Our latest guide is here to provide you with a low-risk way to review and upgrade your compliance support. Just click below to download your free copy.
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The decision to reassess compliance support isn’t always held back by doubt; it’s normally about disruption. The assumption is that switching is lengthy, distracting and operationally risky, but in reality it’s far less disruptive than you’d expect.
So let’s answer the question advisers ask most: how long would it actually take to switch compliance provider?
For most firms, switching compliance provider is a complete unknown, and assumptions are made that:
Those concerns are completely rational, but the reality for our firms is different.
Here’s how it normally plays out:
Switching timeframe: 8 – 12 weeks
Compliance downtime: None
Adviser operations: Continue as normal
The key points are that all work happens in the background, the firm’s role is limited and highly structured, and the transition only overlaps planning, not delivery.
Here’s a high level overview:
Continuity is of paramount importance, so there’s no ‘blank-slate’ moment when you switch compliance services.
Throughout the switching process, adviser involvement is typically limited to:
Advisers are never expected to rewrite policies, re-log historic CPD manually, or learn a system on their own.
For a lot of firms, switching feels easier than staying put
It’s easy to underestimate the ongoing time cost of ‘meh’ compliance, the mental load of uncertainty, and the inefficiency of manual workarounds that become the norm.
With the novelty of structure and support, switching to a new, efficient compliance service can feel easier than staying put with an underwhelming one.
Our firms report feeling the immediate benefits of renewed confidence, improved visibility, reduced anxiety and strengthened governance.
A reset never felt so good, so quickly.
For a full view of the process, download our Adviser’s Guide to Switching Compliance Services and explore the detailed ‘week by week’ section.
Sam boasts 20 years' experience in Financial Services, and has a real penchant for all things regulatory (yes, really!), making her a compliance connoisseur.
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