At LeGaye Regulatory Support Services (LRSS), we understand that financial compliance is an integral part of a successful broker-dealer. As your outsourced Financial and Operations Principal (FINOP), our mission is to safeguard your firm’s financial stability, maintain your net capital compliance, and ensure that your financial records and regulatory filings are always accurate, timely, and exam-ready.
What is a FINOP?
A FINOP is a specially qualified professional registered with FINRA who is licensed by passing the Series 27 or Series 28 Exam. The FINOPs primary responsibility is to ensure that the firm’s financial books and records are accurate, complete, and maintained in accordance with applicable securities laws and regulations.
At its core, the FINOP role combines oversight of a firm’s financial accounting systems with responsibility for ensuring compliance with critical net capital and customer protection rules. This includes monitoring the firm’s daily and monthly net capital position to verify that the broker-dealer consistently maintains net capital at or above the regulatory minimums required by SEC Rule 15c3-1. The FINOP must have a clear, real-time understanding of the firm’s liquidity and financial condition and must promptly detect and address any capital deficiencies that could jeopardize the firm’s ability to conduct business as a net capital deficiency requires the firm to cease business until in capital compliance.
In addition to capital monitoring, the FINOP is responsible for ensuring that all financial transactions are properly recorded and reconciled, that the firm’s general ledger is current and accurate, and that financial statements reflect the true economic state of the firm. This work includes supervising the preparation and filing of periodic regulatory reports such as the FOCUS Report (Form X-17A-5), Supplemental Statement of Income (SSOI), SIPC assessments, and various other filings mandated by FINRA and the SEC.
The FINOP must also be prepared to interact with regulators and auditors, respond to requests for financial information, and provide explanations and supporting documentation during routine examinations or in response to ad hoc inquiries. This position requires not just technical accounting skills, but a deep understanding of the regulatory environment, the firm’s business model, and the financial implications of its activities.
In many ways, the FINOP acts as the firm’s financial gatekeeper and early warning system, proactively ensuring that financial risks are identified and addressed and in protecting your firm’s ability to meet its obligations and maintain the confidence of clients, regulators, and counterparties.
Our Comprehensive FINOP Services
LRSS provides complete, customized FINOP solutions, including:
- Net Capital Compliance
- Daily and monthly net capital calculations
- Monitoring minimum capital thresholds and liquidity
- Support for capital distributions and subordinated debt filings
- Accurate Books & Records
- Oversight of your general ledger and trial balance
- Detailed account reconciliations and supporting schedules
- Expense, accrual, and prepaid account management
- Regulatory Reporting & Filings
- Preparation and filing of FOCUS Reports, SSOI, Form Custody, SIS, SIPC-6 & SIPC-7
- Quarterly and annual financial representation letters
- Schedule I and Exemption Reports
- Audit report coordination and electronic filings with FINRA, the SEC, and states
- Audit & Examination Support
- Year-end financial audit preparation
- Liaison with auditors and regulators
- Responding to ad hoc FINRA or SEC requests
- Financial Strategy & Guidance
- Advice on capital infusions, capital withdrawals, and liquidity planning
- Assistance with subordinated loans and related regulatory filings
- Strategic input to align financial practices with growth objectives
Why Choose LRSS as Your FINOP Partner?
Choosing LRSS means partnering with a team that brings deep experience, proactive oversight, and a commitment to practical, customized solutions. Our seasoned FINOPs and regulatory professionals understand the day-to-day realities of operating a broker-dealer and the pressures that come with keeping your firm financially sound and regulator-ready.
Unlike firms that simply handle routine filings, we take a proactive approach, actively monitoring your financial health and identifying potential risks before they become compliance issues. This vigilance gives your leadership the confidence to make informed decisions and manage capital effectively.
We know that every broker-dealer is different, which is why we tailor our FINOP services to fit your firm’s unique business model, risk profile, and growth plans. Whether you are a newly registered startup, a well-established firm, or a niche capital acquisition broker, we design our support to align with your specific needs and operational complexity.
Most importantly, we work as a seamless extension of your team. Our professionals coordinate closely with your management, back-office staff, legal counsel, and auditors, ensuring that your financial compliance is integrated smoothly into your daily operations and long-term strategy.
When you partner with LRSS, you gain more than a regulatory requirement — you gain a dedicated partner committed to protecting your financial integrity and supporting your success every step of the way.
Ready to Strengthen Your Financial Compliance?
Protect your firm’s financial integrity and regulatory standing with outsourced FINOP services you can trust. Contact LeGaye Regulatory Support Services today to learn how our experienced FINOP team can help you stay compliant, prepared, and positioned for growth.