Ascendant Compliance fortunes are on the rise

LAKEVILLE — People passing by 194 Main St. (Route 41/44) might have noticed that in addition to the new firehouse the building is also home to something called Ascendant Compliance.Roger Crain, director of client services and a partner in the firm, explained it informally a couple of weeks ago, during the hubbub of the first day of classes at Salisbury Central School (where his son is a student).“If you work in construction and you need help with safety regulations, you hire a consultant. If you’re in finance and you need help with the Securities and Exchange Commission, you hire us.”Ascendant President and Chief Executive Officer Jon Higgins, in a more formal interview, put it this way.“An investment advisor has one set of rules for the state, and another for the federal government. A broker has another set of regulations.“We make sure that people in these businesses comply with regulations.”Seems straightforward enough. But don’t hedge funds and investment houses take care of this sort of thing in-house?Partner Jackie Hallihan-Merwin said that while firms are required to have a compliance officer, “the rules change constantly.”Higgins said that “90 percent of our clients have assets of a billion dollars or greater. So we go into a firm, establish their needs and set an annual fee.”The company seems to be doing pretty well. Crain said Ascendant has a 90 percent retention rate among clients.The firm also has offices in San Francisco and New York City, and a total of 22 employees — up from nine four years ago.Since starting up in 2006, with 67 clients, Ascendant now has about 600 clients taking advantage of the company’s educational programs, and more than 400 for consultant services, Higgins said.“By the time we got in the new space there was only one spot left” for one other employee.Ascendant also made Inc. Magazine’s 2011 list of the 500 fastest-growing companies in the U.S.Ascendant put on a conference in San Diego recently, just after it suffered a massive power outage.“I hope they get the electricity back on,” said Crain as he prepared for the trip.

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