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Wealth Management Compliance Professionals


The federal government has regulated the U.S. banking and financial services industry ever since the first banks were founded. After the stock market crash of 1929, Congress passed a series of laws (including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940) to more closely regulate the industry. The global financial crisis in the late 2000s prompted sweeping regulatory changes in the banking and financial services industry. “The wave of change since the global financial crisis has constituted the most far-reaching revision of regulatory requirements in decades, significantly increasing compliance requirements,” according to Global Risk Management Survey, 9th edition, a report from Deloitte University Press.

Many wealth management (WM) firms—especially small and mid-size organizations—worry that these regulations will have a negative effect on the performance of their businesses. According to a survey conducted by insurance giant Aon and detailed in its 2015 Global Risk Management Survey, banks see regulatory/legislative changes as the top issue that can impact their bottom line. As a result, many banks and financial services firms are expanding their compliance departments to reduce regulatory risk. 

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