In 2004, the SEC instituted Rule 206(4)-7, which imposed new requirements on registered investment advisors for documenting and ensuring both the adequacy and effectiveness of the compliance program. The SEC has advised the industry that they view compliance programs as dynamic – continually changing with changes in the advisor’s business model and changes in regulation.
Rule 206(4)-7 places the responsibility on the advisor to ensure that the compliance program stays relevant to the business and requires the advisor to assess the adequacy and effectiveness at least annually.
Many RIA firms consider augmenting their compliance resources during the annual assessment to alleviate the strain on already overloaded personnel as well as to provide an independent view of the compliance program.
Let AdvisorAssist’s experienced compliance professionals assist your Chief Compliance Officer by performing the annual assessment and providing an independent perspective on your compliance program. Our experienced professionals will not only provide a formal assessment of your compliance program's effectiveness, but will also provide best practice recommendations suitable for your unique business situation.
To speak with one of our highly experienced industry principals, complete the form on the right, or call us at 866.513.4042.
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