ST. LOUIS--(BUSINESS WIRE)--As a registered investment advisor (RIA) begins or grows his or her practice, compliance services are vital to ensure all investment advisor rules – both SEC and state – are being followed.
“A culture of compliance is a part of an RIA’s business”
Scottrade® Advisor Services, a provider of custodial and institutional trading services for RIAs, recently signed an agreement with Lexington Compliance to provide certain compliance services to the more than 1,100 advisory firms using the custodian at no charge. The scope of the service will include basic questions about the operation of a registered investment advisor and related compliance and registration issues. This service will also help advisors identify if they need more extensive compliance assistance which they may obtain from Lexington Compliance separately or other providers.
“When full service or independent brokers become RIAs, the personal level of responsibility to their clients grows,” said Brian Davis, director of Scottrade® Advisor Services. “Support needs – including compliance reviews – are something breakaway brokers never had to deal with closely on their own. Through Scottrade® Advisor Services, Lexington Compliance will offer advisors at any stage in their businesses the opportunity to get help with their basic compliance questions, enabling them to run their businesses and confidently serve their clients.”
Compliance needs are vital to an RIA conducting a successful business, especially for those coming from full-service firms where these services had been provided for them, according to the latest research from Scottrade® Advisor Services. The 2012 Scottrade® Advisor Services Registered Investment Advisor Study reveals compliance needs as the second biggest obstacle for breakaway brokers, only behind building their client base.
“A culture of compliance is a part of an RIA’s business,” said G.J. King, president of RIA in a Box LLC, parent company of Lexington Compliance. “Our team of former state regulators is prepared to help answer common compliance and regulatory questions that arise in an advisor’s daily operations. Advisors who custody with Scottrade® Advisor Services will get access to compliance support from Lexington Compliance, which will serve as an addition to an advisor’s support staff.”
Scottrade® Advisor Services continually focuses on deepening relationships with RIAs beyond trading services by seeking advisor input to help shape development strategies of products and services offered, Davis said. “Our advisors were looking for help with their compliance questions, and Lexington Compliance with its team of former state regulators was the apparent choice, and makes it a great addition to what we offer.”
Scottrade® Advisor Services is backed by the strength and stability of Scottrade, Inc., founded in 1980, which offers a full line of investment products and online trading and market research tools to help self-directed investors and traders take control of their financial futures.
About RIA in a Box LLC
RIA in a Box LLC (www.riainabox.com) is a leading provider of registration and ongoing compliance consulting services through its Lexington Compliance division to independent RIAs. RIA in a Box enables fellow entrepreneurs to create their own registered investment advisory firms and receive the ongoing support they need to remain in constant regulatory compliance. RIA in a Box takes particular pride in partnering with its clients to establish and support the highest quality registered investment advisers in the country.
About Scottrade® Advisor Services
Scottrade® Advisor Services is a business unit of Scottrade, Inc., dedicated to supporting the needs of independent registered investment advisors. Scottrade® Advisor Services’ low commissions coupled with personalized customer service through dedicated relationship teams, makes Scottrade® Advisor Services an exceptional value for advisors looking to grow their practices. With no advisor enrollment fee and no minimum asset requirement, Scottrade® Advisor Services has the account management tools for advisor practices of any size. For more information, visit https://advisor.scottrade.com.
About Scottrade, Inc.
Investors who enjoy online stock trading will find value and personalized customer service at online investing firm Scottrade, Inc. Founded in 1980, Scottrade enables clients to learn about online trading tools, stock market research and how to buy stocks online, many at just $7 per trade. With more than 500 nationwide branch offices, Scottrade has the largest branch network among online brokerage firms. To learn more about one of FORTUNE® magazine’s “100 Best Companies to Work For,” visit about.scottrade.com or www.scottrade.com and follow us on Facebook, Twitter, YouTube and Flickr. All products and services are offered by Scottrade, Inc, - Member FINRA/SIPC.
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