What is RegTech and How Can It Help RIAs

What is RegTech and How Can It Help RIAs

Leave it to the internet to come up with a snappy shorthand name for such a complicated concept! RegTech describes technology and software solutions that help professionals in the financial industries stay in compliance with SEC and state regulations. If your RIA firm or consultancy needs help simplifying compliance, now’s a good time to add “RegTech” to your professional lexicon.

RegTech Defined

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.

After the 2008 financial crisis, the government strengthened regulatory standards in an effort to protect consumers from the predatory and negligent practices that cost many investors their savings. While these regulations and the reporting mandates that accompany them are good news for consumers, they present a daunting task for the financial services industry, and the threat of an audit is always looming.

Some firms tried to keep track of compliance requirements with outdated methods and insufficient software, but it quickly became apparent that the job of compliance was more complex than that. The technology sector stepped in to fill the void with an array of automated compliance solutions, now collectively known as RegTech.

What Can RegTech Do for You?

Hands down, a well-crafted RegTech package like Smart RIA is the best and safest way to simplify compliance. Whether you’re purchasing the software for your own firm or implementing it as a compliance solution for RIA clients, RegTech can keep your processes stress-free, seamless, and audit-ready.

Our software was designed by RIAs for RIAs, backed by a top-notch team with extensive financial and technological experience. It’s the perfect option when you need a powerful, user-friendly product tailored to your specialized needs.

Some of the benefits of RegTech, like Smart RIA, include:

  • Single Platform
    Switching between paper files, spreadsheets, and text documents is a great way for tasks and documentation to fall through the cracks. RegTech keeps all documentation in one place, with one product.
  • Automated Alerts
    SmartRIA comes pre-loaded with common compliance task notifications, plus the ability to customize alerts. If a client’s documentation is incomplete or requires review, the software will let you know.
  • All Online
    SmartRIA’s cloud-based system means you only need your laptop or tablet and an internet connection to access your client’s’ documents and compliance list, in the office or in the field.
  • Customizable Roles
    Some people in your firm need to see everything, and some people just need to see enough to complete their duties. If you’re a compliance consultant, you need a big-picture view of all your clients. RegTech like SmartRIA can deliver that functionality and more.

If it’s time to incorporate the latest RegTech into your business, see what SmartRIA can do—schedule your free demo today.

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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