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SmartRIA - SmartRIA Compliance Software

SEC Scrutinizing RIAs on 12b-1 Fees, Revenue Sharing, and Wrap Fees

October 1, 2021 by Mac Bartine Leave a Comment

The SEC recently took enforcement actions against three Registered Investment Advisers (RIAs) that breached their fiduciary duty to advisory clients. In particular, the SEC took disciplinary action against RIAs over issues related to 12b-1 fees, revenue sharing arrangements and wrap fee programs. In brief: The SEC found that one of the firms failed to report compensation from 12b-1 fees and revenue sharing. The firm agreed to a $2.4 million settlement. The two other RIAs avoided paying transaction fees in wrap

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Filed Under: Compliance Alert, Compliance Errors, Culture of Compliance Tagged With: compliance, Regulation, SEC

SEC Charges 21 RIAs for Form CRS Filing and Delivery Failures

August 4, 2021 by Mac Bartine Leave a Comment

On July 26, 2021, the SEC announced that 21 Registered Investment Advisers (RIAs) settled charges alleging that they failed to file and deliver their client relationship summaries, known as Form CRS, in a timely manner. Form CRS is also frequently referred to as Form ADV Part 3. Six broker-dealers were also accused of not filing or delivering their client relationship summaries. On June 5, 2019, the SEC adopted Form CRS and required SEC-registered investment advisers and SEC-registered broker-dealers to file

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Filed Under: Compliance Alert, Compliance Errors, General, News

Fiduciary Duty Is Broader Than Many Think

May 14, 2021 by Mac Bartine Leave a Comment

A Registered Investment Adviser’s (RIA) and its Investment Adviser Representatives’ (IARs) obligations as fiduciaries are quite extensive. Even seasoned Investment Advisers may not fully understand their fiduciary obligations. Fiduciary duty encompasses much more than just the duty to be honest and avoid negligence. Advisers also owe an affirmative duty of loyalty, which means RIAs and IARs must always put their clients’ interests ahead of their own. The fiduciary duty owed by RIAs and IARs includes all of the following obligations:

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Filed Under: Audit, Compliance Alert, Compliance Errors, Culture of Compliance

RIA Compliance 101

RIA Compliance 101

May 14, 2019 by Mac Bartine

Being a registered investment advisor isn’t easy. You may have chosen this profession because you have great business and investment sense, a drive to help others manage their wealth, and a desire to build a solid financial foundation of your own. But working in this industry also requires strict adherence to a slew of complex and exacting guidelines. And without understanding RIA Compliance 101, following those guidelines is more than challenging.

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Filed Under: Audit, Compliance Errors

Smart RIA

Testimonial Rule and Social Media Intersect in Recent Enforcement Actions

July 17, 2018 by Mac Bartine Leave a Comment

On July 10, 2018, the SEC settled enforcement actions brought against two SEC-Registered Investment Advisers (RIAs), three Investment Adviser Representatives (IARs), and a marketing consultant, for their involvement in violating the Testimonial Rule using social media and the Internet. Rule 206(4)-1(a)(1) under the Investment Advisers Act sets forth what types of advertisements are prohibited. The rule prohibits express or implied testimonials. Although the word “testimonial” is not defined in Rule 206(4)-1, it has been interpreted as being a statement of

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Filed Under: Audit, Compliance Consultants, Compliance Errors, General, News Tagged With: compliance

Compliance Budgets Up by 9%, But CCOs Say The Real Cost is Time

Compliance Budgets Up by 9%, But CCOs Say the Real Cost is Time

December 13, 2017 by Mac Bartine Leave a Comment

It’s been a disappointing year for those who thought the new administration would quickly roll back regulations and oversight in the financial industry, including state and SEC compliance for Registered Investment Advisors. This time last year, some RIAs were hoping to decrease their compliance budgets and apply those dollars to other efforts. Contrary to expectations, WealthManagement.com reports that compliance budgets are up by nine percent this year. While some regulatory changes, including the Department of Labor’s Fiduciary Rule, have been

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Filed Under: Compliance Errors, Software

Form ADV Includes Social Media Accounts

Attention RIAs: Updated Form ADV Now Includes Your Social Media Accounts

December 4, 2017 by Mac Bartine Leave a Comment

In October, the SEC announced several changes to Form ADV, the main reporting document for registered investment advisors (RIAs). One of these changes illustrates just how much social media has permeated the business landscape and how it can affect your company if not managed properly. What you post on social media can have real repercussions on your career. That’s right, the sage advice you’re given before leaving school to pursue your first job applies even when you’ve established a career

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Filed Under: Compliance Errors, Software

What is RegTech and How Can It Help RIAs

What Is RegTech and How Can It Help RIAs?

November 6, 2017 by Mac Bartine

Short for regulatory technology, RegTech is a subset of FinTech (financial technology), which encompasses software and cloud-based applications designed to help professionals like RIAs and compliance consultants navigate federal and state regulations.

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Filed Under: Compliance Errors, Software

Why RIA Compliance Is A Major Competitive Advantage

Why RIA Compliance Is a Major Competitive Advantage

May 25, 2017 by Mac Bartine

You know that there are many obstacles that could keep you and your firm from being successful. Being in a competitive industry means running your business competitively. While some firms may look at SEC and state RIA compliance as a burden, making it a priority can give you a powerful edge against them.

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Filed Under: Compliance Errors, Software

Stay Out of the Penalty Box with RIA Compliance Software

Stay Out of the Penalty Box with RIA Compliance Software

May 16, 2017 by Mac Bartine

As a registered investment advisor, it’s only a matter of time until you get audited. Audits by SEC or state regulators can happen at random, or be triggered by an issue. It’s not a matter of if, but a matter of when, so you need every tool at your disposal to ensure that you’re—and that includes your RIA compliance software.

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Filed Under: Compliance Errors, Software

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