RIA Glossary / Assets & Reporting Concepts

Client Reporting Requirements

Quick Answer
Client reporting requirements are the rules governing what information an investment adviser must provide clients about their accounts — including account statements, and in some cases, disclosures tied to custody arrangements — and how often that information must be delivered.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed October 2, 2026

What Are Client Reporting Requirements for RIAs?

For advisers with custody of client assets, the Custody Rule generally requires that a qualified custodian send account statements directly to clients at least quarterly, and many advisers additionally provide their own periodic performance reporting as part of client service. Even advisers without custody are expected to have a practice for keeping clients informed about their account activity and performance in a way that’s consistent with their advisory agreement and Form ADV disclosures.

Firms should ensure that any performance figures included in client reports follow the same accuracy and presentation standards applied to marketing materials, since inconsistencies between client reports and other firm communications are something examiners cross-check.

Why it Matters

Client reporting sits at the intersection of custody compliance, client service, and marketing accuracy — gaps here can surface as issues in more than one area of an exam simultaneously.

Frequently Asked Questions

How often must clients receive account statements?

At least quarterly from the qualified custodian for advisers with custody; firms may supplement this with their own more frequent reporting.

Do client reports need to match the firm's marketing materials exactly?

They should be consistent in methodology and figures — discrepancies between client-facing reports and public marketing content are a common examiner focus area.
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Related Terms

Regulation S-P

What Is Regulation S-P? Regulation S-P requires two main things: a privacy notice given to clients

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