48 - Why Hiring Big 4 to Support Your License Application is a Bad Idea

<p><span style="font-weight: 400;">The well-established nature and high price points of large consulting firms have led to the common assumption that they are the best choice for FinTech companies looking for support with their license applications. Big 4 firms do have a role to play, but in today’s show I explain why this role is different than you may think, using real world examples from my own clients’ experiences. </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[01:34] A common belief that people have about large legal firms.</span></p> <p><span style="font-weight: 400;">[02:38] What an efficient license application process should look like.    </span></p> <p><span style="font-weight: 400;">[03:27] I share a personal experience which highlights why I don’t recommend using Big 4 firms for license applications.  </span></p> <p><span style="font-weight: 400;">[05:31] Another example of why Big 4 firms are not the places to go for license applications.</span></p> <p><span style="font-weight: 400;">[07:01] The kinds of clients I usually work with.</span></p> <p><span style="font-weight: 400;">[07:30] Elements you need to have in order when you are applying for a license, and the dangers of trying to do all of them at the same time. </span></p> <p><span style="font-weight: 400;">[08:50] When it is a good idea to approach a Big