Client Reporting Requirements
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 […]
Assets Under Advisement (AUA)
What Is Assets Under Advisement (AUA)? A common example is a firm that advises a client on a 401(k) allocation housed at an outside employer plan, without ever managing the account directly. Because AUA doesn’t meet the “continuous and regular supervisory or management” standard, it’s generally excluded from RAUM and doesn’t count toward the SEC/state […]
Regulatory Assets Under Management (RAUM)
What Is Regulatory Assets Under Management (RAUM)? RAUM has its own calculation rules: it includes all securities portfolios for which the adviser provides continuous and regular supervisory or management services, calculated on a gross basis (before deducting outstanding debt or other liabilities), and calculated within 90 days of the Form ADV filing. This differs from […]
Assets Under Management (AUM)
What Is Assets Under Management (AUM)? While “AUM” is used broadly across the industry to describe how much money a firm manages, the SEC’s specific reporting requirement for Form ADV uses a more precisely defined version of this figure called Regulatory Assets Under Management (RAUM), which follows a set calculation methodology. Outside of regulatory filings, […]