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SmartRIA - SmartRIA Compliance Software

SEC Penalties Will Increase Due to Inflation

January 19, 2022 by Mac Bartine Leave a Comment

It’s not just eggs and milk that are getting more expensive. In one of the regulator’s first notices in 2022, SEC penalties will increase due to inflation. The change is based on the difference between the consumer price index from October 2020 to 2021. For penalties levied by the SEC, that change will mean at least 6 percent higher fees across the board. From the notice: … the adjusted penalty amounts in this Notice (and all penalty adjustments performed pursuant

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Filed Under: Culture of Compliance

9 Mistakes to Avoid When Learning Fintech

October 18, 2021 by Mac Bartine Leave a Comment

Tech adoption can be a huge issue for RIA companies, and virtually any business these days. If the pandemic has taught us anything, it’s that most people can quickly adopt new tech. (Online meetings anyone?) Meanwhile, some may initially resist new tech and later grow to love it. And then there’s the handful of people who avoid it altogether. Let’s just call them late bloomers. All that goes to show that learning new software and technology can be a challenge

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Filed Under: Culture of Compliance, Education, Workplace Tagged With: CEO Advice, compliance software, Fintech, RIA compliance

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

How to Train Your Team on New RIA Compliance Tech

September 2, 2021 by Mac Bartine Leave a Comment

Bringing on new tech for RIA compliance can be a major undertaking on top of handling the constantly-updated compliance regulations a firm must navigate. Usually any new tech is software of some kind to help make compliance easier to handle. But once you have new tech selected from a vendor, there’s another huge task. The software has to be implemented with and understood by your staff as you train new technology. At the beginning stage, as a chief compliance officer,

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Filed Under: Culture of Compliance, Insider, Software Tagged With: compliance, compliance software

SEC Findings: Wrap Fee Initiative

August 21, 2021 by Mac Bartine Leave a Comment

The SEC has been watching wrap fee programs for quite a while. From 2017-19, the SEC’s annual examination priorities named wrap fee programs as putting investors at risk. The SEC’s Division of Examinations (Division) released a July 21, 2021 Risk Alert with guidance from examiners during its Wrap Fee Initiative. The Risk Alert, “Observations from Examinations of Investment Advisers Managing Client Accounts That Participate In Wrap Fee Programs,” contains compliance guidance for Registered Investment Advisers (RIAs) that recommend wrap fee

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

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

RIAs Can Expect Big Changes with SEC’s New Marketing Rule

December 29, 2020 by Mac Bartine Leave a Comment

Guest post by Ara Jabrayan On December 22, 2020, the SEC enacted the new Marketing Rule, which will have an enormous impact on Registered Investment Advisers (RIAs). The new rule will replace the prior Advertising Rule, as well as the Cash Solicitation Rule. The SEC also amended Form ADV and the Books and Records Rule to implement changes resulting from the Marketing Rule. The SEC enacted the new Marketing Rule to protect investors from misleading advertisements and solicitations, while accommodating

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Filed Under: Compliance Alert, Culture of Compliance, General, News

Client Relationships Matter

Growing Your Firm in Any Season (While Maintaining Trust and Compliance)

October 21, 2020 by Mac Bartine Leave a Comment

In this article, Blain Wease, President of Provincial Development Group, and Mac Bartine, CEO of SmartRIA, explore the 5 dimensions of growth and how a culture of compliance can help to support and organize execution of those dimensions.  We’ll be exploring these in depth in our upcoming webinar. Growing Your Firm in Any Season The skill sets required to grow any business share dimensions from both art and science, and wealth management firms are no exception. We typically find one

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Filed Under: Culture of Compliance, General, Software

How a Culture of Compliance can Help Your Firm

How A Culture Of Compliance Can Help Your Firm

February 28, 2020 by Mac Bartine Leave a Comment

As a financial advisor, you know that maintaining federal regulations and client expectations are paramount to the success of your firm. But did you know that creating a culture of compliance is one of the best ways to truly uphold those standards and expectations? It is! Compliance isn’t a one-time, singular occurrence for any firm, it’s a constant series of choices and actions that you and every member of your team are responsible for each day. As a rule, every

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Filed Under: Culture of Compliance, General

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