RIA Glossary / Firm Roles & Structure

Supervised Person

Quick Answer
A supervised person is any partner, officer, director, or employee of an investment adviser, or any other person who provides advice on the adviser’s behalf and is subject to the adviser’s supervision and control.
Reviewed by Sam Carter, Director of Registration Services
Last reviewed September 18, 2026

Who Is a “Supervised Person” at an RIA?

The supervised person classification is broad by design — it captures essentially anyone acting under the firm’s direction in connection with investment advisory activities, not just those with client-facing titles. These individuals are subject to the firm’s code of ethics, recordkeeping obligations tied to their conduct, and in many cases, personal trading and reporting requirements.

Firms need to maintain an accurate list of supervised persons and ensure each one has received and acknowledged the firm’s compliance policies — a common exam finding is an incomplete or outdated supervised persons list.

Why it Matters

Misclassifying who counts as a supervised person can create gaps in a firm’s compliance coverage — policies and monitoring that should apply to certain staff may simply not be applied if they’re excluded from this list.

Frequently Asked Questions

Are part-time or contract staff considered supervised persons?

Generally yes, if they provide advice on the firm’s behalf and are subject to its supervision, regardless of employment status.

How is this different from an Access Person?

Access Person is a narrower subcategory of supervised persons with additional personal trading and reporting obligations due to their access to nonpublic client information.
Related Terms

Access Person

Who Is an “Access Person” at an RIA? Because access persons can see what trades are

Code of Ethics

What Is a Code of Ethics for RIAs? The SEC’s Code of Ethics rule requires advisers

Need help putting this into practice?

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