Post by Duke D.

Two former BBVA Global Wealth Advisors compliance executives have launched NextReg, a Miami-based compliance firm that combines outsourced chief compliance officer services with artificial intelligence-powered compliance technology. Founded by chief executive Giovanni Corrado and chief compliance officer Jorge Ascencio, the firm launches with more than 50 RIA and broker-dealer clients representing over $20bn in assets under management across the US and Latin America. NextReg is targeting independent RIAs, broker-dealers and offshore fintech firms seeking SEC registration, a segment that has seen growing demand as wealth management businesses and technology platforms increasingly move into regulated investment activities. The firm’s client base spans the US, Brazil, Mexico, Chile, Colombia, Argentina, Uruguay, El Salvador and the UK. Corrado previously served as chief compliance officer at fintech unicorn Republic and BBVA Global Wealth Advisors. A Harvard University graduate, he began his career at the White House and Bloomberg before moving into financial services compliance. Ascencio served as deputy chief compliance officer at BBVA Global Wealth Advisors, where he helped oversee the firm’s SEC compliance program, code of ethics and anti-money laundering framework. Earlier in his career, he helped launch an SEC-registered investment adviser at Compass. The launch comes amid continued growth in the independent advisory channel, with advisers leaving traditional wirehouses to establish RIAs and fintech firms seeking faster access to regulated investment markets. “The traditional one-size-fits-all compliance model is broken: slow, rigid, and forcing innovative firms into outdated frameworks. We pair senior CCO expertise with technology that moves at our clients’ speed, and our early traction says it’s working”, Corrado said. NextReg employs 18 full-time chief compliance officers, compliance professionals and AI engineers. Its client roster includes AI-native RIAs, offshore RIAs, multi-billion-dollar US RIAs and investment banking broker-dealers. The company has also formed partnerships with API-enabled custodians and plans to establish a regulatory-host RIA designed to help fintech firms bring investment products to market more quickly. Rather than offering compliance consulting or software on a standalone basis, NextReg’s model combines designated chief compliance officers with automated compliance tools. The firm is focused on serving businesses operating across both US and Latin American markets as regulatory requirements become increasingly complex across jurisdictions.