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SmartRIA - SmartRIA Compliance Software

Software to Replace Your Investment Advisor Compliance Checklist

SS&C’s Black Diamond Wealth Platform and SmartRIA Announce Integration Partnership to Streamline Compliance Surveillance

April 22, 2019 by Mac Bartine Leave a Comment

SmartRIA today announced an integration with SS&Cs’ Black Diamond Wealth Platform to significantly streamline the surveillance of compliance activities for well-established RIA firms. The direct connection between the two systems allows RIA firms to use Black Diamond data within SmartRIA. The shared data creates a 360-degree view of client households, which facilitates surveillance of mission critical compliance issues. These can include: client annual reviews, trading inactivity and high account cash balance alerts, viewing and reporting on accounts by discretionary/non-discretionary status

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Filed Under: News, Software

SmartRIA

Fiduciary Duty Goes Well Beyond Share Class Selection

March 29, 2019 by Mac Bartine Leave a Comment

Investment advisers may have noticed the SEC’s recent Share Class Selection Disclosure Initiative and thought they had nothing to learn from the 79 enforcement actions. The reality is that even investment advisers who are not affiliated with a broker-dealer can learn valuable lessons from these enforcement actions. Lessons learned from Share Class Selection Disclosure Initiative On March 11, 2019, the SEC announced that its Share Class Selection Disclosure Initiative had returned more than $125 million to investors. The initiative was

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Filed Under: Compliance Alert, News

SmartRIA

SEC Announces Its 2019 Examination Priorities

January 3, 2019 by Mac Bartine Leave a Comment

The SEC’s Office of Compliance Inspections and Examinations (OCIE) publishes annually its examination priorities to promote transparency and provide insights into the areas it believes pose a heightened risk to investors or to the integrity of the U.S. capital markets. OCIE’s priorities are designed to support the SEC’s mission, which is to protect investors and facilitate capital formation, as well as to maintain fair, orderly, and efficient markets. On December 20, 2018, OCIE announced its 2019 examination priorities. Both the

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Filed Under: Compliance Alert, News

Smart RIA

OCIE Reveals Cash Solicitation Rule Compliance Issues

November 7, 2018 by Mac Bartine Leave a Comment

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) periodically publishes Risk Alerts to highlight compliance problems discovered during examinations. On October 31, 2018, OCIE circulated a Risk Alert that analyzes compliance issues pertaining to Rule 206(4)-3 under the Investment Advisers Act of 1940, otherwise known as the Cash Solicitation Rule. Generally, investment advisers required to be registered under the Act are prohibited from paying a cash fee, directly or indirectly, to any person who solicits clients for a Registered

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Filed Under: Compliance Alert, News

Smart RIA

Same SEC Document Production List

October 29, 2018 by Mac Bartine Leave a Comment

We are seeing quite an uptick in Advisors undergoing regulatory exams. Therefore, as a service to you we are providing the following information in regard to regulatory exams. The SEC’s Office of Compliance, Inspections and Examinations (OCIE) is responsible for administering exams. Generally, the initial notification of an exam will reference that the staff of the U.S. Securities and Exchange Commission is conducting an examination of risk factors pursuant to Section 204 of the Investment Advisers Act of 1940 (the

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Filed Under: Compliance Alert, News

Smart RIA

Supervision of Investment Adviser Representatives

September 28, 2018 by Mac Bartine Leave a Comment

Registered Investment Advisers (RIAs) owe a duty to supervise persons associated with the firm with respect to activities performed on their behalf. In recent deficiencies letters, RIAs have been criticized for failing to adequately supervise their supervised persons, including, Investment Adviser Representatives (IARs). RIAs must implement written supervisory procedures to govern the conduct of supervised persons. A supervised person is any partner, officer, director, or employee of an RIA who provides investment advice on behalf of the firm. We have attached

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Filed Under: Compliance Alert, News

Smart RIA

RIAs Must Make Good on Fee Refunds and Fully Disclose Their Financial Condition

July 27, 2018 by Mac Bartine Leave a Comment

On July 20, 2018, the SEC announced the settlement of charges against a Beverly Hills-based Registered Investment Adviser (RIA) and its majority owner, because the firm improperly refused to refund unearned advisory fees to 63 clients who left the firm. The RIA also made material misstatements in written disclosures to clients regarding the firm’s financial condition. According to the SEC’s order instituting administrative and cease-and-desist proceedings, the RIA and its owner withheld $131,000 in prepaid unearned advisory fees. The 63

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Filed Under: Compliance Alert, News

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

Smart RIA

SEC Publishes Most Frequent Best Execution Deficiencies Found by Examiners

July 16, 2018 by Mac Bartine Leave a Comment

On July 11, 2018, the Office of Compliance Inspections and Examinations (OCIE) released a risk alert dealing with the most frequent best execution deficiencies identified during investment adviser exams. The risk alert can help Registered Investment Advisers (RIAs) improve their best execution policies and procedures and avoid potential problems during their own examinations. The duty to seek best execution is an important component of an RIA’s fiduciary obligation. Investment advisers must attempt to obtain the best qualitative execution for the

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Filed Under: Compliance Alert, News

Smart RIA

Frequent Advisory Fee and Expense Compliance Issues

April 16, 2018 by Mac Bartine Leave a Comment

On April 12, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) issued a National Exam Program risk alert in which it outlined the most frequent advisory fee and expense compliance issues identified in deficiency letters sent to SEC-registered investment advisers. To read the full risk alert, click here. The six most frequent areas of concern noted were: Fee-Billing Based on Incorrect Account Valuations – for example, using a different metric or process than was specified in the client agreement or

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Filed Under: Compliance Alert, News

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