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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.

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