Frequently

Asked Questions

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Frequently

Asked Questions

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Specialists

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General

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General

What is Complect?

Complect is an online platform that helps registered investment advisers easily manage their compliance programs with solutions tailored to their unique business practices and supported by our extensive network of freelance compliance specialists.

Who can use Complect?

Complect is for any financial services firm (e.g. first time or established fund managers, broker dealers, banks, financial advisers or commodity traders) subject to securities regulations with our most comprehensive offerings catering specifically to investment advisers. In addition, our Turnkey Consulting Suite provides client management solutions to the compliance specialists who advise them. 

Where do Specialists come from? What industries and jurisdictions can they help with?

Our Specialists can come from all over the world. Whether it’s New York City or Timbuktu, Complect is the place where Specialists with expertise on any financial regulatory framework in their jurisdiction or industry can find financial services firms that need help to comply with those laws. We require that all of our Specialists have at least three years of direct compliance experience whether as a compliance consultant, compliance officer, regulator, or other similar role.

What happens in the event of a dispute over work product or pay?

As the saying goes, an ounce of prevention is worth a pound of cure. Therefore, we encourage firms to communicate their expectations early on in an engagement to provide clear and manageable guidance to the Specialists they hire.

Any dissatisfaction should be brought up with the other party promptly to prevent the situation from snowballing. In the rare case that you’re unable to settle your differences, either party can escalate the issue to Complect for review via the Project Dashboard, which will immediately freeze any additional payments. We will adjudicate the problem and work to find a suitable solution for both parties. The benefit of engaging outsourced consulting services through Complect is that our our extensive network of experts enables us to quickly rematch you with a different Specialist. 

Payments will only resume once an issue is resolved.

How does Complect make money?

Complect charges annual subscription based fees for our SaaS products in addition to project based fees as described in Section 3.4 and 4.1 of our Terms of Use.

 

Businesses

Is the Compliance Command Center available to all financial services firms?

No. At the moment, the Compliance Command Center is only available to investment advisers. However, all other financial services firms may still use our Marketplace product.

Can I cancel a subscription product at any time?

Yes, however, all of our subscription services are locked into an annual contract. Therefore your cancellation will not be effective until the contract end date. We allow monthly payment options on our subscription services.

Will my profile be publicly visible? How can I protect my confidential information?

Since one of our founders is a former compliance consultant while the other was part of a startup fund manager, we understand the importance of confidentiality for our users on both sides. That is why we created a privacy setting that allows Businesses to choose to be anonymous, meaning only the industry, jurisdiction, number of employees and general firm description will be shared with Specialists when they post a project. Identifying information and their Complect maintained records are shared with Specialists only upon their hire.

We specifically do not require Businesses to execute Complect issued contracts so they have the freedom to engage Specialists under any formal agreement they feel most comfortable with in order to maintain control over their proprietary information and privacy with a hired Specialist. You can refer to our Security policy for further information on how your data is protected on our servers. 

How do I post a project?

Posting a project is easy! You will always see the button at the top of your dashboard. Just click the button and enter the requisite project details. Have an engagement you want repeated? You can avoid having to fill out the entire project form again by using our easy "copy" function.

Head to your dashboard > click Projects tab > select Completed Projects > select the completed project you wish to copy > click the Copy button within the Project Dashboard

What kind of projects can I post on Complect?

Complect caters to all your outsourced compliance needs. Our Specialists can help with a wide range of tasks, such as, registration, regulatory filings, compliance manuals, internal reviews (e.g. email reviews and compliance program reviews), CCO support, secondment, full-time roles, and more.

Do Specialists bid on projects?

If you post an RFP, then our Specialists will respond with competitive offers. We believe that auction style bidding platforms promote counterproductive pricing on projects though due to Specialists undercutting each other for the project and then producing poor quality work to try to compensate for their lower margins. That is why we allow you to post requests for proposals  or custom projects that let you set the budget you are most comfortable with and leave it to market forces to dictate whether the pay you are offering is commensurate with the work you are expecting. Remember, you get what you pay for and we want Complect to be the reliable platform for quality Specialists to find interesting and competitively paid work.

As a benchmark for fees, consider that a premier consulting firm may charge you anywhere from $300-$1,000/hour for their Specialists depending on seniority. Many employees only see a fraction of the fee that they are billed out at, so we believe there is a competitive price somewhere in the middle that saves you money by hiring these same individuals on a freelancing platform and provides them with more pay for their expertise.

Am I hiring Complect or am I hiring the Specialist?

For your outsourced compliance consulting need, we provide a marketplace for our network of experts to connect with Businesses in need of their services. Each engagement is directly between you and the Specialist that you hire. Since Complect is merely a platform to connect Businesses with Specialists, liability ultimately rests with the Specialist that you hire as well.

How do I make sure that my Specialist is doing the work I hired them for?

Communication and setting clear and direct expectations are key to a successful project. One way you may consider tracking their work is by creating milestones with status updates or deliverables due upon these mini deadlines to provide you with work product all along the project’s duration. Ultimately, you get to decide and if you’re unhappy, say something sooner rather than later so that the Specialist knows. If you are still having issues, you can escalate the situation to us immediately for arbitration.

Our ratings and review system also serve to incentivize and make them accountable for their work. We reserve the right to remove any Specialist who fail to maintain our high standard of service. 

How do I pay the Specialist?

By securely collecting your payment information at sign up, we can make billing and payments a breeze for both parties. You set your desired frequency of payments when you post your project (or accept the payment terms set forth by the Specialist in an RFP) and we automatically draw the funds from your account to pay your Specialists in accordance with the agreed upon project value and payment frequency.

If you elect to pay your Specialist hourly, they will be required to submit timesheets to account for their billable hours and you will have one business day after a timesheet is submitted to either confirm or dispute it. If you take no action, the timesheet will be automatically accepted at the end of the business day following submission.

How do the different payment methods work?

When posting a project, you can elect to pay your Specialist either (i) half upfront and half upon completion; (ii) on a bi-weekly basis; (iii) on a monthly basis; or (iv) upon project completion. The options available to you will depend on the length of the project and whether it is an hourly engagement or has a fixed budget. If you select to pay on a bi-weekly or monthly basis, payments will be triggered on the bi-weekly or monthly anniversary of the start date of the project.

If I love my Specialist and need more outsourced compliance assistance, can I just extend my project?

We like to think our Specialists are pretty great too! If you need continued outsourced compliance assistance and want to retain your Specialist, please do not simply extend your existing project with them. When you extend the deadline, you are not paying the Specialist any additional funds for their work, you are just decreasing the size of the payments made to fit the extended duration they will now cover. If you simply wish to expand the scope of the project, it is best to complete the current project and re-hire the Specialist through a new project for the expanded scope.

 

We recognize that projects can balloon unexpectedly in size or that deadlines set were too unrealistic. That is an appropriate time to extend the deadline on a project as long as you and your Specialist agree on it. If you need to amend the terms of an existing project, please escalate the issue to us inside your Project Dashboard or you can email us at info@complect.com.

How do I delete my account?

Oh no! We hate to see you leave, but we also know how frustrating it is when companies obscure their delete account functions or make you jump through a million hurdles to get off their platform. We make it easy. Head to the Account Settings tab > Delete Account. Remember, this function is permanent so be sure to save down any information you wish to retain for your required books and records as we will no longer guarantee maintenance of your Complect files upon account deletion. 

 

Specialists

Is Complect only for solo practitioners or consulting firms as well?

We welcome solo practitioners and firms of all sizes! Whether you want to expand your client base or you’re tired of chasing clients for payment, we welcome all compliance specialists to the platform. Sign up is slightly different as a consulting firm. Whoever will be acting as the firm’s account administrator should create the company admin account with Complect. From there, you will have the ability to send specialized invitations for your staff to join. This will automatically link the payments made to your staff as they complete work on our platform to the bank account associated with your admin account. You can add and delete specialists within your firm at any time through the Teams.tab.

Does Complect hire Specialists directly?

No. Our marketplace serves as a freelancing platform to connect Specialists with Businesses. Each engagement is directly between you and the Business that hires you.

Is Complect only for solo practitioners or consulting firms as well?

We welcome solo practitioners and firms of all sizes! Whether you want to expand your client base or you’re tired of chasing clients for payment, we welcome all compliance specialists to the platform. Sign up is slightly different as a consulting firm. Whoever will be acting as the firm’s account administrator should create the company admin account with Complect. From there, you will have the ability to send specialized invitations for your staff to join. This will automatically link the payments made to your staff as they complete work on our platform to the bank account associated with your admin account. You can add and delete specialists within your firm at any time through the Teams.tab.

How do I remain anonymous on Complect?

Your confidentiality is important to us, which is why we do not make any Specialist profiles searchable. Businesses will only see your profile if you apply or are automatically matched for one of their projects and/or full-time roles.

My schedule has suddenly filled and I can no longer work on a project I've applied to. What do I do?

We understand that personal obligations may come up or you are selected for another project or full-time role that conflicts with other projects or full-time roles you have applied to on Complect. It is a very important part of time management and client relationship management to withdraw applications from engagements you can no longer commit to in order for the Business to select an equally qualified candidate that would be available to complete the work.

I was just hired for a project. What do I do now?

Congratulations! The first step is always to reach out to the Business through the Project Dashboard. This can be accessed by clicking the Projects tab from your Dashboard > select Active Projects > click the project name. We suggest organizing a kick-off call early on to iron out their key deliverables, expectations, and any logistics to ensure a smooth and successful project.

What additional legal documents are required to begin working on a project?

When you sign up for an account with Complect, you agree to our Terms of Use, Privacy Policy, and the Stripe Agreement. Any additional documentation going forward will be determined by you and the Businesses that hire you. Depending on the engagement and Business needs, this may include a full services agreement, non- disclosure agreement, and/or even compliance with the Businesses’ internal policies and procedures.

How do I get paid for my work?

Getting paid is a breeze! When you’re engaged on a project, you will be paid into the primary bank account of record on the Complect platform. Depending on the billing preferences established by the Business for your specific engagement, you may be paid either (i) half upfront and half upon completion; (ii) on a bi-weekly basis; (iii) on a monthly basis; or (iv) upon project completion.

You can add your bank account information when you sign up to Complect by heading over to the Account Settings tab > click Payment Details. Follow our two step process which is in place to maximize the security of your information and reduce the risk of fraud on the platform.

Step One. Fill out your personal details as part of Stripe's AML/KYC procedures. Select the country your bank account is located in, the type of account (i.e. whether its an individual account or a business account), and enter the address associated with the account. At this time, you will also be asked to provide personal information that will be used to verify the account. Please note that this information is kept completely confidential and is securely stored with Stripe – our payment processing vendor – not on our servers.

Step Two. Add your bank account details. Once a bank account has been added, you will always be required to maintain a bank account linked to your profile. If your bank account information changes for any reason, you will not be able to edit the bank details. Instead, simply add the new account to replace your old bank account information.

What if the Business wants to re-engage me for ongoing work or another one-off project?

Way to go! Landing recurring work is a great way to stabilize your income as a consultant. If a Business knows they want to re-hire you, together you can decide whether it is more desirable to post a new project for each recurrence or keep it simple and create a longer term project that expires several months or years in the future. For example, a firm that decides they want you to conduct all of their quarterly electronic communications reviews can either post a new project each quarter or they can create one project with a year long end date. It’s simple, customizable, and if you have any questions on functionality, just email us at info@complect.com.

How do I report income earned through Complect to the IRS or my local tax authority?

While some of our compliance Specialists come foreign jurisdictions, we do not provide tax support for our Specialists outside the U.S. and they must  make their own determinations on what the tax obligations are for their local jurisdictions. We do keep track of each transaction completed through our platform which you can access at any time from your Dashboard.

For our U.S. based Specialists, we will provide a 1099-MISC to each Specialist that has earned over $600 within the calendar year.

Do I need professional indemnity or public liability insurance?

Great question! Unfortunately, the answer is largely dependent on where you are from and those local regulations. So, we recommend you do your own research. At Complect we are always looking at ways to make it easier for our Specialists to freelance on our platform though, so sign up or log in to stay up to date on our partnership offerings.

How do I delete my account?

Oh no! We hate to see you leave, but we also know how frustrating it is when companies obscure their delete account functions or make you jump through a million hurdles to get off their platform. We make it easy. Head to the Account Settings tab > Delete Account. Remember, this function is permanent though, so just consider turning off you availability to stop being eligible for auto-matched projects on our site.