On June 5, 2019 the U.S. Securities and Exchange Commission (SEC) voted on and approved package of rulemakings and interpretations, that includes the new Form CRS Relationship Summary, also known as the ADV Part 3. The ADV Part 3 is designed to be a short and accessible disclosure for retail investors that helps them compare information about firms’ investment advisory offerings. To help investment advisers understand what will be required by the Form CRS Relationship Summary/ADV Part 3, RIA Compliance Consultants created a new webpage, Form ADV Part 3 FAQs. The page features 25 questions with detailed answers about what will be required by investment advisers on the Form CRS Relationship Summary/ADV Part 3.
To further assist investment advisers, on the Form ADV Part 3 FAQ page, you can watch our recorded webinar “How the SEC’s Recent Approval of Form CRS/Form ADV Part 3 Affects Investment Advisers.” RIA Compliance Consultants made these resources readily and freely available to help investment advisers understand the importance of the of the Form CRS Relationship Summary/ADV Part 3 and the timeline for compliance with these new requirements. RIA Compliance Consultants also invites you to read and continue to monitor our blog page where we will continue to provide investment advisers information about the Form CRS Relationship Summary/ADV Part 3. Click here to read our initial post providing investment advisers a brief summary about the new requirements for the Form CRS Relationship Summary/Form ADV Part 3.
Although this new Form CRS Relationship Summary/Form ADV 3 may seem deceptively simple, RIA Compliance Consultants believes that investment advisers will need to carefully craft their disclosures in order to ensure that all required information has been included in this short document so that the investment adviser will avoid claims of misleading investment advisory clients. We encourage investment advisers to attend our upcoming conference in Omaha, NE on September 11 – 12, 2019, where we will further discuss the Form CRS Relationship Summary/ADV Part 3 and provide some best practice tips for drafting it.
If your investment adviser firm is an existing client of RIA Compliance Consultants and has questions about the Form CRS Relationship Summary/ADV Part 3, we encourage you to speak with your compliance consultant or, if you are not a an existing client, of RIA Compliance Consultants click here to set up an introductory call with one of our Senior Compliance Consultants.