At investment advisory firms, where the work is always plenty and the day are always full, compliance teams cannot afford to just “keep up.” For a compliance team to successfully mitigate the risk of noncompliance, it has to proactively equip its firm with the appropriate compliance protocols and procedures, always staying ahead of trends. In today’s digital-first environment, that often means investigating the latest trends in compliance software and technology and implementing what’s right for the firm.
In 2022, RIA in a Box introduced additional features and functionality designed to help investment advisory firms tackles the most pertinent compliance challenges including heightened risk and increased regulations from the Securities and Exchange Commission (SEC).
Top three compliance software innovations for investment firms
Here are a few compliance software innovations from this year so far that might benefit your investment firm:
As of Nov. 4, 2022, all investment advisers are required to meet the new requirements put forth by the SEC Marketing Rule, an update which combines two existing rules to better reflect the market as it stands today.
To help compliance teams meet that requirement, RIA in a Box created the SEC Rule Checklist, which walks firms through a comprehensive questionnaire to assess regulatory risks and red flags, before providing the final stamp of approval to use the proposed marketing and advertising materials with clients or prospective clients.
In 2020, the North American Securities Administration Association (NASAA) adopted a continuing education (CE) requirement which was designed to ensure investment advisers remained informed and up to date on all critical compliance matters, including their duties and obligations.
Currently, 12 states have adopted this requirement, mandating advisers to complete a set number of credits per year. The RIA in a Box IAR Continuing Education Program provides investment advisers with quality content and courses to complete the 12 required credits, with on-demand course selection and the ability for supervisors to monitor the process of individual advisers through the MyRIACompliance Platform.
RIA in a Box’s RolloverAnalyzer was designed to help firms which provide rollover recommendations to comply with the Department of Labor’s (DOL) PTE 2020-02 exemption. With auto-generated tech providing the reason why behind rollover recommendations, integrated plan cost data and electronic documentation of all recommendations, firms can remove the manual processes of review and analysis and proactively meet DOL compliance requirements.
With exciting innovations like these so early into the year, there’s no telling how many more will be rolling out later this year.
RIA in a Box LLC is not a law firm, investment advisory firm, or CPA firm. RIA in a Box LLC does not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.