We were recently asked, if we had to choose, what our one pearl of wisdom would be for advisers in 2016. Now, you might think it would be all about compliance, but you’d be wrong.
The key thing we’d like to say, is make business decisions based on what’s right for your clients and where you want your business to go. Then work through the compliance implications.
We’re going into the next round of regulatory review, bringing with it more focus on compliance implications. Compliance is of course critical for business security, but the point we’d like to make is that compliance – making sure everything you are doing and how you are doing it meets your obligations – should be the last business box you tick off. It comes after you’ve decided what you and your customers need and want from your business.
Don’t let compliance obligations steer the direction of your business; choose and then comply.