RIA Compliance and Practice Management Blog

Each week we are 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 main concepts advisors must know about strategic marketing, Gary Gensler ambitious agenda for the Securities and Exchange Commission (SEC), and a new rule proposed by the Department of Labor (DOL). 

Here are our top investment adviser compliance articles for the week of October 1st, 2021:

On November 8th, 2021, the preliminary renewal statement for every registered investment adviser ("RIA") firm will be posted on the Investment Adviser Registration Depository ("IARD") website. Renewal statements are only available online via the IARD website. Statements are not physically mailed to firms. If an RIA firm was first registered in 2021, the firm is still required to pay the proper renewal fees. A firm’s registration will be terminated if they fail to pay renewal fees to the proper jurisdiction(s).

As a principal or Chief Compliance Officer’s (“CCO”) of a registered investment adviser ("RIA) firm, you should already know you’re expected to meet the cybersecurity standards outlined by the Securities and Exchange Commission (“SEC”). From our experience working with over 2,000 RIA firms, we understand that it is important to be informed of what regulators are looking for and how to develop a compliant cybersecurity program. Read on as we explore the cybersecurity topic of data loss prevention and some measures you can take to protect sensitive data.

The SEC defines Data Loss Prevention as “a strategy embraced and enforced by an organization to ensure that end users (employees, owners, vendors, etc.) do not send sensitive or critical information outside the corporate network.”

Each week we are 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 Form CRS, state regulator's enforcement actions in 2020, compliance tips for advisors dealing with digital assets, and expected regulatory changes. 

Here are our top investment adviser compliance articles for the week of October 1st, 2021:

When you think of cyber attacks, you probably think of a highly skilled hacker using the latest tools to crack into computer systems — at least that’s what they look like in Hollywood movies.

But the truth is that a substantial portion of security breaches are the result of human error. In the wealth management industry, employees are your firm’s biggest assets, but they can also be your greatest liability when it comes to cybersecurity and data breaches. 

This is especially true if your employees are untrained in protecting themselves and the firm from cyber threats. In this blog post, we discuss how important the hiring process is to building a culture of strong cybersecurity awareness. 

Cybersecurity is an increasingly important topic, whether we’re talking about managing passwords, identifying phishing attempts, or other forms of cyber attacks. If your firm gets hacked, your clients’ sensitive information could be exposed, which can be an expensive experience—both in terms of money and your reputation.

No matter what you have in terms of processes, software, and systems, it only takes one employee to click on a bad link, have a weak password on their laptop, or not tell management when they think they may have been phished to create a cyber breach. However, employees who are consistently trained can also be your greatest asset and first line of defense in combating cyberattacks and threats. 

Each week we are 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 findings from the North American Securities Administrators Association "NASAA" annual report, Form CRS, calls to push back the compliance date for the Fiduciary Rule, and the Securities and Exchange Commission's "SEC" proposed rule on proxy voting disclosures for asset managers. 

Here's our top investment adviser compliance articles for the week of September 24th, 2021:

Recently, the North American Securities Administrators Association (“NASAA”) released its 2021 Investment Adviser Coordinated Examinations Report. This report is released on a biannual basis and analyzes the findings from state-registered investment adviser ("RIA") examinations. As RIA compliance consultants, we recommend that the Chief Compliance Officer (“CCO”) of all investment advisory firms review the regulatory exam summary report to determine if any changes should be implemented at their firm as a result of NASAA’s findings.

Each week we are 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 systems to prevent financial exploitation of elderly, the Securities and Exchange Commission's "SEC" top priorities, Form CRS, and the North American Securities Administrators Association "NASAA" upcoming regulatory focus areas. 

Here's our top investment adviser compliance articles for the week of September 17th, 2021:

The findings in this blog post come from our annual survey of over 1,800 registered investment adviser ("RIA") firms conducted in the first quarter of 2021. This proprietary RIA in a Box study is paired with publicly accessible data provided by the Securities and Exchange Commission ("SEC"). The goal of our annual study is to understand different options that comprise each firm characteristic, and to determine whether specific characteristics impact the growth, size, or operational efficiency of an RIA firm. In this blog post, we will explore our survey results in response to document storage software systems used by RIA firms.