NIBA Member Spotlight on Michael Coglianese CPA, P.C.
About the Firm:
Michael Coglianese CPA, P.C. was founded in 1987. Before that, Mike Coglianese was working at NFA as an In-Charge Compliance Auditor. Sitting across the table during the compliance and financial audits and investigations of NFA Members, Mike realized that the Futures Industry was lacking accountants who were experienced with the intricacies of the regulatory world. He set out to fill that void.
Over the past 28 years, his firm and the services offered have grown to assist the Futures and Alternative Investment industry with their year-end certified audit requirements, Track Records and Performance Capsules, Regulatory Registration and Compliance, and Tax Preparation.
Michael Coglianese holds a Bachelor of Science in Accounting from Purdue University and is a Certified Public Accountant, and worked in the compliance department at NFA.
What are the biggest challenges your clients face today, and how do you help them?
Two of the biggest challenges faced by our clients are navigating the new regulations and requirements of the Dodd-Frank Act and maintaining positive performance.
The requirements and reporting for our Futures clients have grown immensely since we’ve started. It becomes difficult for our clients to keep track of all the documentation and updates such as Disclosure Documents, Privacy Policies, and Anti-Money Laundering Audits. Our clients know that we will remind them when they are due for updates to their documents, AML audits, 1FR, and certified annual audits. Our goal is to educate our clients on the compliance rules, keep their costs down, value up, and make NFA fines non-existent.
Performance is always the key to survival in the Futures arena. It is difficult for small start-up firm to find the capital resources while at the same time, navigating regulatory waters that are possibly unfamiliar to them if they are new to the industry. Sometimes, the concentration on performance falls to the wayside. It is critical for new firms to focus on marketing and performance. That is why our goal is to take the regulatory weights off of their shoulders, so they can concentrate on marketing, networking, and building their business.
What do you believe to be the keys to your success?
The key to our success and to that of any business is to not only offer great service, but create VALUE.
Over the last 28 years, we have helped clients grow by making sure they meet all of their regulatory requirements while keeping their costs low. The added value is that our clients can call us any time, we answer their compliance and accounting questions, and guide them through NFA audits.
We don’t just perform the task required, but we educate our clients. The more educated they become regarding their requirements, the better they will perform. Hence, the more referrals we receive. This model has worked for over 28 years.
How does your firm handle the burdens of compliance?
Keeping up to date with all of the regulatory requirements necessary is quite burdensome. We attend webinars, workshops, and conferences regularly. Since the passage of the Dodd-Frank Act, accountants have fallen under larger scrutiny and regulatory requirements as well. The Public Company Accounting Oversight Board (PCAOB) as well as the AICPA have added a considerable amount of new requirements with regard to audit work. We attend all of their regulatory conferences and are up to date with all of our compliance regulations.
Tell us more about your unique structure.
Our accountants and auditors have come from the NFA Compliance Department as well as BIG4 Auditing firms. We specialize in the futures and alternative investment industry. Therefore, there is no competition for attention. Our focus is on moving our clients forward. Mike is always available directly. When potential clients first reach out, Mike is the first person they speak to. There is no menu to deal with. You get questions answered and advice on the 1st phone call.
Why did you join the NIBA and what value added does your NIBA membership give you/your firm?
NIBA shares our value driven ideals. There was no hesitation to join this organization. They keep our clients well educated and informed with their conferences and their speakers always include representatives from the NFA.
NIBA has asked Mike Coglianese to speak on numerous panels at their conferences. This allows us to be introduced to those just starting out in the futures industry that may need our assistance. It also allows us to network and help on a one on one basis.
NIBA is dedicated to helping people grow their business and avoid fines. Our goals run parallel with theirs. We recommend this association to all new Introducing Brokers we come into contact with.
