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Compliance Matters!

SRP Provides Guidance for Complex Financial Situations

Every day, Securities Resource Professionals of Oklahoma City is faced with the daily task of balancing the need for lower overhead and higher profitability while maintaining an effective compliance program.

So what does that mean? Securities Resource Professionals helps firms to increase their compliance efforts without increasing their compliance staff. The industry experience, as well as the regulatory experience of SRP’s professionals, allows companies to have the freedom to focus on productivity and product selection and avoid the expense of hiring a  large compliance staff.

In today's rapidly changing environment, that's a real competitive advantage! We spoke with SRP’s Founder and President Michaela Myers about her company, what her business does and how it can all benefit you.

Q: What exactly is Securities Resource Professionals and what services do you provide? 

Meyers: Compliance consulting for brokerage firms and investment advisory firms, which includes but is not limited to, assistance with day-to-day questions and concerns, regulatory filings, developing policies and procedures specific to their business, as well as assist with the implementation of such policies.

We also assist new firms with the registration/licensing process with the SEC, FINRA and states. We provide assistance with the training of staff, and in the event of a customer or regulatory complaint, I also may serve as an expert witness.

Q: Why are compliance and registration services important and necessary?

Meyers: All brokerage firms, investment advisory firms as well as the representatives of these firms must be registered/licensed to engage in financial services. Brokerage firms, investment advisory firms and their representatives have a serious responsibility for providing investment advice that can have a huge impact on their clients’ financial futures. Making suitable recommendations for investments and investment strategies should be the guiding principle when dealing with an investor.

An effective compliance program serves several purposes 1) ensuring the firm and its representatives are properly registered/licensed for the activities in which they are engaged; 2) ensuring the firm and its representative are operating within the rules, laws and regulations of the securities industry; and 3) ensuring the clients of the firm and its representatives receive appropriate disclosures and are treated fairly.

Q: Tell us a little about you - how did you get to where you are now?

Meyers: I was on the sales side of the business for 20 plus years specializing in the fixed income (tax-exempt bonds). I also served on the NASD (now FINRA) District Business Conduct Committee (DBCC)-District 5 for three years and in fact chaired the committee. 

While on the committee I saw the need for compliance consulting for smaller brokerage firms that didn’t have the staff nor resources for a full-time compliance department. In many firms, the Business Owner/CEO/President & Chief Compliance Officer was also the top-producing representative. Therefore, many of these firms and the owners were cited for violations which brought them to the DBCC because compliance was almost an afterthought. 

After completing my tenure on the committee, I formed SRP.

Q; For those of us not in the financial world, explain what you do for clients and why they need your services.

Meyers: Having an effective compliance program is essential for a firm. The financial services industry is a highly regulated business. Not all firms have the financial resources to employ a full-time compliance department. SRP enables firms to increase their compliance efforts without increasing their compliance staff.

The industry experience, as well as, regulatory experience of SRP's professionals allows our clients to focus on productivity and product selection and avoid the expense of a large compliance staff.

For more information, contact SRP at 405-286-0700 or email srp@compliancematters.com.



 

"Unfortunately, I am concerned after we get back to some normality, there will be an increase in legal actions brought by investors who were so frightened by the drop in the markets they took large losses when they liquidated their portfolios." - Myers

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