Software to Replace Your Investment Advisor Compliance Checklist

Software to Replace Your Investment Advisor Compliance Checklist

Are you using a simple checklist to keep track of your RIA compliance requirements? If so, you might not be covering all of the complex documents and tasks vital to the health of your business. Compliance can quickly become overwhelming without the right tools to support your processes. 

If you’re starting to feel a little like this…



…it might be time to try a modern, automated software package like SmartRIA to replace your compliance checklist. SmartRIA allows you to schedule tasks and respond to compliance deficiency alerts, making sure your compliance documentation is up to date at all times. It makes work easier for you, your CCO, and your entire staff.

Here are a few tasks from a typical investment advisor compliance checklist that SmartRIA can help keep on track.

Regulatory Filings

RIAs are subject to myriad regulatory filings, all with different due dates or triggering actions. For example, Form ADV must be updated annually, due 90 days after the close of your fiscal year, with other amendments performed when needed.

While automated software solutions cannot reliably tailor filings to the unique needs of your business, your compliance consultant working with you using a software solution like Smart RIA certainly can. Our automated alerts and scheduled tasks can help make sure you never miss critical data or deadlines for your filings.

Employees and Code of Ethics

RIAs are required to craft and adopt a code of ethics, and certain personnel are required to report their personal trading activities upon hire and on a quarterly basis thereafter. Compliance software can keep you and your employees updated on these deadlines and alert you when more info is needed.

Additionally, a comprehensive, feature-rich software solution like SmartRIA can provide you with a Code of Ethics blueprint to get you started and help establish a culture of compliance.

Fiduciary Duty

Because SmartRIA documents and tracks all client communication, it’s easy to prove when your obligation to act in the best interest of your clients has been met, including conflict of interest disclosures. Thorough documentation can be the deciding factor in passing or failing an audit, and it becomes even more important if your firm is sued.

Through integrations with popular CRMs, SmartRIA stores documentation automatically to keep your compliance streamlined. And since it’s a cloud-based application, you can access it from anywhere—at the office, while traveling, or on-site with a client—so discharging your duties is even more convenient.

The best tools are an investment in your firm. If you want a more powerful way to manage your processes and ensure compliance, it might be time to drop the checklist and make the switch to compliance software. The combination of convenience and functionality designed to help you adhere to requirements of Rule 204-2 of the Advisers Act can deliver peace of mind and a more efficient workday. That’s time you could spend meeting clients and growing your business.

To schedule a no-risk demonstration of SmartRIA, use our calendar to choose a date and time that works for you.

Focus on what matters. Use Smart RIA to streamline compliance, so you can grow your business. Click to schedule a demo.

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