“The IAA’s role in advocating for advisers, both from a compliance perspective and from a regulatory perspective, is invaluable to us,” Drynan said. “And, involvement on their committees allows a small firm like ours to have a much bigger reach. It’s like being able to work within a big firm, with a big team, and access all those resources, even though we’re a small player.”
Laura Drynan
Partner, Bourgeon Capital Management
Darien, CT
AUM: $917.4 M
When Laura Drynan, CFA®, CFP®, joined Bourgeon Capital Management in 2010, the firm was already a long-time member of the Investment Adviser Association (IAA). During her tenure as a partner with the firm, she’s had an opportunity to get personally involved with the association, attending events, participating on committees, and now as a Board member.
As a small but growing business, Bourgeon Capital Management has recently expanded from a team of six employees to a staff of nine—managing $900 million in assets for 125 families. For a firm of this size, navigating the complexities of compliance and regulatory requirements is no small task. Drynan credits the IAA with affording her organization with the resources and guidance they need to remain compliant, while continuing to serve their clients in a fiduciary capacity.
Gaining a Voice in Regulatory Discussions
One of the most significant benefits Drynan has experienced as a member of the IAA is having first-hand involvement in critical discussions with regulatory agencies, including the SEC. The sheer volume of new regulations in recent years has made it challenging for firms of all sizes to stay on top of upcoming changes, but thanks to the IAA’s proactive advocacy efforts, Drynan and her firm are always well-informed.
“The SEC has promulgated an incredible number of new regulations over the past couple of years, and unless they’re involved with the IAA, many advisers probably don’t even know what is coming down,” she explained, noting that the association’s relationships with top regulatory leaders have been especially valuable. “I’ve had an opportunity to know a little bit more about the proposed regulations and to be on calls [with government agencies] where I could say, ‘Hey, have you looked at how this will affect small firms like mine?’”
This seat at the table is a benefit Drynan knows she simply couldn’t access if it weren’t for her involvement in the IAA.
A Reliable Partner for Advocacy and Representation
For Drynan, another impressive aspect of IAA membership has been the ongoing collaboration between the association and regulators.
“What has impressed me significantly time and time again is how often the IAA has contact with the SEC, and how often the SEC reaches out to the IAA,” she said. “The SEC’s division of investment management has reached out to the IAA to have meetings with advisers, and many of the suggestions that the IAA has made to the SEC on suggested rulings have been taken.”
To see that level of cooperation on behalf of IAA members is impressive, she said.
“Being able to work together like that, to find solutions that help our clients and also help advisers and help the SEC—that impresses me to no end.”
Cost-Effective Access to Expertise
As IAA members, Drynan explained that her firm also benefits from access to high-level expertise without the cost typically associated with outside legal counsel.
“The value of representation is big for smaller firms like mine,” Drynan explained, noting that she appreciates having the ability to call the IAA’s experts at any time for guidance.
“We could spend our entire annual membership fee on one or two phone calls with outside counsel, but with IAA, we get a year’s worth of access to experts.”
Whether it’s sitting in on the IAA’s compliance webinars or attending in-person events where she can speak with association staff and other members about the best practices for a firm her size, Drynan appreciates the wealth of information and resources available to her team for the cost of one year of membership. The guidance and resources her firm has gained from involvement with the IAA have also translated directly into tangible business outcomes.
“We had an SEC audit many years ago with zero deficiencies,” Drynan said. “I credit the ideas that we received from IAA, along with our team’s implementation, for that win.”
This direct access to compliance expertise from the IAA team, as well as best practices and anecdotal advice garnered from other IAA member firms she speaks with at association events, has allowed Bourgeon Capital to stay ahead of regulatory changes and maintain their reputation as a compliant, highly trusted firm.
Building Stronger Connections
While the compliance and regulatory support are key aspects of the IAA’s value to Bourgeon Capital, Drynan also highlights the networking opportunities the association offers.
“Having the opportunity to sit down and have dinner with the group of people that are around the table at the IAA Leadership Conference is something I would never have the chance to do outside of the IAA.”
Involvement with the association has also opened doors for Drynan to connect with lawmakers and industry leaders, experiences she values greatly. “I don’t think I would have ever met our congressman if I hadn’t been part of the IAA, and that’s been fantastic.”
In addition to networking with policymakers and industry peers, Drynan emphasizes how involvement with the IAA has enhanced her firm’s reputation.
“This is a trust business,” she explained, adding that serving on the IAA Board and participating in committees has helped strengthen her firm’s credibility with both clients and colleagues. “When I return from a board meeting or an advocacy day, I can tell my clients, ‘I just came back from the IAA,’ and that gives me and our firm a level of reputation we couldn’t have achieved on our own.”
For a firm like Bourgeon Capital, where nearly all new business comes from referrals, maintaining a strong reputation is crucial to continued growth.
Drynan’s journey with the IAA has been one of growth—both personally and professionally. The association’s advocacy, regulatory support, and networking opportunities have all played a crucial role in helping her firm find continued success in an increasingly complex industry.
“I could not be more proud of the team at the IAA for the work they’re doing on our behalf,” she said. “It’s really helpful to us as a business, and ultimately, it enables us to help our clients in a fiduciary way, and I appreciate that.”