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What does the Outsourced Compliance Department Include?

what is included in the outsourced compliance department

First off, let’s discuss compliance consultants for a moment.

It’s no secret…

I think compliance consulting is… bullshit.


Because it doesn’t really help you.

In today’s complex and rapidly changing business landscape, compliance management has become a critical aspect of success. Traditional consulting often falls short of delivering the depth, quality, and responsiveness that established firms require.

The Limitations of Traditional Consulting

Compliance consulting often feels like a temporary fix or a bandaid.

Not a comprehensive solution.

With consultants, you normally get one person. One person that’s juggling… maybe 80 other clients.

Here’s a few reasons why traditional consulting services don’t cut it:

  • They don’t have the time and attention to serve you properly.
  • They lack up-to-date knowledge of specific industry regulations or niche areas.
  • They can’t keep up with the evolving compliance needs of your growing firm.

This is why we’re excited to tell you about our outsourced compliance department.

These are NOT consulting services.

The Power of a Dedicated Compliance Team

With our outsourced compliance services, you get a whole team.

You get a compliance attorney. Someone with 20+ years of experience in the compliance industry.

That person is supported by a team of analysts who handle the day-to-day operations.

You get a compliance DEPARTMENT.

A team of people who know their stuff and actually listen to you.

Our compliance nerds strive to simulate an in-house compliance team.

  • Your client services associate has a question about a new account application?
  • Your executive wants to acquire a new book of business or has questions about their business?
  • Your advisor wants to roll out a newsletter and wants guidance on what they can and cannot say?
  • You just received a letter from the SEC and… SURPRISE you have an audit?
  • Maybe you already have an audit initiated, and you need help responding?
  • Or the FBI just arrested your owner? Yes, we’ve been there too…

This is what we do!
We’re here to help

With our services, you have unlimited, immediate access to YOUR compliance department.

We take over the entire function of compliance.

Your compliance attorney can serve as your CCO.

Our team becomes an extension of your firm. You receive the undivided attention and expertise necessary to navigate compliance.

The best part…. The SEC loves it!

My RIA Lawyer not only meets regulatory standards, we exceed them. Have confidence that your compliance practices are industry-leading and well-regarded by the group that can slap your business with fines.

Addressing ALL of your Compliance Concerns

So many of our clients have gone through SEC exams with our team as the outsourced compliance department.

And it’s been amazing… You know why?

The examiners don’t want to talk to you.

They want to talk to the professionals who know what they’re talking about when it comes to regulations. They want to talk to our outsourced compliance department!

We keep you out of trouble. We implement changes ON TIME.

  • Recruiting new advisors? We’ll onboard them, train them, and run the background checks.
  • Buying a new book of business? We’ll bring the advisor on and onboard all of your clients.
  • Want to acquire another business? We’ll even draft all the legal documents.

You read that right… We also handle the legal services for you!

The Complete Compliance Department Solution

Most compliance consultants stop short when it comes to legal matters, leaving you to seek additional support elsewhere.

Our outsourced compliance department INCLUDES legal services.

From asset purchase agreements to new adviser contracts, we’re equipped to handle your legal matters, providing you with a solution for all your compliance AND legal needs.

We know some of you have contracts that are 10 years old.

Throw them in the trash. We’ll draft new ones.

Some of you don’t have contracts with your advisors. We’ll get those for you.

Some of you are growing by acquisition. You need asset purchase agreements. We got you.

This is the solution you need in your firm.


IAR Onboarding:
  • Background check by Sterling (@cost)
  • U4 filing and 2B preparation
  • Transmission and review of initial compliance documents and attestations (including OBAs, personal securities transactions)
  • 60-minute compliance onboarding call
U4 and U5 reviews and updating
Form ADV Part 2B reviews and updating
Form ADV Part 1 review and updating
Form ADV Part 3/Form CRS review and updating
Annual 1 on 1 interviews with IARs
Annual Amendment preparation and filing
Annual Compliance Review and Report
Annual Retrospective Review
Annual Personal Holdings Review
Annual 13H report
Annual Best Execution Review
Annual Compliance Meeting
Annual Client Account Review Testing
Annual Client Custody Review
Quarterly 13 F Report
Quarterly Personal Securities Transactions Review
Quarterly Code of Ethics Attestations Review
Quarterly IAR state registration review
Quarterly Social Media and Website review
Quarterly Code of Ethics Certication Review
Quarterly Personal Securities Transaction Review
Quarterly or Monthly Fee Audit
Quarterly OBA Audit
Quarterly Branch Audit
Quarterly Client File Review
Monthly Trade Error Log Review
Monthly DOL Rollover Form Testing
Weekly Trade Review
Advertising Review
Cybersecurity Review
Response to routine state regulatory inquiries
Succession planning
Vendor due diligence  
Alternative Products Due Diligence  
Participation in Investment Committee  
Ongoing training of compliance and products with staff
Heightened Supervision Oversight  
AUDIT SUPPORT: Respond to questions and provide guidance on response to regulators
AUDIT SUPPORT: Prepare Responses
AUDIT SUPPORT: Review responsive documents and Bates number  
AUDIT SUPPORT: Communicate with regulators on behalf of firm  
AUDIT SUPPORT: Be present on site for in person portion of exam  
AUDIT SUPPORT: Phone support during on site portion of exam
Respond to client complaints led directly with state regulators or the SEC  
LEGAL: Review and update IMA
LEGAL: Review and update ERISA Fiduciary Agreement
LEGAL: Review and update IAR Agreement  
LEGAL: Review and update non-IAR employment and 1099 agreements  
LEGAL: 5 hours billable hour time with legal staff  
Development of customized compliance forms
Books and records management  
Compliance technology set-up and maintenance
Mandatory 60-minute call per month
1 60-minute call with IARs monthly
2 on site visits annually (cost of travel not included)  
Designated Chief Compliance Officer  

Elevate Your Compliance Game

You don’t have the time. You know you don’t want to do it yourself.

If you’re an established firm seeking to let go of your compliance management once and for all, work with our outsourced compliance department.

With a dedicated team, immediate access to support, and integrated legal services, you simply won’t have to worry about compliance issues.

Don’t settle for a temporary fix when you can have a modern compliance solution that sets you up for success.

Are you ready to drop the consulting bullshit once and for all?

This is the end of your compliance headaches.

Contact us to discuss how our outsourced compliance department can serve you better.

Author Bio

Leila Shaver is the Founder of My RIA Lawyer, a law firm that provides compliance and legal consulting for financial institutions. With extensive experience as a securities attorney and compliance expert, she has served as Chief Compliance Officer and General Counsel to RIAs, BDs, and TAMPs with billions in assets under management.

Leila understands the challenges RIAs face and is committed to helping RIAs streamline their processes, mitigate risks, and ensure compliance with regulatory requirements. She received her Juris Doctor from Atlanta’s John Marshall Law School and is a West Georgia Young Lawyers’ Association member. Leila has received numerous accolades for her work, including the Carroll County Bar Association’s Outstanding Young Lawyer Award in 2017.

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