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Implementing Compliance Technology Strategically

Dec. 05, 2021 8:44 AM ET

Summary

  • Exploring with a FinTech CEO how to strategically deploy compliance software into a financial services business.
  • Through increasing scrutiny and SEC exams, regulators are already signaling that financial firms will need compliance software.
  • Besides protecting regulatory business risk, there are many benefits discussed that compliance software can provide for firm growth and client engagement.

Compliance concept with icons, virtual screen, businessman touching button

NicoElNino/iStock via Getty Images

The time has come to shift from talking about change to making it happen, especially when it comes to adding compliance technology to your firm. The pandemic highlighted the problem that one cannot move paper and disparate data

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Institute for Innovation Development (IID) is an educational and business development catalyst for growth-oriented financial advisors and progressive financial services executives who are determined to grow their firms in a business environment of accelerating business and cultural change. Run as a social enterprise, the Institute will be dedicated to help make business innovation best practices a vital cornerstone for members’ ongoing growth, competitive differentiation, and client/community engagement strategies. Three current IID initiatives are: 1. Integrating business innovation mindsets, processes and tools into financial services practices through the formation of Advisor Practice Management 3.0 professional development. 2. Applying business innovation as a powerful and differentiating advisor marketing/branding approach and community engagement strategy. 3. Creating a FinTech radar program to increase communication and access between the financial advisor and early stage FinTech communities. Bill Hortz, Founder and Dean, of the Institute and Institute Founding Innovator members (comprised of top cross-industry innovation experts, innovative fintech companies, and progressive minded financial advisors and industry thought leaders) will be contributing articles and hopefully sparking ideas and discourse on much needed, next-generation advisor business models and industry development. We will seek to uncover proven business innovation best practices; learn from innovative business creators; explore innovation mindsets; hear about new approaches, services and technologies; and ultimately discover how to apply these insights to a financial advisor's business. For more details about the Institute, investigate here: https://innovationdevelopment.org/annual-membership

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

I wrote this article myself and I am not receiving compensation to write this article but I do have a business relationship with Smart-RIA that is an Institute member. The Institute is a business innovation platform and educational effort with financial services firms to openly share unique perspectives and activities to build awareness and stimulate open thought leadership discussions on new or evolving industry approaches and thinking.

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