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Purchase of RIA in a Box with reclaimed Barnaby Grist as overseer shows ambition of New York buyer to create compliance 'robo-advisor'

Fresh off big AssetMark score, Aquiline's money talks, saying RIAs must spend big to comply but would like to spend smaller

Author By Lisa Shidler June 1, 2018 at 3:01 PM
no description available
Barnaby Grist: They asked me to help them find a firm to invest in and we’ve been talking to a bunch of firms. This was the first one I got really excited about.

RIA Compliance



Jeff Spears

Jeff Spears

June 1, 2018 — 5:50 PM
Some clients need to talk to a human advisor and a Brian states human regulators will demand that they speak to a human compliance professional. As in the case of advisors versus robos the human element is difficult to automate out of the equation.
Bud Bluestar

Bud Bluestar

June 4, 2018 — 2:20 PM
Grist is a friendly guy with basically zero Regulatory experience. As Mr Hamburger points out, the Regulators have a silly belief that a human is accountable for regulatory transgressions. All the algorithms in the universe cannot overcome this variable or account for crazy variables like suitability claims. But it sure sounds like a great marketing pitch to generate new revenue and increase the almighty multiple...that is the name of the game!


June 7, 2018 — 7:58 PM
An old RIA firm I worked at used Lexington compliance, their parent company is RIA in a Box. You could never get a hold of them over the phone. If you were lucky enough to get a call back, they would not know the answer to the most basic questions. (so much for industry experts) I spent countless hours looking up answers to compliance questions that I had. I now work with Aurora Compliance Solutions out of CT and they are the best. When I call my representative he usually answers the phone. If I have to leave a message, I get a call right back. (with an answer) There are areas where automation should not go. RIA compliance is one of those "no-go" areas. Compliance technology happens in the other areas of the business through data aggregation. As a Chief Compliance Officer (CCO) you need that human touch. It's not always black and white. I actually told my rep at Aurora that if he ever tried to have me ever use "compliance software", it would be the last conversation we would have. He said "We don't think that it makes sense for compliance". Not that they were working on one or that they were considering one. He actually spoke my language so I asked "why not?" He said "additional programs and software can bring multiple other potential risks." I said "OK" but was thinking "Amen Brother, one last thing I don't have to worry about". LOL

Related Moves

November 29, 2018 at 11:54 PM

Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

NCS Regulatory Compliance
Consulting Firm
Top Executive: Mark Alcaide, COO/Partner

Rushmore Advisor Services
CRM Software
Top Executive: GJ King

RIA in a Box
Compliance Expert
Top Executive: GJ King

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