Outsourced FINOP Services

FINOP ServicesBroker-Dealer Services: Outsourced Financial Operations Principal

Your firm’s FinOP “Financial and Operations Principal” should be able to do more than file FOCUS reports. RND Resources believes the FinOp role should be assigned to a financial expert in the broker-dealer industry with comprehensive accounting expertise. As such, our co-founder Dave Banerjee holds a Series 27 license, as well as several other series principal licenses, and has the requisite expertise for financial brokerage firms.

RND Resources can be your representative to fulfill various financial management and regulatory compliance related roles including; FinOp, Chief Financial Officer, and Chief Compliance Officer.

As your FinOp we stay on top of changes to regulatory requirements impacting broker-dealers and financial institutions, and consider regulatory compliance as a critical component in fulfilling the Financial and Operations Principal role.

RND Resources Inc offers a complete suite of FinOp services that can be customized to meet your firms needs. Our services are scale-able and vertically integrated to meet the goals of business planning, compliance, operations, trading, and registration.

Broker-Dealer FinOp Services Include:

  • Registration as FinOp using our series 27 license – Financial and Operations Principal
  • FOCUS Report – Net capital computations and compliance
  • Supplemental Statement of Other Income, SSOI
  • Form Custody Reports
  • SIPC 6 & SIPC 7 Filings – SIPC annual and semi-annual reporting
  • Focus Schedule I
  • Non-Allowable Asset Schedule
  • Schedule of Aggregate Indebtedness AI
  • Hair Cut Analysis and Computation
  • FINRA Annual NASD Assessment Report
  • FINRA Financial Notifications
  • Act as primary contact for regulator inquiries regarding financial reporting
  • Hard copy submissions where required

Learn more about the FinOp role

Is it better to have a FinOp who is also a Certified Public Accountant?

FINRA rule 1022 requires each FINRA member firm to designate a Financial and Operations Principal, who often also performs CFO responsibilities. The FinOP must qualify by passing the Series 27/28 exam before their registration is effective. They are not required to be a Certified Public Accountant, however CPA certification is crucial to being a successful Financial Operations Principal given the many risks, complexities, and constant changes in the regulatory environment. A licensed CPA with expertise in securities is well-equipped to handle regulatory accounting requirements, financial reporting, and meet with FINRA regulators as necessary which are all important responsibilities of the FinOp. As a commitment to supporting securities firms, professionals at RND Resources hold a variety of registered principal level licenses that meet the needs of securities industry firms:

Series 4 – Registered Options Principal

Series 24 – General Securities Principal

Series 27 – Financial and Operations Principal

Series 53 – Municipal Securities Principal

Is there an advantage to outsourcing FinOp?

The cost of hiring a qualified salaried FinOp is growing at a fast pace as firms compete for a limited number of suitable candidates with the necessary knowledge and expertise. Small and mid-sized firms bear the greatest burden because they cannot afford salaries and opportunities offered by larger organizations. However, while the salaries of FinOps are increasing, the work involved in handling FinOp responsibilities is often still part-time for most small to mid-sized firms. Firms such as RND Resources Inc can provide all the benefits of a qualified and experienced FinOp for less than the overhead cost of hiring a senior-level employee. When weighing all the factors, outsourcing FinOp is a good strategy because it allows your firm to concentrate on building client accounts and adding new services, while financial responsibilities are kept in check. Outsourcing to a compliance support firm staffed with an industry CPA who has expertise in brokerage and regulatory compliance is an added bonus that provides your firm a relationship with veteran risk management and professional compliance solutions.

Read more: NASD 2006 Notice to Members indicates the FinOp role may be outsourced.


Want more information? Read Frequently Asked Questions about FinOps or call us at (818) 657-0288 for a confidential consultation.

New: December 2015 changes to Series 27 and 28 examination programs


RND Resources Inc has the experience and credentials necessary to provide quality FINOP services like CPA compilation reports including FOCUS filing and FINRA regulatory reporting for broker-dealers on an outsourced basis. Our team can support your brokerage firm with on site support or work remotely from our office, with your auditors, to complete audit tasks on time. We’ll create a prepackaged monthly plan for you on a fixed fee basis or customize a program that fits your needs perfectly.

Get a Quote today !!

Fields marked with an * are required

CPA and Audit Services available through RND Resources partners 

  • CPA Compilation and Audit Statements
  • Branch Office Audits
  • Internal Controls Review
  • Certified Annual Broker Audit
  • Custody Examinations
  • Anti-money Laundering Audit
  • Engagement Quality Review
  • 10k & 10q Filings

Accounting Services available through RND Resources partners 

  • General Ledger and Financial Statements
  • Payroll Administration
  • Trading and Commission Reporting
  • Setup & Preparation of General Ledger
  • Forensic Accounting and Expert Testimony Services

Visit Dave Banerjee CPA for more information about CPA based services available to broker-dealers, registered investment advisory firms, and fund managers.


Additional Compliance Services by RND Resources, Inc

  • Supervision of Back Office Operations
  • Regulatory Consulting
  • Procedures and Policies Manual
  • Disciplinary Action, Remediation, and On-going compliance monitoring
  • Cyber-Security, Fin-tech, and Emerging Technology Consulting

Download our company brochure for more information

For more information about Dave Banerjee CPA and RND Resources Inc broker-dealer services, contact us at (818) 657-0288