There is one factor you must keep in mind when hiring a Chief Compliance Officer.
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.”
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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.
If you have any other questions or would like more information, feel free to give us a call, send us an email, or click here to schedule a time to talk. We look forward to hearing from you soon.
