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 NEWSLETTER
RED FLAG COMPLIANCE - THE REAL DEAL!!!!!!!
Dear Broker,
Let’s be quite frank, compliance has three costs attached to it - whether you do it yourself (if not compelled to employ a compliance officer) or whether you outsource it to a specialist compliance practice – and those costs are
time, money and a potentially ineffectual compliance
process, which could just cost you your brokerage. Does that old adage “penny wise and pound foolish” ring a bell?
IS YOUR BROKERAGE SUFFERING FROM ANY OF THE FOREGOING, IF NOT ALL THREE!
Not, well take note of the following very real threats:
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From a time perspective, you could just be spending more time on paper work that takes you away from face-to-face financial planning. Sure you will be saving money by not outsourcing, but then you run the danger of not selling sufficient product to ensure a sustainable business.
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The FSP is ultimately responsible for his/her compliance process whether it is outsourced or not. You cannot simply abdicate your compliance responsibility to an external person/company. Is your external compliance officer giving you the desired level of service to ensure a compliant practice or are you in a comfort zone believing that by merely paying over the
money that everything is OK?
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Not impressed so far, and you believe that you (and/or your staff) are competent enough to handle your own compliance and that your chosen “filing” system will beat any compliance audit. Good luck, you’ll need it, your internal compliance practice model could just be another
ineffectual compliance process.
Why not visit www.redflagsa.com to get the big picture and see if anything you have seen to date or what you are currently using compares, compliance-wise, to what is offered by Red Flag Compliance.
Kind regards,
Gideon Robbertse
(Compliance Officer)
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