Financial Advisor Success Ep 441: What It Really Takes To Implement And Scale Compliance As An Independent RIA Grows with Leila Shaver
Jun 10, 2025
Leila Shaver, founder of My RIA Lawyer, offers invaluable insights into the challenges of compliance as advisory firms expand. She explores when firms should seek outsourced compliance support and highlights the distinct regulatory landscapes for RIAs versus broker-dealers. The discussion also touches on the importance of integrating compliance professionals in business strategy and the impact of technology on compliance efficiency. Leila shares her entrepreneurial journey, emphasizing resilience and redefining success in the financial advisory world.
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RIA vs Broker-Dealer Compliance
- RIA compliance is less rules-based and more principles-based than broker-dealer compliance.
- This flexibility allows RIAs to customize policies to their business needs and reduces regulatory burden.
Lowest Denominator Compliance Rules
- Larger firms write compliance rules for their lowest common denominator advisors.
- This results in more complex and burdensome compliance than smaller, independent RIAs experience.
Regulatory Culture Differences
- FINRA's rules are highly prescriptive and leave little room for interpretation.
- SEC RIA regulations allow discussions and interpretations based on good faith efforts, promoting a culture of compliance.