RIA and Wealth Management firms choose Compass for valued CFO services and trusted advice.
Few firms have the necessary resources, processes, and
tools to optimize their business alone.
We are here to help firms like yours.
Compass saves RIA and Wealth Management firms valuable time that can be allocated to strategic tasks.
Compass’ CFO services complement your firm’s needs and resources.
Boost the productivity of your employees by outsourcing financial and accounting tasks to Compass.
Wealth Management firms like yours
Our team offers a variety of ongoing finance and accounting services to support your company and help you make better business decisions.
BUDGETING AND FORECASTING
Compass’ greatest strength is its people. The team is led by knowledgeable industry experts
with specialized experience in accounting, finance, and operations for RIA and wealth management firms.
CEO, Co-Founder, Owner
Matt brings over a decade of experience helping small businesses improve their operations and minimize costs.
A proclaimed efficiency expert, Matt is obsessed with applying new creative strategies to strengthen the bottom lines of the clients he works with.
Matt graduated with a Bachelor’s Degree from New York University and holds the Project Management Professional (PMP) designation.
Matt lives in New York City with his wife, Emily.
Advisor Looking to Scale Its Business
An advisory firm wanted to scale its existing operations. The firm already saw success on a small scale, but wanted to grow its business in a more meaningful way.
The firm’s books were sloppy and the two owners had different ideas about their business and its needs.
Compass began by diving into the firm’s books and analyzing each line item of the firm’s financials.
On a series of conference calls, the owners shared information about their business. Compass used its experience with similar advisory firms to make informed recommendations of how the firm could better focus its existing operations and increase efficiency.
As a result, the firm has cleaner books and has a better picture of the financials and operations of its business. The firm is in a better position to scale its existing operations or prepare for an acquisition.
RIA Transitioning to Independence
A wealth management team wanted to transition from the wirehouse to an independent RIA firm.
The partners had already chosen their custodian and key technology vendors, but did not know what else was needed to guarantee a successful transition.
First, Compass worked with the team to implement pre-transition best practices.
Compass helped the firm properly track all out of pocket expenses and managed all transition support funds provided by their custodian. Additionally, Compass helped the firm train staff on relevant workflows, policies, and financial controls. This extra preparation ensured that the team was well-prepared for their scheduled launch.
By working with the partners to track their out of pocket spending, Compass eliminated countless hours of unnecessary reconciliation work during tax season.
By getting the firm set up on Compass’ technology stack prior to launch, the firm and its staff focused on successfully transitioning their clients, rather than on debits and credits.
RIA Undergoing an SEC Audit
A seasoned RIA firm received a request for documentation from the SEC.
Despite having made attempts to remain compliant, the firm was missing many items related to the financial books and records requirements.
Although the firm was missing many of the historical records requested, Compass was still able to review and make adjustments to the firm’s financial statements.
Compass identified the areas where the firm was delinquent in their best practices. Then, the firm implemented proper controls to fix the deficiencies moving forward.
Although the firm wasn’t able to produce all of the supporting documents requested, the SEC recognized the newly implemented controls. They told the firm that they would re-review in six months, at which point the firm was able to produce all of the requested information. The firm passed the examination with no derogatory marks.
They really proved their value when we were the subject of an SEC audit for newly registered firms. Compass gathered all the requested financial records very quickly. Compass provides more than a service: they provide a partnership. They care deeply about the quality of their work and the success of the firms they support.”
It has been a great partnership, and I look forward to our continued relationship!”
The quality of service and the experienced skill set which Compass offers can add value to many different types of wealth advisory businesses looking to accelerate their growth.”