As RIA compliance consultants, we regularly talk to thousands of current and prospective registered investment adviser (RIA) firms about their business model, needs, and future business plans. Some of these conversations center around a growth plan to expand their business while others are focused on helping an advisor protect the practice they have built after years of hard work. Many times these conversations revolve around the compliance responsibilities an advisory firm will face based on the firm’s size, business model, and the current states it conducts business in which it is registered or notice filed.
The principal or principals of a small RIA firms with a handful of employees or less often find themselves shuffling between a seemingly never ending list of day to day responsibilities. At most small investment advisory firms, one of the principals has also been tasked with acting as the firm’s Chief Compliance Officer (CCO) along while remaining as the Chief Executive Officer (CEO), head of human resources, head of investment research, and so on. In this common circumstance we’ve observed countless times over our fifteen years in business, we see that advisors are looking to maximize their time with tools and resources that will reduce the compliance burden.
Our industry-leading MyRIACompliance™ online RIA compliance software platform allows firms to more efficiently and proactively manage compliance. After years of operating exclusively as RIA compliance consultants, our in-house engineering and development teams collaborated with our team of compliance experts to first introduce our cloud-based software platform in 2013. Since the system’s initial launch, our culture of constant innovation has led to a steady stream of new features releases and system enhancements to benefit RIA firms of all shapes and sizes.
Traditionally, most compliance software platforms have been built to serve large financial institutions and broker-dealers. However, since the initial launch of the MyRIACompliance software platform we’ve worked tirelessly to fill the technology void that exists to help empower RIA firms of all sizes to better manage regulatory compliance requirements. Single person and other small advisory firms alike, have utilized the MyRIACompliance platform to serve as the backbone of their RIA firm’s compliance program. Along the way, these firms have saved hundreds of hours of valuable time as we’ve helped to streamline their compliance processes and address regulatory compliance audits by bundling our industry-leading software platform and with our team of compliance experts all under a single roof.
Some of the most utilized RIA compliance software features by smaller advisory firms include:
Compliance Calendar:
Often viewed as the firm’s compliance hub, the compliance calendar is dynamic and tailored to the unique requirements of each firm. Based on the firm’s Form ADV Part 1, policies and procedures manual, and other information, the RIA compliance software system automatically generates recommendations for a schedule of compliance calendar activities based on the firm-specific data provided. After an initial review of the firm’s questionnaire and policies and procedures, the system regulatory screens Form ADV Part 1 information to make adjustments in real-time based on any changes to the firm’s business model. The technology sets the frequency of calendar items such as best execution review, client books and records review, political contribution review, and more to help ensure your firm’s compliance reviews are taking place as stated in your firm’s policies and procedures.
Custom Checklists:
A series of compliance checklists have been created by our in-house team of former regulators and compliance officers to provide step by step detailed instructions on how to address traditional and emerging regulatory compliance topics. The checklists are available for review on an ongoing basis and are updated by our team as topics change or new compliance focus areas emerge.
Webinars:
Every month our team of compliance consultants host detailed webinars for our clients on key regulatory topics such as the code of ethics, business continuity planning, how to prepare for a regulatory compliance examination, and how to conduct your firm’s annual compliance meeting. All webinars can be viewed live or at your convenience from the webinar library available on MyRIACompliance.
Compliance Log:
All activities in MyRIACompliance are automatically recorded and saved to the firm’s digital compliance log. This includes any compliance calendar activities or checklists completed. Whether working in the office or remotely, the compliance log can be easily filtered, printed, and exported in the case of a regulatory exam to be presented and discussed with a regulator.
Onboarding:
Our team of dedicated onboarding specialists assists all new firms joining the platform by providing detailed training and by helping to further customize the online compliance calendar, employee activity reviews and attestations, and other platform features. The onboarding team can also help to create and activate licenses for new or existing firm employees and to activate relevant technology integrations with a number of the leading RIA technology vendors. Our specialists can also help with uploading the firm’s compliance documents to be used for digital employee access and attestations.
Ongoing Support:
All compliance software packages include our standard level of service, which consists of a dedicated client advocate to help with MyRIACompliance software questions, the annual Form ADV amendment, and unlimited Form ADV amendments throughout the year.
We wholeheartedly believe there is no better RIA compliance solution for small RIA firms!
COMPLY’s 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.