One of our company's longstanding commitments is investing time and resources to make the RIA in a Box service more valuable to the clients we serve. Since launching MyRIACompliance® in 2014, we have sought to make our service more efficient and higher quality by combining our human expertise with new tools and features. Our integrations with other financial management platforms continue to evolve and offer great value to our clients. Registered investment adviser ("RIA") firms utilizing our MyRIACompliance® RIA compliance software platform now benefit from our new integration with Independent Advisor Solutions by SEI (IAS). The integration allows a joint SEI and RIA in Box MyRIACompliance® clients to automate compliance and registration requirements to help ensure consistent and accurate registration and Form ADV information is filed.
There are several key benefits to an RIA firm that utilizes both IAS by SEI and MyRIACompliance®:
- Real-time updates on their registration and compliance needs, eliminating the time-consuming demands of tedious manual entry processes.
- By sourcing data from SEI, 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.
- The integration provides advisors with enhanced capabilities, such as the real-time ability to ensure the firm is properly registered in proper jurisdictions.
How the Integration Works
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:
- Download client household location and other information from the relevant custodians or portfolio management and reporting systems
- Aggregate and compile data from multiple systems into a spreadsheet
- Organize the spreadsheet by client household location
- Sum up the number of client households in each regulatory jurisdiction
- Check to see which jurisdictions the firm is currently registered or notice filed in
- Check state by state de minimis registration rules to determine where the firm is required to be registered or notice filed
- Identify which states to register or notice file in
- 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 SEI and MyRIACompliance® integration is free to access for RIA firms that utilize RIA in a Box's MyRIACompliance® software and the SEI Investments platform. If you are a current MyRIACompliance® and SEI client, please feel free to contact your MyRIACompliance® client service representative for details on how to setup the integration.