For many years after the Compliance Rule was first passed, I used to get an earful from advisers of a certain generation about how it was all a bunch of hogwash (I think when someone uses the term “hogwash” it definitely outs them as an old-timer). I could never come up with a response other than “well, you have to do it.” Granted, this is akin to me telling my nine-year old daughter “because I said so.” Fortunately, my response to advisers had more impact. But they still grumbled at the absolute ridiculousness of it all. And then we had Madoff and that Stanford guy down in Texas and then a slew of insider traders and all that changed. They still didn’t like compliance, but they understood the need. Now one might say I am biased because I am in the compliance profession, but when done right, compliance does serve a real purpose. But like many, many things in life (as I also tell my daughter) you get out of it what you put into it. Compliance cannot be a check-the-box activity – it must become part of the lifeblood of the firm. And that ain’t no hogwash.