As a Wealth Manager you must prioritize this critical business function…
In today’s financial landscape, regulators are cracking down on noncompliance more than ever. Compliance monitoring has become a part of daily life for wealth managers, with more time and money being spent on these functions than ever before.
Here are some key stats to think about…
- 35% of advisory firms were audited by regulators last year, up from 27% in 2017
- Total cost for Compliance duties has risen 8% since 2017
- 66% of firms expect the cost of senior compliance staff to increase
- Compliance costs can eat up as much as 4% of revenue at a wealth management firm
- 15% of advisors plan to hire personnel for compliance training
- 61% of firms expect the total compliance budget to be slightly or significantly more over the next 12 months
Compliance monitoring shouldn’t get in the way of wealth managers providing the highest level of client service possible or pursuing cost-effective scale. Check out our latest Infographic Compliance Monitoring By the Numbers to see how InvestEdge can help you minimize risk and maintain compliance.