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.
The right tool can help you line up compliance for an audit well before it happens. Even honest mistakes can become black marks on your record during an audit. What’s more, you could face stiff penalties for those mistakes.
That’s where a robust RIA compliance software package really shows its worth. Compliance is complicated, and however careful you and your staff may be, it’s easy to forget or overlook a key step. But a fully-integrated and specially designed compliance solution like Smart RIA includes automated alerts to minimize guesswork and streamline processes.
If a client file is missing a vital document, the software will alert everyone who needs to know, from the client’s own advisor to your CCO, and even you. Checklists and calendars keep you on track without adding unnecessary busywork.
Juggling old and new versions of documents is a thing of the past with our RIA compliance software package. The archiving function keeps old versions of documents on file while hiding them from the team members who don’t need to see them anymore, putting the current documents at their fingertips.
Work Smarter With No Waiting
And because SmartRIA is a turnkey system, you can produce all the documents that auditors need quickly, efficiently, and professionally. No more scrambling around for the requested paperwork. It’s all stored securely offsite and cloud-accessible through our intuitive, easy-to-use interface.
SmartRIA compliance software keeps you audit-ready from Day One with each client. Your CCO can assign required documents for onboarding and those documents appear seamlessly on the client creation screen. If an advisor doesn’t complete the required paperwork with a new client, you and your CCO can be alerted to the deficiency.
Best of all, having a good RIA software package and using it proactively sends a message to auditors that your firm fosters a culture of compliance. This further demonstrates that you care about your fiduciary duty and are committed to complying with SEC and state regulations. The right solution not only gives you a leg up on an audit, but also helps you set the bar for conscientious, high quality work for your clients, who trust you to work in their best interests.
If you’re still not sure about whether RIA compliance software is right for you, SmartRIA offers a 30-minute, commitment-free demo.