1st BridgeHouse Consulting provides advice and solutions to the regulated financial industry on compliance and regulatory issues while balancing the needs of sales, operations and management with the requirements of the regulators.
1st BridgeHouse Consulting LLC clients include Broker Dealers, Registered Investment Advisors (RIA), Hedge Funds and other capital market participant’s such as banks, credit unions, non-U.S. financial service firms and other types of financial service firms. Whether starting a broker-dealer or a RIA, conducting a required regulatory audit, or testing your procedures, 1st BridgeHouse Consulting can help you optimize your resources while augmenting your firm’s regulatory expertise.
In this new and progressively complex world of regulatory compliance, it has become increasingly important (and sometimes mandatory) for broker-dealers and RIAs of all types to have an independent expert review policies and procedures, conduct AML tests, and perform examinations of branch offices. However, many consulting firms only understand the regulations and have little first-hand knowledge of the business aspects of running a broker-dealer. While these companies may be good at discovering issues that need to be addressed, their focus is often limited to identifying the immediate problem and their advice may not always be practical for all areas of your company. 1st BridgeHouse is different – we understand compliance, operations, sales, and management and will work with the management and regulators to find the right solution. We take a holistic approach to fixing regulatory problems.
BROKER DEALER SERVICES
FORMATION AND REGISTRATIONS
We work with you to ensure your new member application accurately represents your intended business activities and operations to FINRA. We will advise you on how to structure your company, create your compliance program, establish policies & procedures, develop best practices to mitigate the firms risk and provide comprehensive solutions.
Are you considering acquiring a Broker Dealer?
If you are considering the acquisition of an existing broker dealer then have 1st BridgeHouse conduct a due diligence review. 1st BridgeHouse can review specific concerns and high risk areas and conduct a comprehensive mock FINRA examination. Prior to purchasing a broker dealer a thorough review must be completed otherwise you could be purchasing unknown contingent liabilities. Many broker dealers have not been through a FINRA examination for several years. Previous and unknown violations often lead to fines, disciplinary action, and liabilities that, if unaccounted for, can turn an attractive purchase into a financial and compliance nightmare.
COMPLIANCE PROGRAM SUPPORT
There are always compliance tasks needed to be completed, submitted or reviewed daily. We are able to provide you an extra set of hands and eyes to enhance the efficiency of your CCO’s compliance program. A compliance consultant will be assigned to assist your chief compliance officer and other executives with executing daily, monthly and annual compliance requirements. Our tailored compliance support can include but is not limited to WebCRD forms and filings submissions, managing your annual compliance meeting, developing your firm element continuing education, and tailoring your WSP.
REGULATORY EXAMINATIONS AND COMMUNICATIONS ASSISTANCE
When a regulator notifies your firm of an upcoming regulatory examination it can be overwhelming and terrifying. Organizing and responding to information requests are burdensome and time consuming while you are running a business We can help you with prior information requests, ongoing exam questions and information request, regulatory phone discussions and implementing exam corrective actions.
Litigation Support and Expert Witness
If your firm is a party to an arbitration or other legal action, your legal counsel may advise to hire industry expert to assist in your defense. We assist legal counsel by preparing support documentation, reports, exhibits, and research in addition to supplying expert testimony. 1st BridgeHouse consultants who serve as experts have a wide variety of professional and industry experiences in addition to various principal qualifications.
ANNUAL INTERNAL ASSESMENTS AND REPORTS
Broker dealers are required to annually test their compliance program and supervisory controls to assess the firms high risk areas and effectiveness of their policies and procedures. 1st BridgeHouse has developed proprietary online modules to assist with information collection and policies and procedures testing. Our modules are tailored to your business activities and areas of risks. By having an independent party conduct these audits allows for a subjective and holistic point of view. 1st BridgeHouse delivers a comprehensive risk based report with our findings and recommendations.
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FINRA Rule 3120 (Supervisory Control System)
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FINRA Rule 3130 (Annual Certification of Compliance and Supervisory Processes)
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FINRA Rule 3310- AML Compliance Program
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Branch Office Reviews
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Continuing Education Needs Analysis
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Identity Theft Prevention Program / Red Flags.
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Business Continuity Plan
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Regulation S-P
RULE 1017 FILINGS:
CONTINUING MEMBERSHIP APPLICATIONS (CMA)
Each firm’s continuing member application is different dependent on your firm’s needs, changes and operations. A CMA needs to be submitted whenever your firm has a material operational change, change in ownership, new lines of business, significant increase of allowed number of registered representatives or branch offices stated within your FINRA Membership Agreement. Once a CMA has been submitted to FINRA, FINRA needs to approve and amend your Membership agreement prior to any change. 1st BridgeHouse prepares and guides your firm through your unique continuing member application to FINRA approval.
THE JOBS ACT & FUNDING PORTALS
The JOBS Act enacted the most significant changes to the financial industry, specifically to available capital raise exemptions, since 1934. From the JOBS Act a new category of FINRA members was created called Funding Portals. Funding Portals are not fully capable as a broker dealer due to its limited scope of services which include the ability to only post Regulation Crowdfunding offerings. 1st BridgeHouse can advise on the best practices for your funding portal and affiliated entities to insure the portal is operating compliantly.
REGISTERED INVESTMENT ADVISOR SERVICES
RIA FORMATION AND REGISTRATIONS
1st BridgeHouse provides RIA formation and registration services for The Securities and Exchange Commission (SEC) and state regulators. We give guidance on how to structure, operate, complete necessary registration documents, and serve as your intermediary with regulators. 1st BridgeHouse acts as the firm's liaison with the regulators during the approval process.
We assist with forming new RIAs and existing RIAS seeking additional state registrations and registration conversions between regulators, SEC to State or State to SEC. We also assist with Exempt Reporting Advisors becoming a reporting advisor. Whether your RIA is adding or switching your regulators, your compliance programs requirements is impacted. The rules and regulations governing RIA’s vary between each regulatory entity.
RIA COMPLIANCE PROGRAM SUPPORT
The compliance consultants at 1st BridgeHouse are knowledgeable and experienced with the varying state and SEC annual requirements to maintain your compliant RIA. We continue to be up to date with the latest regulatory changes. Our mission is to allow you to focus on serving your customers with the best tailored advice while 1st BridgeHouse oversees the operational and regulatory aspects of your RIA.
REGULATORY EXAMINATIONS AND COMMUNICATION ASSISTANCE
When a regulator notifies your firm of an upcoming regulatory examination it can be overwhelming and terrifying. Organizing and responding to information requests are burdensome and time consuming while you are running a business We can help you with prior information requests, ongoing exam questions and information request, regulatory phone discussions and implementing exam corrective actions.
COMPLIANCE PROFESSIONALS
1st BridgeHouse Consulting approaches all of our clients’ needs holistically in order to provide comprehensive solutions and support. Knowledge of regulations is one thing; knowing the best way to operate within those regulations is another. Our vast knowledge and understanding of the financial industry’s regulations combined with our innovative thinking helps you mitigate your firm’s risks and incorporates best practices. 1st BridgeHouse prides its self on the knowledge, experience and creativity of its team. You can count on us to deliver quality service from a team of experienced Compliance Professionals.
1st BridgeHouse is proud to partner with other firms that bring specific expertise to our clientele. This expertise ranges from consulting services for banking or other financial related institutions, to data processing for broker-dealers to help make better sense of payroll and compliance reports originating from clearing firms.