Frequently Asked Questions
Compliance Consulting for Independent RIAs
What does a compliance consultant do for an RIA?
A compliance consultant helps Registered Investment Advisers understand, implement, and maintain regulatory requirements under SEC or state rules. This includes building and updating compliance programs, preparing regulatory filings, reviewing marketing materials, supporting examinations, and providing ongoing guidance as regulations evolve.
Three Lumos Consulting focuses on practical, real-world compliance support—not just policies on paper.
Do small or solo RIAs really need a compliance consultant?
Many small and solo RIAs do not have the time, staff, or expertise to manage compliance internally. Even firms with only one or two advisers are still subject to the same regulatory expectations as larger firms.
Working with a compliance consultant helps reduce risk, improve consistency, and ensure regulatory obligations are met—without the cost of a full-time internal compliance hire.
What’s the difference between ongoing support and project-based services?
Ongoing compliance support provides continuous guidance through a monthly retainer. This option is ideal for firms that want proactive help, regular check-ins, and ongoing access to a compliance professional.
Project-based services are designed for firms that need help with a specific issue, such as RIA registration, a mock regulatory exam, an AML review, or a marketing materials review.
Both options are flexible and tailored to your firm’s needs.
What is on-demand compliance advice?
On-demand advice is hourly compliance support for firms that need quick answers, second opinions, or help with time-sensitive questions.
This option works well for advisers who generally manage compliance themselves but want access to an experienced professional when questions arise.
Which service option is right for my firm?
That depends on your firm’s size, complexity, and comfort level with compliance.
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Firms seeking consistency and peace of mind often choose ongoing support
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Firms facing a specific regulatory need often start with project-based services
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Firms needing occasional guidance may prefer on-demand advice
Many clients begin with one option and transition to another as their firm grows.
Do you work with SEC-registered and state-registered advisers?
Yes. Three Lumos Consulting works with both SEC-registered and state-registered RIAs, and tailors compliance guidance based on the firm’s regulatory status and jurisdiction.
Can you help prepare for a regulatory exam?
Yes. Exam preparation is a core part of the services offered. This may include mock examinations, document reviews, compliance gap analyses, and coaching on exam readiness.
The goal is to help firms feel prepared, organized, and confident when interacting with regulators.
Do you provide compliance manuals and policies?
Yes. Services may include creating, reviewing, or updating compliance manuals, policies, and procedures. All materials are customized to reflect your firm’s business model, services, and regulatory obligations.
Do you review marketing materials for compliance?
Yes. Marketing material reviews are available as part of project-based services, ongoing support, or on-demand advice. This includes reviews for compliance with the SEC Marketing Rule and related advertising requirements.
How is pricing structured?
Pricing depends on the type of service:
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Ongoing support is offered through monthly retainers
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Project-based services are scoped and priced based on complexity
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On-demand advice is billed hourly
Clear pricing is discussed upfront so there are no surprises.
Do you replace an internal Chief Compliance Officer?
Three Lumos Consulting does not replace your firm’s designated Chief Compliance Officer unless formally engaged to do so. Instead, services are designed to support advisers and internal compliance roles by providing expertise, structure, and guidance.
Are you affiliated with any regulatory agencies?
No. Three Lumos Consulting is an independent compliance consulting firm and is not affiliated with the SEC, FINRA, or any state regulatory authority.
What types of firms do you typically work with?
Three Lumos Consulting primarily works with small and independent RIAs, including solo advisers and boutique firms that value personalized, hands-on compliance support.
How do I get started?
The best first step is to schedule a consultation. This allows us to discuss your firm’s needs and determine the most appropriate level of support.
Still have questions?
Schedule a consultation to discuss your firm’s compliance needs and determine the right level of support.