Broker Dealer Consulting Firms: Comprehensive Financial and Compliance Solutions

Broker dealer consulting firms provide comprehensive financial and compliance solutions to help broker-dealers navigate complex regulatory requirements and industry trends.

These firms offer expert guidance on financial reporting, including preparing and filing Form BD and Form N-SAR with the SEC. They also help broker-dealers maintain accurate and up-to-date financial records.

Effective compliance is crucial for broker-dealers, and consulting firms provide training and support to ensure that they meet all regulatory requirements. This includes guidance on anti-money laundering (AML) and know-your-customer (KYC) regulations.

By partnering with a reputable broker dealer consulting firm, broker-dealers can reduce their risk exposure and ensure that they are operating in full compliance with industry regulations.

Regulatory compliance is a top priority for broker dealers. ACI strongly understands the close relationship between compliance and accounting at any broker dealer. By partnering with leading compliance consulting firms, they can ensure that their clients are meeting all regulatory requirements.

Broker dealers are subject to regulation by the SEC, FINRA, and other Self-Regulatory Organizations (SROs). They must also register with the states where they do business and obtain exemptions if necessary. Bates Compliance can aid in the drafting and submission of all required documents to register as a Broker-Dealer.

Bates takes a holistic approach to the registration process by designing, creating, and implementing the BD's supervisory program prior to completing registration. This includes preparing various documents such as the Super Account Administrator Entitlement Form, Member Firm FINRA Contact Form, and Written Supervisory Procedures.

Here is a list of some of the documents that Bates will provide upon completion of the registration process:

Bates Compliance and Regulatory Alerts can also provide firms with keen insights on what is changing and what they can do to stay compliant.

Financial statements are a crucial tool for broker dealers to maintain accurate books and records. Accurate financial statement preparation is a necessity to ensure the accurate computation of net capital.

Broker dealers must properly maintain books and records to mitigate regulatory exposure. This involves preparing monthly reports that provide clients with the tools needed to make well-informed business decisions.

At the core of financial statement preparation is the computation of net capital. This is a critical aspect of financial reporting that requires accurate and timely preparation of financial statements.

As a broker dealer, you're likely aware that annual audits are now a requirement for conducting business with the investing public. ACI works closely with many audit firms to ensure a smooth process, providing the necessary documentation.

The independently certified annual audit involves providing financial statements, regulatory reports, and third-party verification statements. ACI acts as a liaison for their clients during this process.

ACI also handles entity and individual tax filings for many of their broker dealer clients and their owners, as required by the Internal Revenue Service (IRS) and FINRA. This includes preparing financial statements and regulatory filings.

Entity and Personal Taxation is a crucial aspect of taxation and audit. Broker dealers must comply with IRS filing obligations as well as FINRA obligations.

ACI handles the entity and individual tax filings for many of its broker dealer clients and their owners. This includes preparing financial statements and regulatory filings.

Broker dealers are required to meet specific tax filing deadlines, which can be complex and time-consuming.

Annual audit support is crucial for broker dealers who conduct business with the investing public. It's now a requirement for all of them to have an independently certified annual audit.

The audit process can be complex, but having a liaison like ACI can make a big difference. They work closely with many audit firms and will act as a liaison for their clients during this process.

ACI will provide the required documentation, including financial statements, regulatory reports, and third-party verification statements. This can be a huge weight off the shoulders of businesses going through the audit process.

Bates provides "As-Needed" compliance program support on a project or hourly basis for various program needs.

Their consultants and subject matter expert affiliates can provide experience in the many areas of regulatory compliance.

Some of the services they offer include providing interim support for vacant compliance department positions.

They also create, update, or review compliance program related documentation.

Other services include performing marketing and advertising reviews and performing other tailored supervisory procedure reviews and testing.

Their expertise can be invaluable in supporting vendor due diligence activities.

Bates consultants can even provide FINRA examination support.

Their team is made up of experts tenured with decades of industry and/or regulatory experience.

Here are some examples of the services they offer:

Compliance and Risk is a top priority for broker dealers.

ACI has a deep understanding of the close relationship between compliance and accounting, having worked with hundreds of broker dealers throughout its history.

Partnering with leading compliance consulting firms in the industry is essential for staying on top of regulatory requirements.

Bates Compliance and Regulatory Alerts provide firms with timely insights on changing rules and regulations, helping them stay compliant.

Staying up-to-date on regulatory changes is crucial for maintaining a robust compliance culture, and Bates Compliance and Regulatory Alerts are a valuable resource for investment advisers.

To register as a broker-dealer, you'll need to submit a host of documents to the relevant authorities. This includes registering with FINRA, preparing a supervisory program, and submitting required forms such as the NMA and U4 for principals.

Bates Compliance will aid in this process, taking a holistic approach to ensure your firm meets all regulatory requirements. They'll work with you to design a supervisory program, prepare required documents, and schedule regular calls to review progress.

The registration process involves preparing various documents, including a list and samples of all documentation required to file form NMA, a project plan for the BD registration process, and financial requirements such as an initial deposit and funding process.

Every six months, broker dealer member firms are required to compute their SIPC assessment based on a modified calculation of profit and loss.

This calculation is a crucial part of maintaining compliance with SIPC regulations. ACI facilitates both the computation and submission of the SIPC forms.

SIPC assessments are a key aspect of ensuring that firms are financially prepared to meet their obligations to customers. Firms must submit any balance due to SIPC along with their assessment.

The Securities Exchange Act is a crucial regulation for broker-dealers. It requires them to maintain a minimum amount of net capital on a moment-to-moment basis, as stated in FINRA Rule 1022.

This rule is designed to ensure that broker-dealers have sufficient liquid assets to cover their liabilities and protect their customers. The FinOp, or Financial and Operational Principal, is responsible for computing net capital and providing guidance on how to maintain compliance.

Broker-dealers must also register with the SEC and FINRA, and comply with various regulations, including the requirement to maintain accurate books and records. They must also conduct regular inspections of their branches, including non-supervising branch offices, to ensure compliance with regulatory requirements.

Here are some key requirements for broker-dealers under the Securities Exchange Act:

These requirements are in place to protect investors and maintain the integrity of the securities market. By understanding and complying with these regulations, broker-dealers can ensure a smooth and successful operation.