SOURCE: Lexington Compliance

Lexington Compliance

December 07, 2009 07:00 ET

Lexington Compliance Launches to Provide Post-Registration RIA Oversight and Support

Zachary Gronich, CEO of RIA In A Box, Creates New Business Focusing on RIA Compliance Issues

NEW YORK, NY--(Marketwire - December 7, 2009) - Lexington Compliance, a new business aimed at supporting post-registration RIAs with management and review of the growing range of compliance requirements, launches today. The company will provide a full range of outsourced compliance services for RIAs and is an outgrowth of Zachary Gronich's RIA registration business, RIA In A Box.

Zachary Gronich, CEO of RIA In A Box, will also head the new firm. Hovig Melkonian, director of compliance at RIA In A Box and former Goldman Sachs compliance consultant, will transition to Lexington Compliance to lead the compliance team there.

"Lexington Compliance will deliver simply the best ongoing compliance oversight for RIAs. We will provide RIAs with the compliance oversight that is increasingly necessary in the post-Madoff securities climate," explains CEO Zachary Gronich. "As Congress works through new regulatory legislation, it is becoming increasingly clear that RIAs need a whole new level of compliance expertise and understanding and we can provide them with everything they need so they don't have to worry."

Lexington Compliance offers three levels of compliance services for established RIAs:

--  For smaller firms that need a compliance expert on-call, Lexington
    will provide 7-day-a-week email support from one of the Lexington
    compliance experts. Most questions are answered immediately; all questions
    answered within 24 hours. This service level includes access to an online
    compliance forum where RIAs can read the latest rule and regulation
    proposals for the investment adviser world and determine how they will
    impact a practice.
    
--  For mid-sized firms that need to augment their internal compliance
    efforts, Lexington Compliance provides the email support and online
    compliance forum participation as well as compliance review services for
    ads, website, business cards, seminars, and letterhead, plus compliance
    support for advisory documents. Lexington experts will also handle annual
    ADV amendments, including coordination of annual renewal fees to ensure
    firms remain registered.
    
--  For larger firms needing more comprehensive compliance oversight,
    Lexington Compliance provides all services included with the previous two
    options as well as a proactive, dedicated compliance expert assigned to
    each RIA firm. The dedicated expert will work directly with an RIA's in-
    house compliance officer to ensure total compliance.  Also included are on-
    site compliance reviews conducted every six-months by the Director of
    Compliance, starting with an initial on-site compliance review to make sure
    firms are doing everything possible to stay compliant from the inception of
    the relationship. The compliance expert will also check in frequently to
    make sure each firm is on top of new rules, regulations and changes to flag
    possible compliance issues.
    

Lexington Compliance also provides on-site mock audit services for RIAs to help ensure all books, records, files, folders, policies, procedures, documents, and advisory activities are in compliance. This service mimics audits currently done by the SEC or the state and helps RIAs anticipate and prepare for any potential issues that may arise.

"As an RIA, I am very concerned about the strict SEC and state regulations that are very complicated and it takes a lot of time to really understand all of the rules," said George Koutsakis of RIA Strategic Retirement Planning, LLC, in Miami, Florida. "I prefer to spend my time helping my clients and when I find help navigating treacherous compliance waters with services like those offered by Lexington Compliance, why not use them? They live and breathe compliance and can easily help me with all the subtleties that I'm not familiar with. This kind of assistance really gives me peace of mind."

Lexington Compliance is based in Manhattan with a second office in Houston.

About Lexington Compliance

Lexington Compliance, a company focused exclusively on providing compliance advice and oversight to established RIAs, is a sister firm to RIA In A Box. RIA In A Box and Lexington Compliance founder Zachary Gronich, CPA/PFS, has helped over 750 advisory firms get registered quickly and correctly the first time. Both firms work with all 50 states, DC, and the SEC. The firm is based in Manhattan with an additional office in Houston. For more information, visit http://lexcompliance.com or call (877) 232-9004.

Contact Information

  • Contact:
    Erica Zeidenberg
    Hot Tomato Marketing
    925-631-0553