ComplianceWorks COVID Response

Message from Jeff Groves, President of ComplianceWorks

When you decide to use ComplianceWorks for your compliance needs I emphasize that “we are a relationship-driven firm – more like a partner in the success of your firm rather than just a vendor.”  That is easy to say in a due diligence call and easy to say while everything is going along in normal times. However, in order for that statement to be meaningful, it must apply especially when things are not going so well. Things are not going so well with the precautionary measures around the COVID-19 virus curtailing economic activity and pushing the market into a downturn. Not only is there uncertainty in dealing with the health issues, but once we emerge from working through the health issues it is very uncertain as to what kind of shape our economy will be in.

Due to the severity of what we all will likely be facing, ComplianceWorks has decided to take proactive action to honor our commitment to truly being a partner with our clients. We understand that falling short on compliance obligations in reaction to this difficult environment would only further increase risk to our clients. Thus, effective April 1 you will be given a temporary [10%-25%] reduction in the monthly ComplianceWorks’ fee without a reduction in service or tasks outsourced to ComplianceWorks.  This puts the cost of our services more in-line with the uncertainty of firm financial conditions and puts our firms in the same boat as we all work toward recovery.  We will re-evaluate the discount every 3 months to determine then continuance and the amount of reduction going forward. ComplianceWorks is firmly prepared to extend the time period for the reduction until such time that economic and market factors become more stable.

ComplianceWorks will grant the same reduction to any firms that become clients as well during this time period and thus would welcome any referrals of firms needing compliance help and yet still manage their expenses.

Should you have any questions or comments regarding this reduction in fee, please direct them to me via call or email

I wish you the best health and luck for you, your family and your firm during these trying times.

"ComplianceWorks Inc. Make Unprecedented Move to Reduce Fees in Response to COVID-19 Health Crisis"

Financial services industry provider of outsourced compliance services, ComplianceWorks Inc. has made an unprecedented move to voluntarily reduce its fees to existing and new clients by an average of 19% in response to the COVID-19 health crisis and the economic damage being caused by preventative restrictions on businesses.

In most cases, the revenues of clients of ComplianceWorks Inc. are directly tied to changes in the market because they typically collect a percentage fee of the market value of their clients’ accounts. Thus with the broad market decline, investment advisory firms can be looking at 20% – 30% lower revenues for the 2nd quarter of 2020. Depending on the ripples in the economy of the COVD-19 restrictions, further unfavorable market reactions are possible.

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"Cybersecurity Breaches Threaten Advisors Who Work From Home"

Jeff Groves, president of CWI ComplianceWorks, a compliance support business for advisors, reminded advisors that they have to meet all federal and state regulations even while working at home.

“Advisors still have to use business email accounts for business communications and any prohibited types of communication and transactions still are prohibited at home,” he said. “Confidentiality should be considered on everything. Being in a home office does not suspend compliance.

“You also have to understand the limitations of your computer and of the systems being used by third party providers,” Groves said. “And you have to be careful what information you show during a webinar. Your client may not be in a secure environment.

“Document everything,” he emphasized. “If you did not document it, you did not do it.”

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ComplianceWorks has decided to take proactive action to honor our commitment to truly being a partner with our clients.