Oyster Consulting Blog

 

I hate to be the bad news monger, but summer is over. The calendar (and thermometer!) might say we have a few more days before fall begins, but for financial professionals, Labor Day is the unofficial end of summer vacation season and beginning of annual requirement season. Of course, most people would rather be beach lounging than conducting an AML review or worrying about regulatory compliance. But, addressing these tasks now can help ensure you complete them thoroughly and on time — with as little pain and frustration as possible.

With less than four months left in the year, now is the time to finish required annual tasks and plan for 2012, including:

Broker/Dealer Annual Requirements

• Deliver annual training/annual compliance meeting.
• Conduct independent Anti-Money Laundering reviews.
• Begin supervisory control testing, including FINRA Rule 3012 and Rule 3130.
• Complete annual branch audits.

 

RIA Annual Requirement

 

• Review Policies and Procedures against business practices and regulatory requirements.

Firm Responsibilities

On top of regulatory requirements, both broker/dealers and RIAs must:

• Complete the annual renewal process. Annual renewals take time and effort, but they can be a great way to save money by removing unnecessary state registrations.  
  

• Finalize their annual budget and plans for 2012. A massive number of proposed regulation and legislative changes could affect your business in the near future, so you must make sure you are up to speed with what may come and adequately budget your resource needs.

If you’re wondering how you can possibly complete these tasks in time, Oyster Consulting is here to help. Unlike most people, we love analyzing minutiae and wading through regulatory compliance language to ensure we address each requirement efficiently and effectively. (How could that not sound fun?!) Whether you have a quick question or need complete advice and planning, call me at 804.965.5403 — I’m happy to help. I might not always be by my phone, but I will always call you back.

When financial professionals hear the phrase compliance training, most people instantly cringe at the thought of dry presentations, speeches ripped from manuals and nitty-gritty details. Despite compliance training’s unpopular reputation, however, presentations don’t have to dry or boring! In fact, on June 14, the Wall Street Journal covered the Funniest Compliance Officer competition, where compliance professionals nationwide competed in a stand-up comedy contest in New York City. (And yes, I’ve already booked my flight for next year.)

The reason compliance training is typically so boring is because the presenters often focus too much on sharing all the necessary information while forgetting their number one responsibility is to actually engage their audience!

So, to help all you compliance professionals, below are three steps I follow to create a colorful presentation that captures my audiences’ attention (call me if you want more insight on my “colorful” approach):

1. Address the specific audience.

Any information can be compelling or dull — it’s all about how you communicate the concept. Understanding your audience is the first step in creating compelling presentations. Define their interests, distractions and priorities. How are you going to grab their attention and ensure they remember what you said?

2. Find creative ways to share your message.

Rather than recycling the same phrases or concepts, choose ideas that will surprise your audience. One of the most engaging ways I use to capture their attention is using examples of real-life, bonehead behavior that memorably illustrates the topic. Have a funny or crazy story about a professional making the mistake you’re discussing? Use it.  Remember, you’re competing against a multi-media environment designed to capture your audience’s attention. Stale, lecture-driven presentations just don’t cut it anymore.

3. Don’t hold back.

Be blunt.
Avoid over-edited or boiled-down content from a manual. This approach is BORING and will ensure your audience gets lost or is inattentive, preventing your message from being effective.

For compliance training to be successful, you must make the audience care. Presenters have to show why compliance is an important requirement — as well as a relevant, powerful tool directly related to the bottom line. And when you put your audiences to sleep with boring delivery, you will never accomplish your goal. To learn more about the Oyster Consulting approach to compliance training, call me at 804.965.5403. I might not always be by my phone, but I will always call you back.