Wealth Solutions Report - Larry’s Take - October 28

Larry Roth posted his weekly “Larry’s Take” commentary on the deals and recruiting in the wealth industry on Wealth Solutions Report as part of its Deals & Recruiting Roundup.

Every story in the Promotions & People Moves section this week is related to legal and compliance: Regulatory outsourcing firm Essential Edge hired a president with an extensive compliance background. Bluespring appointed a chief compliance officer. And DeVoe & Company hired a general counsel.Legal and compliance may not be revenue generating functions, but ignoring them will create future costs. Firms must get these right by outsourcing, building internal expertise, or relying on home office or enterprise support.

As our industry increases in the complexity of investment products, portfolio construction, client communications, M&A and capital raising, succession needs and more, legal and regulatory issues have become increasingly prominent. Technology is part of the solution, but the novel issues that come to every firm require human expertise.

If you would like to discuss this Larry’s Take further, including how these trends might impact your business, please contact Larry Roth at larry.roth@ascentix.com.

To see the Wealth Solutions Report Deals & Recruiting Roundup for the week, click here. Visit Wealth Solutions Report for the latest wealth management insights, analysis and news.