RIA Compliance and Practice Management Blog

Top RIA Compliance News Articles for the Week of December 28, 2018

Posted by RIA in a Box

Jan 4, 2019 5:13:53 PM

sec 2019 RIA audit priorities

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the impact of the government shutdown on the Securities and Exchange Commission's ("SEC") examination program and other activities, succession planning, and how younger advisors view technology impacting their firms. Check back each week for the latest list of top stories.

Here's our top investment adviser compliance articles for the week of December 28, 2018:

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  1.  Government shutdown crimps SEC exams (Author-  Mark Schoeff Jr., InvestmentNews)

As the partial government shutdown continues, there are true repercussions coming to light. In addition to calling off investigative work for the time being, the SEC has stopped investment adviser exams from moving forward. However, broker dealer exams conducted by the Financial Industry Regulatory Authority ("FINRA") and SEC operations such as the Investment Adviser Registration Depository ("IARD") regulatory filing system will continue to function due to receiving funding outside of the government.

  1. In Light of SEC Shutdown, Here's How Advisors Should Proceed (Author - Melanie Waddell, ThinkAdvisor)

Even as the government shutdown advances, Form ADV submissions are still a top priority for registered investment advisers. “Firms still can and should make all required filings (ADV or otherwise) with the SEC. I believe that all statutory and regulatory deadlines must be kept by [SEC] registrants (or applicants)” according to Gail Bernstein, the Investment Adviser Association’s ("IAA") general counsel. However, submissions and filings with not be fully processed or approved unless you are working with the Investment Adviser Registration Depository ("IARD").

  1. What does the government shutdown mean for advisors? (Author- Kenneth Corbin, FinancialPlanning)

The SEC has hardly made a sound since the government shutdown, and with good reason. They are operating at the bare minimum level of employees that primarily focused on responding to emergencies and handling ongoing litigation. Michael Liftik, a former deputy chief of staff at the SEC says, “You’re just hitting pause on the vast majority of the work on the agency. I don’t think things get lost or dropped as a result of the shutdown, but no work is going to happen until it ends.”

  1. Five Planning Steps for a Smooth Succession (Author- Matt Oechsli, WealthManagement.com)

Through research and his own experiences, Matt Oechsli has broken down succession planning into five main steps. A few steps are broken down even more to the individuals involved or different phases for more guidance. A few of the steps he outlines for successful succession planning include partner selection, role definition, and integration. Click here to read Oechsli's article in it's entirety. 

  1. Brave New World: How Younger Advisors See Tech Changing the Business (Author- Ginger Szala, ThinkAdvisor)

As reported by Ginger Szala, "In a new survey of 375 wealth managers by iCapital Network, almost 77% of advisors under the age of 40 believe that technology will level the playing field in wealth management in the next five years vs. 27% for advisors over 40." The iCapital Network survey also reflected, "Almost 60% of those under 40 (vs. 23% of those over 40) believe tech adds a “superior experience” to client service." Per the survey findings, Szala also reported, "that none of the advisors surveyed believe robo-advisors will replace humans in the next five years."

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Don't forget to check out last week's top RIA compliance news articles on the SEC's 2019 examination focus areas, top CCO pitfalls, and cybersecurity best practices. Be sure to check back next Friday for next week’s top articles! 

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..

Topics: RIA Compliance

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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