Outsourced Financial & Operating Principals
Every broker-dealer is required to comply with SEC and FINRA rules concerning the preparation and retention of financial and operational books and records. Included in these responsibilities are ensuring continuous Net Capital compliance, proper preparation and maintenance of financial records, and accurate and timely submission of various financial reports monthly, quarterly and annually. A registered Principal Financial Officer (“PFO”) is required to file these reports; however, not all registered PFOs have the appropriate experience to do so effectively. Due to the complexity of SEC and FINRA rules, the size of the company and other factors, many broker-dealers will look to outsource the PFO and POO functions rather than hiring a full-time individual. Oyster has PFOs with significant experience supervising finance teams, performing the calculations and filing the reports. They will share their expertise, prepare FINRA’s Net Capital and FOCUS Reports, SIPC’s semi-annual reports and provide support to your firm, Chief Executive Officer, Chief Financial Officer and Controller. Oyster’s Principal Operations Officers will, among other things, assess, develop and implement your firm’s current operations policies and procedures, and manage operations to meet budget, business and other strategic goals.
Principal Financial Officer Services include (but are not limited to):
- Reviewing current accounting practices
- Reviewing accuracy and final approval of all financial reports before being submitted to the pertinent regulatory authority
- Net capital compliance and monthly and/or quarterly FOCUS Reports, as required
- Filing Focus Part IIA monthly or quarterly, as required
- Creating, drafting and filing SSOI with FINRA quarterly
- Creating, drafting and filing Focus Schedule I annually
- Quarterly Form Custody filing
- Filing SIPC 6 and 7
- Acting as primary contact for regulators concerning financial reporting
Principal Operations Officer Services include (but are not limited to):
- Develop and implement operating policies; translate strategic objectives into executable plans
- Manage operations to meet budget, business and other strategic goals
- Performance measurement and reporting, external and internal
- Identify and manage third-party service providers, such as administrators, custodians, auditors, attorneys and accountants
- Assist with new fund set-up and structuring
- Identify systems needed/evaluate existing systems
- Fund accounting or review/approval of administrator prepared books and records
- Perform and document operational due diligence reviews of external investment managers, including on-site interviews, review of offering documents and background investigations
- Technology assessment, selection, implementation and coordination
- Risk assessments and reviews of key operational controls
- POO Support Services
The Oyster Difference
Oyster has retained some of the best talent in the industry. Oyster consultants have experience assisting our clients with a long-term solution, filling a short-term need, or training a newly-registered PFO or POO. Oyster can support the day-to-day operations across your firm, allowing you to spend valuable time investing and communicating with clients. When working with Oyster, you aren’t just working with one consultant, you are working with the entire team, with access to the combined knowledge and skills of our associates.
