Compliance
The most popular of all outsourced solutions for IFA's and the least understood as well. A good compliance firm should be aiming to support the management of an IFA business. This means the compliance firm working with the management of the business to identify areas of risk and to assist with the implementation and management of systems to manage the risks.
It does not mean the IFA appoints a compliance firm and that's compliance sorted for another year. The misconception still exists that a compliance business should 'deal with all the compliance' and working on this basis will undoubtedly lead to a detailed inspection of the cracks in your bedroom ceiling late on a Sunday night!