ACA Group (ACA), the leading provider of governance, risk, and compliance (GRC) solutions to clients in the financial services industry, today announced it has acquired FINOP Consulting, LLC, a financial and operations principal outsourcing firm for broker-dealers.
With ACA’s acquisition of FINOP Consulting, led by longtime industry veteran Dan Beaton, the company continues to be positioned to offer best-in-class custom FinOp services. FinOps, or financial operations, involves services that ensure a broker-dealer's financial practices comply with stringent FINRA and SEC standards, including accounting, recordkeeping, and financial reporting.
Specifically, the acquisition enhances ACA’s ability to offer best-in-breed FinOps services to its existing and future broker-dealer clients as part of ACA Signature, the firm’s scalable regulatory compliance solution. As a licensed Series 27 and Series 28 principal for clients, ACA ensures the accuracy of books and records, all required financial filings, and overall compliance functions.
“The acquisition of FINOP Consulting strengthens ACA's expertise in the financial operations space, allowing us to provide even more comprehensive and compliant solutions to our broker-dealer clients," said Patrick Olson, CEO at ACA Group. "As today’s heightened regulatory landscape evolves, our expansive knowledge ensures that our clients can launch, grow, and protect their businesses, knowing that their broker-dealer financial operations are in expert hands.”
“I am thrilled to join forces with ACA Group and offer our clients access to a robust, one-stop shop of industry-leading GRC services and solutions. Together with ACA, we are even better equipped to meet the complex regulatory demands and requirements facing broker-dealers today and in the future,” said Dan Beaton, who is taking on the role of Director at ACA Group.
Designed by former regulators and compliance professionals, ACA Signature equips clients with the technical expertise needed to safeguard their business in today’s evolving risk and regulatory environment. The platform provides outsourced FinOps services and prepares financial reports as per PCAOB and GAAP standards. Broker-dealers leverage ACA’s FinOps services to:
• Maximize Cost Efficiency: Outsourcing can be more cost-effective than hiring a full-time, in-house FinOp. It eliminates costs associated with salaries, benefits, and training.
• Ensure Regulatory Compliance: An outsourced FinOp is adept at staying updated with changing regulations and ensuring that the broker-dealer adheres to all necessary rules, thereby minimizing the risk of non-compliance.
• Focus on Core Activities: By outsourcing financial operations, broker-dealers can focus on their core business activities and strategic goals, rather than being bogged down by regulatory and financial operational tasks.
• Leverage Advanced Technology: Many outsourced FinOps services have access to advanced financial tools and technologies, which can enhance reporting, compliance, and efficiency.
• Tap into Specialized Expertise and Experience: Outsourced FinOps have extensive experience and specialized knowledge, ensuring compliance with regulatory requirements and industry best practices.
ACA’s roots in financial operations outsourcing started in 1992 through various acquisitions, and the company has been servicing the FinOps needs of some broker-dealers for nearly as long. Financial terms were not disclosed.