Outsourced CFO & Accounting Solutions for the Wealth Management Industry

MAKE BETTER
FINANCIAL DECISIONS

MINIMIZE
BUSINESS RISK

leverage your
resources

Wealth Managers choose Compass for

high quality accounting services,

financial solutions, and trusted advice.

Few firms have the necessary resources, processes, and

tools to optimize their business.

We are here to help firms like yours.

Optimize Your Wealth Management

Business Model

TIME
SAVINGS

We help you save valuable time that can be allocated to other important tasks in managing your RIA business.

Our specialized expertise eliminates financial risks, utilizing a DIY (do it yourself) approach.

GREATER
EFFICIENCY

Compass’ core services are fully complementary to your firm’s needs, making your resources more scalable.

Your financial and accounting needs are handled by Compass’ knowledgeable specialists.

IMPROVED
PRODUCTIVITY

Boost the productivity of all of your employees by outsourcing financial and accounting tasks to Compass.

Compass’ Services are Tailored to

Wealth Management Firms like Yours

Our team offers a variety of ongoing finance and accounting services to support your company, analyze operations, and help you make better business decisions.

BUDGETING AND FORECASTING

PAYROLL SERVICES

CONTROLLER SERVICES

EXPENSE MANAGEMENT

FINANCIAL RECORDS

BILL PAYMENTS

ACCOUNT RECONCILIATION

TAX FILINGS

Compass offers co-sourced experts who act with care and precision.

Let’s protect the future of your business together.

Simple and Flexible Pricing

Compass Offers Two Levels of Co-Sourced CFO Services

Compass CFO Solutions: What We Do

Compass CFO Solutions provides direct support to RIAs to ensure that they meet all accounting and financial reporting requirements.

In addition, Compass also supports other areas of your business as indicated below:

Compass Builds Succesful Long-Term Relationships

WE MAKE IT EASY TO DO BUSINESS TOGETHER

OPEN COMMUNICATION

STEADY FLOW OF INFORMATION

RESULTS CONSISTENT WITH EXPECTATIONS

MUTUAL TRUST

The Compass Management Team

Compass’ greatest strength is its people. The team is led by knowledgeable industry experts

with specialized experience in accounting, finance, and operations for RIA wealth managers.

Damian Lo Basso

FOUNDER & CEO

Damian Lo Basso has over a decade of experience in the financial services industry. Prior to founding Compass CFO Solutions, Damian led the finance and accounting divisions for RIA platform service provider Dynasty Financial Partners. He then served as the Vice President of alternative asset manager CoVenture.

He began his career in the investment banking department of Deutsche Bank Securities, where he worked in the firm’s Structured Credit division.

Damian is a member of the Forbes Finance Council and is a regular contributor to Forbes and various wealth management news outlets.

Married and living in New Jersey, Damian enjoys staying active with his wife, Brielle, and black lab, Jett.

LINKEDIN PROFILE

Matt Hayon

COO

Matt Hayon brings to Compass over a decade of experience helping small businesses improve their operations and minimize costs.

A proclaimed “efficiency expert,” Matt is absolutely obsessed with applying new creative strategies to strengthen the bottom line of the firms he works with.

Most recently, he served as the Controller of Natural Wireless LLC, a High-Speed Internet Service Provider.

Matt graduated with a Bachelor’s Degree from New York University. He currently holds the Project Management Professional (PMP) designation. Matt lives in New York City with his girlfriend, Emily.

LINKEDIN PROFILE

Our Firm’s Promise

At Compass, we operate at the crossroads between precision and passion. Our mission is to

empower independent wealth advisors to make better informed financial decisions that drive

their businesses forward.

 

We provide consistent, thoughtful, and accurate data that our clients can rely on. We obsess

over each client, so they in turn can obsess over theirs.

Success Stories

Advisor Looking to Scale

SITUATION

Compass was approached by an advisory firm looking to scale its existing operations in a meaningful way. The firm already saw success on a small scale, but wanted to grow its business in a way that made sense for them.

However, the firm’s books were sloppy, and the two owners had different pictures of their business and its needs.

 

SOLUTION

To get the firm on the right financial footing and put the owners in control of their business, Compass dove into the firm’s books, analyzing every line item of the firm’s financials.

During the course of several conference calls, Compass probed the owners for more information about their business, and at the same time, gave its own impressions and advice.

Compass was able to use its experience working with other advisory firms of similar size and growth trajectory to make informed recommendations of how to present its financials in a more transparent way.

Compass also made recommendations about how the firm could better focus its existing operations and increase efficiency.

OUTCOME

The firm, now with a better picture of the financials and operations of its business (and cleaner books), is in a better position to scale its existing operations or prepare for an acquisition.

 

Transitioning to Independence

SITUATION

An RIA firm was looking to transition to independence from a traditional wirehouse setting.

Having chosen their custodian and key technology vendors, the partners were unsure as to what else needed to be done to guarantee a successful transition.

 

SOLUTION

Compass began by working with the team to implement pre-transition best practices to minimize the risks assumed by the firm and its partners.

By properly tracking all out of pocket expenses; managing all transition support funds provided by the custodian; and properly training the firm’s staff on all relevant workflows, policies & procedures and financial controls; the team was well prepared for their scheduled launch.

 

OUTCOME

By working with the partners to track their out of pocket spending, Compass eliminated countless hours of reconciliation work that would have been necessary come tax season.

Also, by getting the firm up and running on Compass’ proprietary technology stack prior to their launch, the firm and its staff was able to focus on successfully transitioning their clients, rather than on debits and credits.

 

SEC Audit Review

SITUATION

A seasoned RIA firm received a request for documentation from the SEC.

Though the firm had made every attempt to remain compliant, it was missing many of items relating to the financial books and records requirements.

 

SOLUTION

Understanding and managing the countless requirements put into place by state and federal regulatory agencies is difficult for even the most seasoned advisors.

Though the firm was missing many of the historical records that were requested in the documentation request, Compass was able to review and correct the firm’s financial statements.

Compass identified the areas where the firm was delinquent in their best practices, and implemented proper controls to fix the deficiencies moving forward.

 

OUTCOME

Though the firm was not able to produce some of the supporting documentation requested, the SEC recognized the newly implemented the new controls that were established as a corrective measure.

The SEC told the firm that they would re-review it in six months, at which point the firm was able to produce all requested information and passed the examination with no derogatory marks.

 

Testimonials

“Compass CFO Solutions is rapidly becoming a leading innovative force within the wealth management business. Their outsourced financial business model is the perfect fit for many of the advisors in our growing platform. The quality of service and the experienced skill set which Compass offers can add value to many different types of wealth advisory businesses looking to accelerate their growth.”

Stephanie Holly

CFO, Chalice Financial Network

“Compass has been an invaluable partner to us. Before working with Compass, we had envisioned a narrow relationship that focused on financial reporting. We now view Compass as a trusted advisor and a true CFO. Within the Registered Investment Advisory (RIA) industry, Compass has an extremely deep understanding of the industry and the steps that we need to take as a business to materially increase our enterprise value. As trite as it may sound, we really do consult with Compass before making any serious decision as a business.”

Brian Bova

Principal, Inscription Capital

“Compass played an integral role in helping us set up our books and records from day one. They applied the proper context, support, and priority to our financials, enabling us to keep focus on other areas of the business. Where they really proved their value was when we were the subject of an SEC audit for newly registered firms. Compass gathered all the requested financial records very quickly. Compass provides more than a service, they provide a partnership. They care deeply about the quality of their work and the success of the firms they support.”

Kathryn M. Brown

CFP®, ChFC®, Morton Brown Family Wealth

“Compass has been an invaluable and collaborative resource in our budgeting process.  Their customized reports are an instrumental part of our strategic planning and their guidance is necessarily additive.”

Chris Clasen

CFA, Chief Operating Officer, Corrigo Investment Partners

Affiliates / Alliance Partners

Compass works closely with the following industry leaders to ensure the highest quality of service to each of its clients.

OUR OFFICE
Compass CFO Solutions, LLC
4400 U.S. 9
Suite 39
Freehold, NJ 07728

CONTACT US
[email protected]
Tel: (646) 710-7871

© Compass CFO Solutions LLC, Consultants to the Wealth Management Industry

OUR OFFICE
Compass CFO Solutions, LLC
4400 U.S. 9, Suite 19, Freehold, NJ 07728

CONTACT US
[email protected]
Tel: (646) 710-7871

CONTACT US
[email protected]
Tel: (646) 710-7871

© Compass CFO Solutions LLC | Consultants to the Wealth Management Industry