance experience.
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