Providing compliance advice and services is table stakes for today’s advisors. How do you build a compliance practice and should you create it in-house or contract it out?

On this week’s episode of ShiftShapers, we chat with Peter Lewenson, the Founder and President of Compliance Bug, who has 20 years of experience with regulated industries including healthcare, financial services, insurance and employee benefits. Peter believes what while compliance is a complicated field, it is a strategic conversation that businesses must be having.

We explore how compliance can be both a prospecting and a client retention tool. We ask Peter about the pros and cons of building an in-house practice or whether a single advisor should try to go it alone. Peter says that there can be significant liability for the advisor as well as for clients and suggests methods to mitigate that exposure.

In this engaging conversation, Peter provides excellent advice about finding strategic partners and for staying current with the latest updates in the ever-changing area of compliance regulations. Listen in to hear his suggestions for providing your clients and prospects with the best possible service.

What You’ll Learn From this Episode:

  • How compliance can be a foot in the door for advisors.
  • What owners, directors, and officers need to know about their personal liability for compliance decisions.
  • The liability that advisors have and whether it is covered by their E&O policies.
  • What Wrap Docs are and why are they important.
  • What advisors should look for when selecting a strategic partner.

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