Books and Records Requirements for Investment Advisers
For the average investment adviser, the prospect of managing the administrative and compliance aspects of the daily operations of the firm can be daunting. This pressure is further multiplied by recent regulatory trends and enforcement actions. Given these trends, advisers need to be particularly concerned about the accuracy, quality, and completeness of the firm’s books and records as required by Rule 204-2 of the Advisers Act.
Generally speaking, at the outset of an examination, the SEC will form an early assessment of your firm’s internal controls based upon the quality of your record keeping, and your ability to respond quickly to requests for information. Examiners will ask for numerous records to be available for review, many of which are not "required" records as described in Rule 204-2. Nonetheless, as a registered investment adviser, your firm is obligated to comply with such records requests. In addition, certain books and records may be requested in electronic format to allow for easier analysis of data. These recordkeeping requirements apply to a vast array of topics ranging from the maintenance of the firm’s financial records to records pertaining to the firm’s custody practices.
This seminar will not only cover the nuts and bolts of the SEC books and records rule, including recent amendments, but will incorporate an overview of the SEC’s expectations regarding non-required records that are included in the SEC examination document request list, samples of which will be provided. Paper and electronic storage of records, including email technology and solutions, will be discussed as will record management practices that help advisers avoid common examination deficiencies.
Investment Adviser Performance and Advertising
Investment adviser advertising continues to be one of the top problem areas identified by the SEC. Advertising and performance often present complex issues for all advisers, as well as many traps for the unwary, frequent exam deficiencies and, in the worst cases, potential for SEC enforcement actions.
The SEC has devoted considerable attention to how and under what circumstances investment advisers may advertise their services and present performance to clients.
This session is designed to help advisers avoid the common pitfalls and understand the fundamental advertising rule requirements and the many SEC no-action letters covering testimonials, partial client lists, websites, presenting gross and net performance and the numerous required and recommended disclosures for advertising and performance materials.
Form ADV Part 1: Annual Updating Amendment and More
Inaccurate and/or inadequate Form ADV disclosures are consistently cited in the SEC’s and many states’ list of “Top Deficiencies.” In this session, experts will systematically walk through Form ADV Part 1 and examine disclosure requirements that impact all advisers (including private fund advisers). This session will also review the method of calculating “regulatory assets under management (RAUM),” re-examine the changes to the ADV Part 1A that became effective in 2018 and discuss how the SEC’s new custody guidance on first- and third-party transfers should be reflected on Form ADV. Finally, your instructors will provide guidance on correlating the information reported in Form ADV Part 1 to disclosures in Form ADV Part 2.
After attending this course, attendees should be able to:
Compliance Programs Rules and Strategies for Managing Your Annual Review
Compliance professionals must be ever mindful of the ongoing mandates embodied in Rule 206(4)-7 under the Investment Advisers Act and Rule 38a-1 under the Investment Company Act to maintain, review, test and modify written compliance policies and procedures that are reasonably designed to detect violations and weaknesses in internal controls and compliance systems. Commonly referred to as the “Compliance Programs Rules,” these rules specifically require that advisers and funds implement and maintain policies and procedures designed to detect, prevent and correct compliance problems in key areas of their operations and to conduct an at least annual review to gauge their effectiveness.
This seminar will identify essential internal controls and compliance testing and documentation procedures within the structure of a “real-world” practical compliance program. The seminar will also deal with how to conduct periodic or annual compliance reviews that identify and address compliance gaps or risks, including the level of detail appropriate for an annual review report.
TD Ameritrade Elite Advisor Summit – Elite LINC 2018
TBD
TD Ameritrade's Elite Advisor Summit. Formal invitation required.
Open to a select group of advisors who are best-in-class, gathering with peers to learn, inspire, network and collaborate.
IAA Leadership Conference 2018
TBD
The IAA’s Leadership Conference brings together executives from a variety of investment advisory firms and provides a special occasion to understand industry trends, exchange ideas, and develop valued relationships with IAA members and other SEC-registered investment advisers. Conference topics include economics, politics, and business strategy. Facilitated breakout sessions enable participants to discuss the challenges and opportunities they have in common with other advisers.
Schwab IMPACT Conference 2018
VENUE TBD
IMPACT is an invitation-only industry conference where advisors come together with influential presenters, exhibitors, and subject-matter experts to learn about and collaborate on key issues and best practices. Every facet of the conference is designed to help attendees remain at the forefront of the industry.
Bob Veres’ Insider’s Forum 2018
Bob Veres' Insider's Forum conference is the real-world extension of Inside Information (www.bobveres.com), a master study group, provider of newsletters and articles as well as a general "curator" of information found throughout the financial advisory profession. Intended for experienced fiduciary financial advisory business professionals, the conference is designed to provide essential information for running and growing prosperous businesses and better serving clients, advanced technical content, as well as valuable opportunities for networking with industry thought leaders.
The conference programs consistently feature the highest caliber of established thought leaders in the profession, and we introduce trailblazing newcomers to conference attendees. Each year we offer three conference tracks that focus on the needs of the different functional areas of your organization: strategy leadership (CEOs, Presidents and firm owners), operations (COOs and other operations professionals), technical leadership (Chief Investment Officer and technical knowledge experts), as well as a track that will change each year to address the most current issues and themes that advisors are facing.
Our exhibit hall is by-invitation-only to help ensure that the fiduciary culture of our event is carried on throughout the entire conference venue.
FSI Forum 2018
Open to all FSI members and select sponsors. **This event is exclusively for FSI members and is closed to the media.
Schwab EXPLORE Conference 2018
VENUE TBD
EXPLORE is an exclusive, high-profile forum for a select group of Schwab Advisor Services’ most valued clients.
Approximately 150 advisors are expected to attend. The small size of the forum creates an environment for attendees to think strategically and share best practices with like-minded colleagues, hear from high caliber speakers and network with Schwab senior management and peers, both socially and in a business sense.