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Part 4: Compliance typically represents a small part of advisors’ total time budgets

Many advisors are involved in compliance functions, but relatively few describe compliance as their primary job

While advisors are concerned about regulatory compliance, they rarely make it their primary area of focus. Most advisors indicate they are designated chief compliance officer (CCO) (60%) or that compliance is otherwise included in their job responsibilities. However, only 17% indicate CCO responsibilities as their primary job function. Most indicate they are principals or owners (44%) suggesting compliance personnel commonly wear multiple hats at their organizations.


Nearly half of respondents indicate they spend less than 25% of their time fulfilling CCO responsibilities (49%), and more than three quarters spend less than half their time on compliance (76%).


Advisors who spend more than 25% of their time engaged in compliance tasks tend to be either dedicated CCOs or principals/owners of their firms. Unsurprisingly, individuals primarily tasked with CCO responsibilities spend more time on compliance functions than those with other titles. Most principals and owners indicate they spend less than a quarter of their time on compliance, which could indicate they delegate these functions to others in the organization or simply have too many other responsibilities to spend more of their time on compliance efforts.