BROKER/DEALER SERVICES

Solid™ Consultants have an average of working with broker/dealers for more than thirty years. Put their skills to the test. Broker/Dealers have unique requirements under FINRA Rules. Let our team of consultants assist your firm in addressing specific concerns.

We provide the following services

 
• 1.

  Anti-Money Laundering Audit Services. An independent annual audit of a firm’s Anti-Money Laundering Program is required under FINRA Rule 3310(c). The effectiveness of AML Programs and the proficiency of the AML Program review has been an exam priority for FINRA over the past few years. Has your firm put in place adequate procedures to address the Know Your Customer “KYC” and Enhanced Due Diligence requirements? Solid™ has consultants who have spent years performing these types of examinations and can assist your firm in its independent annual examination providing expert advice in these areas. Consultants provide reports with recommendations to assist firms in developing AML Programs that are effective and efficient.

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• 2.

  SEA 15c-3-5 Testing and Reporting along with the CEO Certification (FINRA Rule 3130). In December 2017, FINRA issued the Exams Deficiency Report which highlighted concerns over how firms conducted overall testing and reporting aimed at mitigating risks and implementing effective controls for firms that have Market Access. Solid™ has the experts that can assist firms in conducting FINRA Rule 3120 and SEA 15c-3-5 required testing in this area. Solid™ will provide recommendations towards effective control processes firm’s will want to consider in this area. In addition, Solid™ can provide formal documentation of testing efforts with recommendations for the annual testing protocols for the firm. Solid™ can also provide firms with the CEO Certification document utilized to evidence compliance of the Market Access Program under SEA 15c-3-5 for your Chief Executive Officer’s consideration and sign-off.

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• 3.

  FINRA Rule 3120 and 3130 testing and reporting and the Chief Executive Officer (“CEO”) Certification. Broker/Dealer and Dual Registrants often struggle with the time commitment and expertise needed to undertake this critical annual requirement. Let Solid™ help you undertake these efforts. Our consultants understand controls and stay up-to-date with current FINRA and MSRB requirements. Risk assessments and reporting are tailored to your firm and our consultants work closely with your staff to prepare professional, thorough testing reports.

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• 4.

  Compliance Department Organization Reviews. Worried that your firm may be missing something? Has your firm had a recent restructure of departments or critical managers? What about new business lines? Let an expert consultant review your organization and sit down with key personnel and managers to delve into finding your gaps, making recommendations towards more efficient use of staff and time. We’re experts in this area and can help you use your resources to the fullest!

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• 5.

  Branch office inspection review and reporting. Branch office inspections are an annual requirement for many firms. Is your branch office inspection program effective? Are your auditors qualified to detect red-flags and understand weaknesses in controls? Can your firm’s resources be utilized more efficiently? Solid™ has qualified field examiners that provide qualitative testing to administrate your firm’s compliance program. Our examiners are field professionals, are respectful and effective in administering your firm’s program. Need help with determining testing and formalizing testing reports? We do that for you too!

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• 6.

  Registration assistance and reviews. Small firm’s and firms short of staff can rely on expert staff to assist in completing state registrations for OSJs, Branch Offices and registered representative staff.

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• 7.

  Annual Compliance Meeting customized to the firm's business. Educational efforts can be time consuming for many firms. Let an expert deliver your annual compliance meeting to the field.

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