RIA Compliance and Practice Management Blog

November 2020 RIA Compliance Software Innovations

Posted by RIA in a Box

Nov 5, 2020 10:55:11 AM

latest RIA compliance software features from RIA in a BoxOne of our company's longstanding commitments is investing time and resources to make the RIA in a Box MyRIACompliance® platform the industry leading compliance technology offering for registered investment adviser ("RIA") firms. We put the client first by delivering innovative software and expert advice. Since 2005 we take pride in partnering with our clients to establish and support the highest quality registered investment adviser firms in the country.  At RIA in a Box, we release new MyRIACompliance® software features and enhancements on a daily basis to meet the growing compliance challenges that investment advisers continue to confront. 

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Here are the key new MyRIACompliance® RIA compliance software features, integrations, and updates released during Fall 2020:

1.  MyRIACompliance Private Fund Platform

Everything you need to stay compliant is now available at your fingertips.

Our new Private Fund Platform is a customized version of our industry-leading MyRIACompliance® online RIA compliance software platform. The new platform is designed to address the unique regulatory requirements faced by private fund advisers including venture capital, private equity, and hedge fund managers. The private fund platform provides tools to manage and automate compliance processes and streamline regulatory filings, all in a centralized location saving private fund advisers time and money and providing them reassurance they are meeting all compliance requirements. The new platform is designed for SEC-registered private fund advisers and exempt reporting advisers (ERAs)

Private Fund Platform Video

 

Private Fund Platform features Include:

  • Form PF Filings: An online module which helps to streamline the information gathering process to facilitate required Form PF filings for SEC-registered private fund advisers.
  • Blue Sky and Form D Filings: An online tool that enables private fund advisers to more easily review limited partner information and initiate required Blue Sky or Form D Filings
  • Risk Assessment Tool: The ability to review and document specific private fund adviser compliance risks areas as identified in the recent SEC risk alert in order to help implement any necessary compliance program changes.
  • Private Fund Inventory: An overview of the funds managed by the adviser as disclosed on the adviser’s Form ADV including detail information and relevant compliance alerts for each fund.
  • Tailored Private Fund Adviser Compliance Policies and Procedures: A tailored compliance manual can be created for private fund advisers with the assistance of a team of compliance consultants with extensive private fund compliance experience.

2. MyRIACompliance Integration with Independent Advisor Solutions by SEI

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. This integration allows users to get real-time updates on registration and notice filings and ensure your firm is meeting registration requirements in the appropriate jurisdictions.

3. Additional Vendors added to the Vendor Due Diligence Platform

During this time more than ever, RIA firms are being required to test their business continuity plans (“BCPs”) to see if they hold up while dealing with a global pandemic. Advisors need not only address how their advisory business is being disrupted but also by extension how their clients, personnel, and third-party vendors are being impacted.
 
Since the beginning of the pandemic in April 2020 to November 2020 we saw a 67% increase in Vendor Due Diligence platform sign ups and added 8 new vendors (Family Law Software, Legacy Concierge, Panoramix, PreciseFP, Right Capital, Tolerisk, Top Advisor Marketing, YCharts) to the platform. These numbers indicate that advisors and third-party vendors are adjusting to the times and responding to the pandemic disruption. Additionally, vendors are being proactive and communicating changes to their due diligence documents through the platform where advisors are updated in real time.
VDD Platform Vendors_10.19.2020
 

4. Automated Employee Trade Monitoring Platform Upgrades

Over the last several months, our team has enhanced the MyRIACompliance® Automated Employee Trade Monitoring platform. These enhancements focus on the two main actions of the platform:

  1. Digitize and automate the transactions, holdings, and accounts attestation process
  2. Quickly identify potential trading violations

To improve the user experience, the platform has been revamped for smoother navigation and faster loading time, making it easier for users to move through the platform to utilize key components and view transactions, holdings, and accounts. Error notifications have been improved as well, with users now receiving a weekly email containing any brokerage account errors with instructions on how to resolve the issue. Compliance Supervisors or Chief Compliance Officers ("CCOs") will also receive a weekly email informing them of which users at the firm have brokerage account errors. In regards to continuous monitoring, front-running and auto-match have both been added as functionalities on our Comprehensive, Premium, and Advanced service levels. This means that MyRIACompliance® will automatically match employee transactions and client transactions and will send your Compliance Supervisor or CCO an email containing summary details of flagged transactions. Our platform is always evolving and we look forward to providing more enhancements in the future. 

To learn more about the complete functionalities of the RIA compliance software platform and how it could help solve compliance challenges at your firm, click below to schedule a 1 on 1 demo with a team member. 

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Topics: RIA Compliance, RIA Technology

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.

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