Smartria continues to lead the market as a compliance solution for wealth advisors
We sit down with Chief Executive Officer, Patrick Hunt, to learn how Smartria has managed to differentiate itself in a competitive market.
Maintaining compliance in highly-regulated industries is a tough task. It takes a dedicated team to ensure compliance standards are met across the board. In the finance industry, this is especially the case. Registered Investment Advisers (RIAs) are legally bound by a fiduciary duty and must take steps to disclose any conflicts of interest, have organized record keeping, and keep a strict code of ethics.
“Smartria is the leading compliance solution for wealth advisors,” said the Chief Executive Officer, Patrick Hunt. He has been the company’s leader since November 2023.
The company was founded in 2016 by Roger Kiger, a longtime wealth advisor for American Express Financial Advisors. He was looking for compliance software to help with a U.S. Securities and Exchange Commission (SEC) audit. The only problem? A full-service solution didn’t exist.
So, Kiger hired software developers, which included a well-known Knoxville entrepreneur, Mac Bartine, to build out a solution. They quickly realized that it could be a company.
Fast forward several years, and Smartria made it on the Inc. 5000 list of fastest growing companies in the country two years in a row.
“Smartria has experienced some pretty significant growth here in Knoxville,” Hunt said. “We serve customers all across the United States and will soon be moving into international markets.”
Since its launch in 2016, other compliance companies have popped up in the marketplace; however, Hunt said Smartria has some key differentiators. Most importantly, he claimed, it’s very easy to use. Most companies that work with Smartria software have managed to keep their compliance teams small. It also streamlines communications between departments and keeps everyone on track with the objective at hand.
“It makes growing wealth management and advisory firms scale very easily,” he said.
For example, one company Hunt worked with back in 2023 had about 20 employees. Today, they have more than 300, and by using Smartria, they have managed to keep a lean compliance team of just two people.
Hunt spends the bulk of his time working out of the 121 Tech Hub in the Old City of Knoxville, surrounded by other tech founders. He said the entrepreneurial atmosphere of the city has changed since he joined the company.
“Knoxville is a great place for growing technology companies to live and thrive. We have access to great talent, people want to live here because of the quality of life, low cost of living, easy access to the rest of the country, plus all the natural resources,” Hunt said. “We’re proud to call Knoxville home. And we hope Knoxville is proud of us.”
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