Choosing A Compliance Consulting Firm

If you have read our article discussing why you should engage a compliance consulting and service provider, you know there are distinct advantages.  If you already know the advantages, that is great.  What you may not know is how to choose a compliance service provider. 

After all, there are many options, and you may think that all compliance service providers are the same.  Just as all RIAs are not the same, neither are compliance service providers.

Here are some questions to ask about compliance service providers.

  • Is the provider primarily a software company or are they a true professional service provider?

  • Will they guarantee their work product by putting their name on it?

  • Will they even do the work for you?

  • Will they provide training for you and your team and visit your office when needed?

  • Do they get to know your business and your culture?

  • Are they providing deliverables that you can show a regulator?

  • Are they willing to work or correspond with the regulators on your behalf, or will they stay at arm’s length?

  • What kind of client service are they providing?


Take a moment to really consider the answers to the above questions.  What you will discover is that your service providers should have the same culture of work and service that you give to your clients.  You get to know your clients, you provide them with deliverables, and you give them professional service.