In the world of financial services, there’s been a lot of change and upheaval recently. From compliance standards insisting your firm act as a fiduciary to your clients, to customer needs that shift like the wind, it’s essential for dedicated Registered Investment Advisor (RIA) firms to operate with increasingly high standards. As old methods of doing things slip into the backseat, and innovative thinkers charge ahead to adapt with the times, how will you keep up?
You have so many responsibilities to your clients who trust you, you can’t afford to take risks. But as we enter the digital age, you must adapt or be left behind. How can you do right by your clients and still stay one step ahead?
There is a solution: A Chief Investment Officer. While you may think you’ve got things handled, here are three ways a CIO can help your RIA firm transition into the future of financial services.
By hiring a Chief Investment Officer, you can have one person whose entire job is dedicated to making sure that your firm is compliant with all rules and regulations associated with working in financial services. You’ll have someone dedicated to staying up to date with the Investment Advisors Act of 1940—which is updated as trading practices modernize and change, as well as handle your yearly Form ADV. While a Chief Compliance Officer can handle these responsibilities, a CIO will be able to do these, and more.
A CIO provides your firm with a centralized and cohesive voice that you might not have otherwise had. By having an executive voice like this on your team, you have one person making the final call on decisions that might otherwise have been made “by committee”, so to speak. This individual will be able to focus on the big picture and provide powerful input based on their unique macro-level perspective.
Finally, a Chief Investment Officer will be able to offer you and your firm sound advice. This is why you’ll want to think a little outside the box with this hire, as you want someone who is both experienced in financial management and has significant executive vision. This individual will both keep up with the complexities of current financial markets and bring years of experience to the table so that they can advise your team in any scenario.
Ready to add one of these investing all-stars to your team? If you’re considering bringing a chief investment officer on board, contact me today. I specialize in executive placements specifically in the financial services industry and just might have the candidate you’re looking for already on my radar. Let me know how I can help you find the executive your firm needs today.