RIA Consults provides compliance consulting services for: Registered Investment Advisors | Financial Planners | Private Fund Advisors | Robo-Advisors | Fund Managers | FinTech Entrepreneurs
Overview:
FIN Lancer is a business manager for firms to prepare client disclosures, collaborate on team projects, and connect with firms for business continuity/transition purposes.
RIA review is designed for firm’s to address its annual compliance requirements.
Overall, the software features are geared to help firms to:
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As a part of Rule 206(4)-7, SEC-registered investment advisers (under the Investment Advisers Act of 1940) must:
Note: State advisors may refer to the SEC’s annual review guidelines as mentioned above.
Below, is an example of common regulatory rules (not an exhaustive list)
All firms:
SEC Firms:
States firms (most states*):
Business Continuity Planning:
According to “books and records” Rule 204-2 (books/records) of the investment advisors act, and similar state rules: (1) Firms should test and regularly update their business continuity plan at least once a year.
Succession Planning:
While drafting a plan to satisfy the SEC’s latest amendment to Rule 204-2 (and similar state rules), advisors should consider the firm’s operational/legal components.
In the event of the death/incapacitation of a advisor/owner: (1) who immediately takes over to safeguard assets (operational duties during an emergency), and (2) what legal agreement is in place if the death/incapacitation of an advisor/owner prompts an estate issue* with any heirs of business, regulators, and/or other employees.
Advisory/Portfolio Management Fees:
Assets Under Management based fee - Can range from anywhere between .50% - 2.5% (50 to 225 basis points)
Financial Planning Fees:
Flat Fee: Typically range from $500-5000 or more depending on complexity of client.
Hourly rate: $200 and up
*Note: The following is a general estimate based on research from our compliance consulting partner: RIA Consults – Roberson Consults Group.
According to Rule 205-3 of the investment advisors act (also applies to state-registrants),
Clients must have:
Generally, there are four types of agreements to enter into an advisory relationship with client and/or solicitor arrangement with a prospect.
Advisors Contracts:
According to Rule 204-2 (books/records) of the investment advisors act (and similar state rules).
Firms should keep client records at least five years from the fiscal year-end date of last client transaction/activity. Records may be kept in print or electronic format.
Contact us for consulting support.
Contact us for consulting support.