RIA Compliance Consultants has released a new sample form, Annual Review – Certification of Annual Retrospective Review of IRA Rollover.
Category Archives: Annual Review
While completing the annual review of its compliance program, an investment adviser should update its self-identification of the risks facing the firm.
Financial Exploitation of Elderly and Vulnerable Clients
September 06, 2017
An investment adviser firm and its investment adviser representatives are uniquely placed to spot signs of financial exploitation that may be happening to their investment advisory clients. An investment adviser representative is often on the front lines of a client’s finances and becomes quite familiar with a client’s habits, preferences, and personal situation. This knowledge can help the investment adviser representative spot unusual patterns and suspicious requests, whether made directly by the client or by a third party.
Preliminary Renewal Statements Available Monday
November 12, 2015
Starting Monday, November 16, 2015, a registered investment adviser firm can access, via its Investment Adviser Registration Depository (IARD) account, its Preliminary Renewal Statement for 2016 renewals. The Preliminary Renewal Statement must be paid, in full, by Friday, December 18, 2015. Since it takes approximately two (2) days for a payment to post to the IARD account, your firm’s payment should arrive at the Financial Industry Regulatory Authority (FINRA) no later than Wednesday, December 16, 2015, to ensure that funds are posted to your firm’s IARD account by Friday, December 18, 2015.
Investment Advisers Should Begin Preparations for 2016 Renewals
October 29, 2015
As annual renewal season rapidly approaches, investment advisers should be proactive and begin preparing for renewals by reviewing to make sure the investment advisor is properly registered or notice filed, as applicable, and that its investment adviser representatives are properly licensed with all required state securities regulators. The IARD Renewal Program serves to facilitate the annual renewal of investment advisers and their investment adviser representatives’ registrations with the appropriate state securities regulators. Although, an investment adviser’s registration, notice filing, and licensing requirements is something that should be reviewed and monitored on an ongoing basis, during the annual renewal process all investment advisers should review their existing registration or notice filing status and each investment adviser representative’s licensing status to confirm that the investment adviser and its representatives are properly registered, notice filed, or licensed (as applicable). Additionally, all state registered investment advisers should also review the state requirements to see if branch office registration is required and, if it is, investment advisers should confirm that all branch office locations have been properly registered.
Deadline for Receipt of Preliminary Renewal Statement Payments Quickly Approaching
December 04, 2014
The deadline for investment advisers to submit their Preliminary Renewal Statement payment is quickly approaching. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement by December 12, 2014. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred on December 15, 2014 to the Renewal Account to cover total renewal fees owed. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Service. If you have questions regarding these or any of the other services offered by RIA Compliance Consultants, please contact your consultant if you are an existing client or click here if you have not previously engaged RIA Compliance Consultants for our services.
Investment Advisers Should Begin Preparations for 2015 Renewals
September 23, 2014
As annual renewal season rapidly approaches, investment advisers should be proactive and begin preparing for renewals by reviewing to make sure the investment adviser is properly registered or notice filed, as applicable, and that its investment adviser representatives are properly licensed with all required state securities regulators. The IARD Renewal Program serves to facilitate the annual renewal of investment advisers and their investment adviser representatives’ registrations with the appropriate state securities regulators. Although, an investment adviser’s registration, notice filing, and licensing requirements is something that should be reviewed and monitored on an ongoing basis, during the annual renewal process all investment advisers should review their existing registration or notice filing status and each investment adviser representative’s licensing status to confirm that the investment adviser and its representatives are properly registered, notice filed, or licensed (as applicable). Additionally, all state registered investment advisers should also review the state requirements to see if branch office registration is required and, if it is, investment advisers should confirm that all branch office locations have been properly registered.
Repeat Compliance Program Deficiencies Result in SEC Enforcement Actions for Investment Advisers
November 05, 2013
On October 23, 2013, the U.S. Securities and Exchange Commission (“SEC”) issued a press release (Release No. 2013-226) indicating that it sanctioned three investment adviser firms “for repeatedly ignoring problems with their compliance programs.” The SEC’s enforcement actions are the result of the investment adviser firms each failing to effectively act upon previous warnings and correct compliance deficiencies that had been previously identified. In the press release Andrew Bowden, director of the SEC’s National Examination Program, stated that, “After SEC examiners identified significant deficiencies, these firms did little or nothing to address them by the next examination. Firms must fix deficiencies identified by our examiners.”
Investment Advisers Must Review their Written Policies and Procedures at Least Annually
October 30, 2013
Rule 206(4)-7 under the Investment Advisers Act of 1940 (“Investment Advisers Act”) requires investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) to:
Investment Advisers Should Begin Preparations for 2014 Renewals
October 09, 2013
As annual renewal season rapidly approaches, investment advisers should be proactive and begin preparing for renewals by reviewing to make sure the investment adviser is properly registered or notice filed, as applicable, and that its investment adviser representatives are properly licensed with all required state securities regulators. The IARD Renewal Program serves to facilitate the annual renewal of investment advisers and their investment adviser representatives’ registrations with the appropriate state securities regulators. Although, an investment adviser’s registration, notice filing, and licensing requirements should be reviewed and monitored on an ongoing basis, the annual renewal process should be used as a time to confirm that the investment adviser is properly registered or notice filed (as applicable) and that its representatives are properly licensed. Additionally, all state registered investment advisers should also review the state requirements to see if branch office registration is required and, if it is, investment advisers should confirm that all branch office locations have been properly registered.
