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Lexington Compliance Launches to provide Post registration Compliance Services
Zachary Gronich, CEO of RIA In A Box, Creates New Business Focusing on RIA Compliance Issues
By: Ryan Marcus
Zachary Gronich, CEO of RIA In A Box , also heads the firm. Hovig Melkonian, director of compliance at RIA In A Box and former Goldman Sachs compliance consultant, will transition to Lexington Compliance to lead the compliance team there. "Lexington Compliance will deliver simply the best ongoing compliance oversight for RIAs. We will provide RIAs with the compliance oversight that is increasingly necessary in the post-Madoff securities climate," explains CEO Zachary Gronich. "As Congress works through new regulatory legislation, it is becoming increasingly clear that RIAs need a whole new level of compliance expertise and understanding and we can provide them with everything they need so they don't have to worry."
Lexington Compliance offers four levels of compliance services for established RIAs:
-- For smaller firms that need a compliance expert on-call, Lexington will provide 7-day-a-week email support from one of the Lexington compliance experts. Most questions are answered immediately;
-- For mid-sized firms that need to augment their internal compliance efforts, Lexington
Compliance provides the email support and online compliance forum participation as well as compliance review services for ads, website, business cards, seminars, and letterhead, plus compliance support for advisory documents. Lexington experts will also handle annual ADV amendments, including coordination of annual renewal fees to ensure firms remain registered.
-- For larger firms needing more comprehensive compliance oversight, Lexington Compliance provides all services included with the previous two options as well as a proactive, dedicated compliance expert assigned to each RIA firm. The dedicated expert will work directly with an RIA's in- house compliance officer to ensure total compliance. Also included are on- site compliance reviews conducted every six-months by the Director of Compliance, starting with an initial on-site compliance review to make sure firms are doing everything possible to stay compliant from the inception of the relationship. The compliance expert will also check in frequently to make sure each firm is on top of new rules, regulations and changes to flag possible compliance issues.
Lexington Compliance also provides on-site mock audit services for RIAs to help ensure all books, records, files, folders, policies, procedures, documents, and advisory activities are in compliance. This service mimics audits currently done by the SEC or the state and helps RIAs anticipate and prepare for any potential issues that may arise.
"As an RIA, I am very concerned about the strict SEC and state regulations that are very complicated and it takes a lot of time to really understand all of the rules," said George Koutsakis of RIA Strategic Retirement Planning, LLC, in Miami, Florida. "I prefer to spend my time helping my clients and when I find help navigating treacherous compliance waters with services like those offered by Lexington Compliance, why not use them? They live and breathe compliance and can easily help me with all the subtleties that I'm not familiar with. This kind of assistance really gives me peace of mind."
Lexington Compliance is based in Manhattan with a second office in Houston.
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About: RIA in a box is an industry leading consulting business aimed exclusively at fast, efficient creation of registered investment advisory firms
Page Updated Last on: Feb 16, 2010