We've got the answers to your most frequently asked questions (FAQs).
Yes, the restricted securities list is fully customizable for firms which implement a trade pre-clearance program. When implemented, each access person submits a trade request, which is then automatically approved or held for approval based on the firm's settings. In addition, any security purchased or sold by an access person that is listed on the firm's restricted security list is flagged by the system for further review. All historical restricted securities are archived.
Our training expert will:
The RolloverAnalyzer solution was created for both state and SEC registered RIA firms.
Yes, the tool is designed to help meet the SEC’s Rule 204A-1 (Code of Ethics Rule) requirements as it relates to personal securities trading. The Code of Ethics rule requires all access persons of an RIA firm to submit securities holdings and transaction reports to the firm's chief compliance officer (CCO) or other designated person(s). The system automatically creates holdings and transactions reports, which are then reviewed and attested to by the firm's access persons prior to submission.
No, RIA in a Box reports completed IAR regulatory credits to FINRA at no additional cost.
Our Compliance Management Program provides a solution for state and SEC-registered RIA firms.
The solution is built upon the NIST information security framework, which focuses on five functions – identify, protect, detect, respond and recover. The Virtual Desktop's Elite and Standard solutions address specific RIA compliance needs, including data backup, disaster recovery, cybersecurity and other record keeping technologies.
Yes, the solution can be customized to your firm’s unique needs through connection sourcing and by pairing it with our MyRIACompliance platform.
Social media use by advisers triggers the requirement to retain records of all communications, written and oral recordings, posts, media, comments, and all content, as it is updated on the adviser's social media pages. Record-keeping has always been an important task for RIA firms. You and your firm are responsible for maintaining true, accurate, and current records according to SEC Rule 204-2 and similar state rules.
Yes, the MyRIACompliance cybersecurity solution builds upon the NIST cybersecurity framework to help your firm implement a robust cybersecurity compliance program. NIST has developed a cybersecurity framework to help organizations of all sizes to identify, assess and manage cybersecurity risks. Notably, the Securities and Exchange Commission (SEC) not only utilizes the NIST framework to help manage its own cybersecurity program, but also has commonly referenced the approach when issuing information security guidance to investment advisers.
Yes, advisers can look up employer-sponsored plans from the Form 5500 database, and leverage industry benchmark functionality hours of manual reporting.
RIA in a Box’s compliance management program will help you meet the requirements of the SEC’s Rule 204A-1, also known as the Code of Ethics Rule.
All compliance software packages include our standard level of service. You can choose to add enhanced compliance consulting support.
Standard service includes an initial compliance expert review call, Service Bureau Administration for IARD account, assistance with annual Form ADV renewal and unlimited Form ADV amendments.
According to Rule 204-2 of the Investment Advisers Act of 1940, every investment adviser that is registered with the SEC is required to keep true, accurate and current books and records about its business activities.
If you’re currently operating an RIA firm, then we hope you have intimate knowledge of Rule 204-2 already, but if you’re exploring independence or just need a quick refresh, here’s what you need to know:
The proprietary solution is designed exclusively for RIA firms of all sizes who face unique people, technology and third-party vendor cybersecurity risks and regulatory requirements.
RIA in a Box charges a one-time fee equal to the monthly subscription fee, which includes a detailed MyRIACompliance software training session with our onboarding and training expert. This fee also includes additional staff training and assistance with connecting to our technology integration partners.
The rule made changes to the existing interpretation of the five-part fiduciary test, stating that certain rollover recommendations may be considered an Employee Retirement Income Security Act of 1974 (ERISA) violation.
Essentially, investment advisers recommending a rollover to a client and receiving additional compensation are required to meet an exemption under the Rollover Rule.
To qualify for an exemption, advisers must meet certain requirements, including:
Virtual Desktop Infrastructure (VDI) is a desktop virtualization technology where the operating system runs and is managed through an on-premises or cloud data center. The virtual desktop environment is delivered over a network to the user’s device, such as a desktop, laptop or tablet, which allows the user to interact with the operating system and its applications, eliminating dependency on physical office space and physical computers.
All individuals at your registered investment adviser (RIA) firm that send and receive emails are held to the regulatory requirements related to archiving. Per SEC Rule 204-2, client-facing communications, including emails, must be archived.
In addition to ensuring that your firm is compliant with the books and records requirements for investment advisers, this process can be imperative to reducing performance issues with servers. Given that all email services have a limited amount of data storage capabilities, you may find yourself or your team deleting emails that you believe to not needed now but may be needed in the future.
Email archiving, if set up properly, can move data off the server on an intermittent basis to assure that there is enough storage space, while maintaining records. Additionally, retrieving old emails should be an easy task with the right archiving solution.
Hackers can access many areas of old records and electronic communication files that are believed to be out of the inbox and safely stored. Deleting emails and filing away in a location out of your inbox are not secure methods. Email archiving solutions can help protect your data from security threats and hackers, preventing permanent loss of email and all attachments in case of a data breach or disaster.
Even without a cyber-attack or disaster, email archiving is a reliable way to keep your firm’s records up-to-date and organized. Since archiving maintains all data and attachments, your firm will have a record of all communications with a client as well as any important documents that may need to be accessed or reviewed at any time. Email archiving solutions give you the ability to tag and index all emails in an organized manner for easy retrieval and search as well.
Manual systems require employees to spend time transferring emails into storage or deleting emails to prevent capacity limits from being reached. Many companies are also familiar with the downtime caused when employees need to involve IT for help with email storage or transfer issues. Automating the archiving process helps to enhance operational efficiencies by making archiving duties simple for your employees, so they can focus on building client relationships.
It is beneficial to your firm to select a system that is user-friendly and has a simple interface. This will help new users get connected to the system in an efficient manner and can simplify the process for the supervisor to access and complete email review duties.
No, you do not. Our continuing education is a standalone product.