Blog Article

2022 RIA in a Box Investment Adviser Compliance Software Innovations

Aug 25, 2022

In 2022, RIA in a Box released a series of compliance software tools, including an IAR continuing education solution and the RolloverAnalyzer.

At RIA in a Box, we are continuously working on enhancing our products and services for registered investment adviser (RIA) firms to efficiently meet their regulatory requirements, while ensuring no regulatory requirements slip through the cracks.

From working with over 4,000 RIA firms, we understand the evolving challenges that investment advisors face, particularly in areas related to compliance, cybersecurity, and daily business operations.

Below we discuss our most recently released innovations, integrations, and updates to our product offerings, including the RIA in a Box MyRIACompliance® platform.Most noteworthy MyRIACompliance® features and updates released in 2022: 

1. IAR Continuing Education Program: The continuing education (CE) program is designed for investment adviser representatives (IARs) to advance their fiduciary knowledge and fulfill their CE requirements through the MyRIACompliance® platform. As an approved course provider, RIA in a Box offers on-demand courses developed by former regulators, compliance professionals and cybersecurity experts. 

Supervisor users can monitor each individual’s completion progress within the MyRIACompliance platform. RIA in a Box will report each IAR’s results directly to the Financial Industry Regulatory Authority (FINRA).

RIA Continuing Education

2. MyRIACompliance Compliance Log Reports enhancements:

The new Compliance Log Reports page was launched in beta in August. While the compliance log has always allowed firms to review, filter and assess their complete compliance history, the redesigned page enables easier navigation for users to find what they need when they need it.

Users can expect to:  

  • quickly find information related to your firm’s activity on MRC. 
  • create, view and export flexible reports. 
  • enjoy a simplified user experience. 
  • experience improved technical performance. 

3. Communications Archiving and Review enhancements: RIA firms using the Communications Archiving and Review solution in the MyRIACompliance platform benefit from our recent compliance partnership with LinkedIn. This solution enhancement enables users to connect their LinkedIn accounts to MyRIACompliance and streamline the entire communications archiving and review process for LinkedIn communications. This ensures the regulatory requirements for social media use are met and mitigates risk for the entire firm.

With the addition of LinkedIn, users can now automate the collection, storage, and review process for the firm and individual communications from the major social media platforms, including Facebook, Instagram and Twitter.

Additionally, we optimized the compliance email review experience with:

  • A refined keyword process to reduce the false positives of emails flagged based on keywords, improving the efficiency of periodic compliance reviews.
  • The new disclosure checker allows users to exclude emails based on any keywords included in disclosures, whether it is theirs or other common senders.
  • Safe phrases can be used to exclude non-problematic emails.
  • Spam indicators systematically identify spam emails for exclusion by default.

4. RolloverAnalyzer: RIA in a Box and InvestorCOM joined forces to provide independent advisory firms and RIAs with a tool to continue making rollover recommendations and meet the DOL’s PTE 2020-02. The RolloverAnalyzer provides advisers with an intuitive digital solution to assess, document, and disclose rollover recommendations and meet compliance requirements in a single process. The solution is specifically designed to support financial professionals when making best interest rollover recommendations by:

  • Comparing rollover environment against the current levels of service, client fit, and costs.
  • Integrating plan and industry average data, saving the adviser time in searching for data using third-party websites.
  • Electronically documenting and disclosing the best interest recommendation directly to the client.
  • Providing native record keeping and oversight functionality necessary for compliance teams.

RolloverAnalyzer Biteable_v-1

Schedule a demo with an RIA in a Box team member to learn more about the complete functionalities of the RIA compliance software platform and how it could help solve compliance challenges at your firm.