April 12, 2022

The Roadmap to Compliance with Stacy Sizemore


Compliance is more than just following rules; it's about managing risks. Compliance protects businesses and customers alike. The ability to adhere to regulations can mean the difference between staying in business and going out of business. As compliance is an ever-evolving and complex field, how can institutions and independent financial advisors adapt their strategies to keep up with changing regulations?

In today’s episode, Craig talks with Stacy Sizemore, Chief Compliance Officer at tru Independence. Stacy has more than 20 years of experience in the financial industry, 12 of which have been in the field of compliance. Her strong background in compliance, regulatory audits, and passion for organization are tremendous assets to tru Independence.

Stacy talks with Craig about the roadmap to achieving compliance, what advisors need to know about SEC audits, and the list of new rules that the SEC will be implementing in the coming months.


Key Takeaways

  • [03:57] - How Stacy helps advisors navigate compliance when going independent.
  • [05:58] - The roadmap for achieving compliance.
  • [10:01] - How FINRA differs from the SEC.
  • [12:06] - Some differences between an independent fiduciary environment and a regulated one.
  • [13:09] - ADVs and how they must be updated.
  • [18:11] - The role technology plays in compliance.
  • [19:32] - What advisors need to know about SEC audits.
  • [23:44] - What cyber security has to do with compliance.
  • [24:51] - New rules the SEC will be implementing in the coming months.
  • [30:52] - One of the biggest lessons Stacy has learned from her mentors.


Quotes

[05:36] - "When you (advisors) are leaving one of those big wirehouses, you have this big fear of 'What don't I know, what do I know, what do I need, and how do I protect myself?' because you're walking out of one comfy little place." - Stacy Sizemore

[12:19] - "When you're at a wirehouse, they're having to make their policies based on a large amount of individuals. When you're with an RIA, your own RIA, you make the rules. You're in an independent space, you have to make the decisions." - Stacy Sizemore

[20:16] - "Fearing the SEC, fearing an audit—it's not as bad and daunting as somebody would think. Again, what the SEC is doing is trying to protect the clients, the public." - Stacy Sizemore


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Interested in going independent?

Are you interested in going independent or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com