RIA Compliance Services
If managing the compliance of your registered investment advisor (RIA) firm is taking up too much time, causing too much confusion, or you need advice — we can help.
Advisor Guidance’s compliance services help RIA firms comply with today’s complex SEC and state regulations.
While taking the time to understand your compliance challenges, our team designs a customized compliance program that gives you the tools you need to stay compliant.
As a baseline, our ongoing compliance services include an annual review, editing, and advice regarding the sufficiency of the firm’s advisory agreement, compliance manual, privacy policy, and registration services including preparation and filing of Forms ADV, U-4 and U-5.
As standard practice, all clients must agree to a minimum one-year commitment to be eligible for service.
RIA Compliance Q&A
Yes. Investment Advisors are subject to the books and records requirements of either the Investment Advisers Act of 1940 for SEC-registered advisors; or, the state requirements of their home state where their firm is currently registered.
Yes. Investment Advisors are required to test and review their policies and procedures on an annual basis in an effort to confirm that they are adequately designed and effectively implemented for the size and scope of the firm. Need help with your ongoing compliance? Schedule a free consultation.
You can open a window to schedule an exam for an individual by checking the appropriate exam on the Form U4 for the individual and paying the exam fee to your firm’s daily account. The Form U4 will need to be submitted on the CRD system.
Alternatively, individuals may sign up on the FINRA website (FINRA.org). Search for Test Enrollment Services System (“TESS”).
Most states require firms to file a Form U4 for your Investment Advisor Representatives (“IAR”) who will be providing investment advice to your clients. This is true for both state and SEC registered investment advisor firms. Brochure Supplements (part of your Form ADV Part 2) need to be prepared for each IAR and delivered to the clients they provide advice to and meet with.
Annually, you are required to submit an updating amendment to your Form ADV Parts 1 and 2 on the IARD system.
You are required to update your Form ADV Part 2 annually to make sure the information is still current, and deliver the updated Part 2 to your clients within 120 days of your year-end. You are also required to file amendments to the Part 2 whenever there are material changes.
You file all amendments to your Form ADV Part 1 on the FINRA Investment Advisor Registration Depository (“IARD”) system.
Your Form ADV Part 1 needs to be amended at least on an annual basis. However, during the year if your business model changes, you may be required to amend your Form ADV Part 1 as well as your ADV Part 2 Brochure and Brochure Supplement.
Your Chief Compliance Officer (“CCO”) has the responsibility of monitoring and making sure your firm’s ongoing compliance requirements are met.
Annual Renewal
All Registered Investment Advisor (“RIA”) firms are required to renew their registrations on an annual basis. Based on a calendar year, the renewal process typically begins in mid-November and all state registration and notice filing renewal fees are paid via the IARD system. Failuer to renew the the RIA properly, and in accordance with necessary state and federal requirements, could result in a registration being revoked.
The compliance team at Advisor Guidance has the experience to ensure the RIA renewal process goes smoothly so that you and your colleagues can focus on what you do best; supporting the needs of your clients.
As part of our Annual Renewal and Update services, we will:
- Work proactively with your firm through the renewal process for re-registration of the firm and your Investment Advisor Representatives for the upcoming year
- Update the ADV 1, ADV 2, and all registration documents
- Manage the filing of appropriate documents with the correct regulators
- Assist with any additional requirements and updates
Advertising Review
Under the primary advertising rule, Rule 206(4)-1, of the Investment Advisers Act of 1940, all advisors must follow vague and complex guidelines when advertising and promoting their RIA firm.
At Advisor Guidance, our compliance team is well-versed with these rules and can provide your firm with comprehensive, ongoing advertising review services that help you grow and protect your RIA.
In addition to our advertising review services, we offer marketing services, including graphic design, website development, and social media support, that help you promote your RIA safely.
Advertising review examples include:
- Client correspondence
- Direct mail marketing
- Newsletters
- Presentations
- Social Media posts
- Webinars
- Websites
Document Management
As fiduciaries, RIAs are held to a high standard of conduct and must always act in the best interest of their clients. As part of this responsibility, all firms must maintain accurate, up-to-date registration documents or face possible penalties.
However, many RIAs are often ill-equipped to effectively and efficiently manage registration documents. To solve this problem, Advisor Guidance offers highly secure custom client portals that allow RIAs to track, store, and share relevant documents to one client, or all your clients.
While using our proprietary technology RIAs can organize and streamline the management of critical documents including, but not limited to:
- Forms ADV 1 and ADV 2
- Forms U4 and U5
- Client agreements
- Business continuity plan
- Compliance manual
- Privacy policy
- Code of ethics
- Solicitor arrangements
- IARD/CRD account servicing