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Summary: By this point, all advisors with a Dec. 31 fiscal year-end should have filed their annual updating amendment to Forms ADV Part 1 and 2 with the Securities and Exchange Commission through the Investment Adviser Registration Depository. If any material changes occurred since the last annual updating amendment, advisors should have also delivered to clients at least a summary of such material changes by this point as well.
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Summary: In 2012 the SEC began its presence exam initiative among newly registered investment advisors, with the aim of ensuring compliance with federal securities laws and the RIAs’ own company standards. Now, in 2014, the SEC has announced what it terms the never-before-examined initiative. There are five main areas advisors can tackle now ahead of a potential SEC audit.
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Summary: Some RIAs are intentional entrepreneurs and some are accidental ones, as one Los Angeles financial advisor puts it. But both types may need help developing the skills required to build a growing firm. Jonathan Foster, founder of Angeles Wealth Management, calls himself one of the former: He started out in the wirehouse sector, shifted to a series of roles at eTrade, Carson Wealth Management and other RIAs before founding his practice in late 2011.
Added on April 2014 in Form an RIA
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Summary: U.S. securities regulators have unveiled a road map that lays out how they plan to make sure Wall Street firms are prepared to detect and prevent cyber security attacks.The nine-page document, posted April 15, contains examples of the questions Securities and Exchange Commission examiners might ask brokerages and asset managers during inspections.
Added on April 2014 in Form an RIA
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Summary: While most Certified Financial Planning professionals still respect the spirit and intent of the CFP designation, many believe it is losing its appeal and value in light of recent scandals involving the CFP Board, the certifying and standards-setting organization for Certified Financial Planners.
