Cipperman Compliance Services, Inc., a Pennsylvania-based provider of compliance services to registered advisers and funds, has issued a survey of mostly compliance professionals that suggests not all financial services firms may be investing adequately in compliance resources. According to the company’s analysis of its survey of more than 110 persons associated mostly with asset managers, broker-dealers, alternative managers and wealth managers, “a common finding was that firms are understaffing and underfinancing the compliance function.” The company’s analysis found that “while the majority of financial service organizations say they value compliance, few compliance professionals believe their firms are managing the burden well.” Most of the respondents were associated with firms with US $5 billion of assets or less. (For an interesting report on the cost of compliance in the hedge fund industry, click here to see the 2013 KPMG/AIMA/MFA survey entitled “The Cost of Compliance.”)