How RIAs Can Find the Right Compliance Consultant: Support, Structure & Service
- Corrie Scoby
- Oct 20
- 3 min read
Updated: Oct 22
By Corrie Scoby • Chief Consultant & Owner, Three Lumos Consulting, LLC
Launching a Registered Investment Adviser (RIA) brings freedom—and new compliance responsibilities. Here’s how the right partner can turn compliance from a cost center into a strategic advantage.
Quick navigation:
“Compliance isn’t just a checklist—it’s a strategic advantage.”
Many Investment Adviser Representatives (IARs) leave large firms for independence. A spotless track record is admirable, but as the saying goes, past experiences are not indicative of future results. Running a compliant RIA requires ongoing attention, documentation, and judgment calls that fit your specific operations.
Why Compliance Consulting Is Essential for RIAs
With thousands of independent RIAs—many of them solo practices—demand for tailored, reliable compliance support has never been higher. The right compliance consultant helps you interpret rules in context, implement pragmatic processes, and stay exam-ready without derailing client work.
 Free Checklist for RIA OwnersThe Three Lights: 9 Questions to Evaluate Your Compliance Partner Quickly assess whether your current provider delivers real Support, Structure, and Service. |
The Three Lumos Pillars: Support, Structure & Service
Support:
Consistency and Accessibility
Large firms may offer deep resources, but advisers often encounter conflicting advice. True value is consistent, personalized support from someone who knows your firm—almost like an in-house CCO.
Will they join compliance or management meetings?
Are they available onsite for audits or onboarding?
Do you have a dedicated contact who understands your model?
Structure:
A Framework That Actually Works
Effective programs rely on intentional structure—calendars, file systems, templates, and technology to centralize tasks. But tools only help if they are used consistently.
“A gym membership won’t make you fit without showing up; compliance software won’t help during an audit if it’s never used.”
Examiners can spot last-minute cleanup. Build habits that keep your firm proactive, not reactive.
Service:
The Engagement Model That Fits
From targeted reviews (mock audits, advertising) to comprehensive or hybrid solutions, the best model is about fit, not flash.
A hybrid or “shadow CCO” approach can balance expertise and accountability—freeing principals to focus on clients while maintaining real operational oversight.
Budgeting for Compliance
Plan beyond advisory fees. Include secure archiving, WORM-compliant recordkeeping, cybersecurity, training, and documentation processes. Comprehensive solutions may cost more upfront but often reduce risk and reclaim time.
Vendor Due Diligence: Questions to Ask
What is your stated response time for inquiries?
Will you be available onsite for audits or onboarding?
Which service levels match our needs today—and as we grow?
Will we work with a consistent, dedicated contact?
Do you schedule periodic check-ins (phone, video, or in-person)?
How familiar are you with firms like ours?
Can you view issues through our operational lens?
Ready to Feel Confident About Compliance?Let’s align on a service model that fits your firm. |
About the Author
Corrie Scoby
Chief Consultant & Owner, Three Lumos Consulting, LLC
We guide RIAs with clarity, integrity, and partnership—so you can spend less time on compliance and more time serving clients.
Frequently Asked Questions
What should an RIA look for in a compliance consultant?
Consistent support, a workable structure, and a service model that fits your team. Prioritize responsiveness, tailored guidance, and relevant experience.
Is outsourcing the CCO role right for solo RIAs?
It can be efficient if the named CCO has real authority and understands daily operations. A hybrid “shadow CCO” model is a strong alternative.
What belongs in a compliance budget beyond consulting fees?
Secure archiving, WORM-compliant recordkeeping, cybersecurity, training, documentation, and periodic reviews.
Note: This article provides general information and does not constitute advice. Consult your compliance team for guidance specific to your firm..
© Three Lumos Consulting, LLC. All rights reserved.
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