Speak To A Live Person: 888.302.4594 Request A Demo

Adviser Applications- Common Deficiencies Notice

Monday, February 11, 2013

The Texas State Securities Board, the regulatory agency governing state registered investment advisers, recently issued a notice advising of common deficiencies found in investment adviser applications. While this information was compiled and release by the state, the notice serves as a general reminder of the importance of the information included in the Form ADV Parts 1 and 2 as well as other documents such as the client advisory agreement. Per the notice, the most common deficiencies were related to inconsistencies between Form ADV Part 1 and the Part 2 narrative primarily in the disclosure of types of clients, methods of compensation and fee schedules, and services offered.

To read the notice, please click here.

Red Oak Compliance Solutions is available to help. We can provide guidance on all of your compliance needs. For more information or to request information on how we can help, please contact us.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.