In the wake of last year's market meltdown and the ensuing spate of financial scandals, many advisory firms are taking a second look at their compliance technology.

As firms strive to cut costs and to navigate an increasingly complex regulatory environment, compliance software, services and consultants are all poised for growth in 2010, according to industry experts.

Robert Ellis, an analyst and principal of the wealth management practice with Novarica, a research firm in New York, said that with compliance technology, advisers are preparing for the worst — an audit.

“Compliance shouldn't be an afterthought; it should be built into all the processes at a firm. Without that, you are left with very little certainty when it comes to your outcomes,” Mr. Ellis said.

The full article is available at Investment News.