LionTree’s advisors get code compliance help
LionsTree’s advisory business is facing new challenges as it tries to adapt to the evolving needs of the digital age.
The company, a nonprofit that focuses on protecting investors’ investments in the financial services sector, is seeking code compliance from the National Association of Securities Dealers to better manage its financial adviser relationships, according to documents filed with the Securities and Exchange Commission.
The change comes as the industry evolves.
For years, brokers and dealers have largely kept a lid on how much code they’re required to report to regulators, and some advisers have moved to incorporate more of their own code into their business models.
But the changes are changing.
The SEC’s filing notes that a number of key LionTree clients have changed the way they manage their advisers.
A couple of the biggest names in the sector are changing their relationships with brokers and dealing with other regulators.
LionTree’s advisers include CME Group, the largest broker-dealer in the world, and CME Holdings, the biggest holding company in the U.S. It’s also part of the New York Mercantile Exchange, and its advisers have a relationship with the SEC, according the filing.
The liontree advisory business has grown over the years, said Jon Wurzbach, chief executive officer of LionTree.
In recent years, the company has been trying to adapt.
It began with a software solution, called LionTree Advisor, but it has grown to more than 30 advisers.
LionTree says it’s working on adding more code to its software.
But that effort isn’t complete yet, the filing notes.
The company expects to file its code compliance request in March, the documents show.