Most RIA firms are still not taking full advantage of the advancements in RIA compliance technology that have been achieved in recent years. Leading RIA compliance software platforms can offer considerable efficiency gains while also keeping your advisory firm up to date on constantly changing regulations. If you are exploring a potential RIA compliance software purchase to help propel your firm’s compliance program, we suggest you first review our quick list of diligence questions to ask before making the purchasing decision.
Our complimentary checklist outlines 10 questions that should be asked while vetting an RIA compliance software provider. Some of the questions include:
- Is the compliance software platform designed exclusively for RIA firms?
- How financially stable is the software provider?
- What is the total cost including software and expert consulting support?
- Will the system store nonpublic personal client information?
- Do the software creators have a full understanding of investor adviser regulations?