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How MyRIACompliance Software Integrates with Morningstar Office Cloud

Posted by RIA in a Box

Nov 20, 2018 8:09:09 AM

RIA in a Box and Morningstar Office Software IntegrationRegistered investment adviser ("RIA") firms utilizing our MyRIACompliance RIA compliance software platform benefit from our integration with Morningstar Office which is the leading portfolio management and reporting software provider according to our most recent industry study. The integration allows a joint Morningstar and RIA in Box MyRIACompliance client to automate compliance and registration requirements to help ensure consistent and accurate registration and Form ADV information is filed.

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Today, over 200 RIA firms utilize both Morningstar Office and MyRIACompliance to help better engage with clients, streamline operations, and automate regulatory compliance requirements.

There are several key benefits to an RIA firm that utilizes both Morningstar Office and MyRIACompliance:

  1. Real-time updates on their registration and compliance needs, eliminating the time-consuming demands of tedious manual entry processes.
  2. By sourcing data from Morningstar and running it in tandem with RIA in a Box's MyRIACompliance software, the integration enables firms of all sizes to seamlessly track registration and notice filings to ensure compliance requirements are updated in real-time.
  3. The integration provides advisors with enhanced capabilities, such as the real-time ability to ensure the firm is properly registered in proper jurisdictions.

MyRIACompliance Registration Compliance Checker Tool:

Morningstar Office compliance tools

Today, most RIA firms have to take the following manual steps to ensure that their firm is proper registered or notice filed in the relevant jurisdictions:

  1. Download client household location and other information from the relevant custodians or portfolio management and reporting systems
  2. Aggregate and compile data from multiple systems into a spreadsheet
  3. Organize the spreadsheet by client household location
  4. Sum up the number of client households in each regulatory jurisdiction
  5. Check to see which jurisdictions the firm is currently registered or notice filed in
  6. Check state by state de minimis registration rules to determine where the firm is required to be registered or notice filed
  7. Identify which states to register or notice file in
  8. Utilize the investment adviser registration depository ("IARD") system to file the proper state registrations or notice filings

With this automated integration, the firm has real-time access to where the firm is currently registered or notice filed and the number of client households located in each state along with the ability to immediately initiate the state registration and notice filing process all within the MyRIACompliance system. With this automated compliance tool, firms can immediately identify and address potential registration issues that require immediate attention. 

The Morningstar and MyRIACompliance integration is free to access for RIA firms that utilize RIA in a Box's MyRIACompliance software and the Morningstar Office Cloud system. If you are a current MyRIACompliance and Morningstar client, please feel free to contact your MyRIACompliance client service representative for details on how to setup the integration.

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Lexington Compliance and RIA in a Box LLC are not law firms, investment advisory firms, or CPA firms. Lexington Compliance and RIA in a Box LLC do not provide legal advice or opinions to any party or client. You should always consult your relevant regulatory authorities or legal counsel if applicable.

Topics: RIA Compliance, RIA Operations, RIA Technology

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