Wealth Management Compliance Professionals
Exploring this Job
If the terms “asset allocation,” “index,” “mid caps,” and “blue chips” seem like a foreign language to you, then a glossary is a good place to start as you explore the world of wealth management. The investment bank UBS offers a useful glossary of WM terms at https://www.ubs.com/microsites/wma/insights/en/glossary-of-terms.html. Visit your local library to check out books such as Essential Strategies for Financial Services Compliance (John Wiley & Sons, 2015), which provides a detailed overview of the types of issues compliance professionals face every day. Another good resource is the ACA Compliance Group's blog, https://www.acacompliancegroup.com/blog. Talk to compliance professionals about their careers. Ask them the following questions:
- What do you like most and least about your career?
- What’s the best strategy for people to land jobs in the industry?
- What’s the best way to network in this industry?
- How is the wealth management industry changing? What can students do now to improve their chances of landing a job?
- Can you recommend anyone else that I can talk to about career paths and the job search?
Job duties for compliance professionals vary by employer, job title, and other criteria, but most perform the following duties:
- overseeing the firm’s registrations and annual filings with the Financial Industry Regulatory Authority and the Securities and Exchange Commission, as well as state notice filings
- developing and implementing a compliance risk management program that identifies and manages compliance risks
- providing advisory support to wealth managers, partners, risk managers, and information technology professionals on regulatory rules
- assisting in regulatory reviews—including internal audits, exams, and inquiries—to ensure that compliance procedures are followed
- designing and overseeing compliance training programs for the firm’s employees
- working with the legal department to identify and analyze emerging legal and regulatory issues
- discussing current or emerging compliance issues with the firm’s management
- maintaining databases of the firm’s compliance activities (such as complaints received, the firm’s responses, and investigation outcomes)
- reviewing communications such as securities sales advertising to make sure that there are no violations of regulations
- staying abreast of regulatory developments by reading industry publications and reports and press releases from regulators
- using reporting, compliance program management, portfolio monitoring, electronic communication archiving and review, and other software to collect information for regulatory filings and firm records