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Millennials are expected to inherit trillions of dollars in assets over the next 20 years, which will present opportunities for advisors as well as challenges, especially when it comes to compliance.

Almost half of advisors are currently outsourcing regulatory compliance and reporting, which can become problematic as regulations become more complex and firms experience unprecedented growth. Louis Giannini, senior director of product management at Orion, discusses the need for improved compliance procedures and tools available to advisors to improve their oversight of the reporting process.