Welcome Joe Devlin, our new Director of Client Service!

Here at Assette, we’re obsessed with providing the best client service in the industry.  In support of our ongoing commitment to that effort, we’re thrilled to announce that Joseph P. Devlin, CFA, is joining our great team as Director of Client Service. He’ll be responsible for the overall management of all client relationships, and he’ll also be developing more educational content for our Help site to make it even easier for clients to use Assette.

About Joe

Joe has over 25 years of institutional asset management industry experience. As a former research analyst and portfolio management team member, his expertise in performance measurement, attribution, and portfolio analytics ranges from system design to implementation and client consulting.  Those skills will greatly enhance the client experience during onboarding, training, and ongoing use of our automated sales and client communications software to create pitch books, client presentations, client reports, database input, and secure client portals.

Joe comes to us from State Street Bank & Trust Company, where he helped institutional clients deliver a consistent view of their asset mix, performance results, and risk measures to support strategic decision making. Prior to that, he spent 23 years at Fidelity Investments. Joe earned a BA in Economics from Middlebury College and an MBA from Cornell University. He also holds the Chartered Financial Analyst® designation.

6 SEC Compliance Gotchas in Marketing Materials—and How to Avoid Them

Year-end is fast approaching, and now’s a great time to make sure all your compliance ducks are in a row.

According to compliance expert Amy Jones, CIPM, founder and principal at Guardian Performance Solutions, LLC, “Investment advisers are constantly struggling with how to navigate the Advertising Rule and tell their story without inadvertently committing violations. The OCIE Risk Alert is a great tool for these firms so that they can see the type of problems other firms have had and to help them avoid making the same mistakes.”

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3 Must-have Features When Automating the Last Mile

There’s no doubt that automation is the best way to eliminate last-mile risks. Automating the last mile is easy and cost-effective. There are lots of options. You can develop in-house software, purchase and install on-premises applications, or sign up for cloud-based services.

No matter which approach you choose, make sure your automated solution:

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3 Last-Mile Questions Every CCO Should Ask their Marketing/Operations Staff

Operation due diligence staff at asset owners—and their consultants—have become aware of last-mile issues at investment management firms, and many are now asking asset managers probing questions about how they handle the last mile.

Our advice: Forewarned is forearmed! Don’t let your firm be caught off guard by inquiries into your last-mile policies and procedures. Your marketing/operations staff should be able to answer the three questions below, address any flaws in their processes and procedures, and craft good answers for use in DDQs/RFPs and client/consultant meetings:

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Last-Mile Riddle: What takes 20 years to build and 5 minutes to ruin?

Your firm’s reputation. And when an investment firm’s reputation for accurate, reliable reporting is called into question, revenue-producing AUM takes a direct hit. Reputational risk stemming from regulatory missteps is a given. But operational risk can be just as damaging—and more insidious.

For example:

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The CCOs #2 Last-Mile Problem: Sloppy Operations

Regulators don’t like sloppy operations. Inadequate internal processes lead to performance-reporting mistakes in marketing and sales documents. And a pattern of operational mistakes invites regulatory scrutiny.

No CCO wants that.

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The CCOs #1 Last-mile Problem; Marketing and Advertising Errors

People. Your people. All those hard-working, well-meaning folks who support your firm’s marketing presentations.

And every one of them is just a fat finger away from making a last-mile mistake.

And that’s a problem for you as compliance professional. Because while to err is human, regulators don’t care. And they aren’t likely to be forgiving, either.

Consider these 2 common human-introduced data errors:

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The Biggest Regulatory Threat You Never Heard Of

Every CCO’s worst nightmare is the unidentified compliance problem waiting to happen.

The National Society of Compliance Professionals, the Investment Adviser Association and the CFA Institute have highlighted one of them: The Last-Mile Problem. As the IAA Newsletter’s Compliance Corner noted:

“[The last-mile problem] should be on the radar of chief compliance officers at investment advisory firms. By neglecting the last mile, investment advisory firms leave themselves susceptible to a variety of very real risks in a part of their reporting process that regulators are focused on: marketing presentations.”

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