The 2021 Annual Amendment Process

As the summer is coming to an end, AdvisorAssist is beginning to prepare for the 2021 Annual Amendment season! 

We have created an Annual Amendment dashboard accessible via AdvisorCloud360®, our proprietary compliance technology. We have also implemented deadlines and reminders to ensure timely completion of each step in the process. This allows the team to thoroughly review and analyze responses well in advance of the regulatory deadlines.

Below is an outline of AdvisorAssist’s step by step process to assist with the management of the 2021 Annual Amendment. 

1. Client Geography Review We request that firms complete a breakdown of clients (households) by each state. This enables us to proactively address any registration or notice filing needs and process any withdrawals to avoid paying unnecessary fees before year end.

2. Annual Renewal Fees The registration of firms and its investment advisor representatives expires on December 31st of each year. To maintain these registrations, firms must pay all applicable renewal fees assessed on its preliminary statement to ensure continued eligibility to do business in the coming year. Preliminary statements will be initiated by FINRA in the second week of November. Once your firm’s preliminary statement is available, we communicate a breakdown of the fees owed along with instructions on funding your FINRA e-Bill account.

3. Review Forms We request that firms confirm and update ADV information via review forms that are made available through the AdvisorCloud360® Annual Amendment Dashboard.

1. Firm Information - General information about the firm, its owners, officers and personnel.

2. Advisory Services - Information about the advisory services offered by the firm (eg. Investment management services, financial planning and consulting services, retirement planning services, etc.).

3. Branch Office[s] - All locations, aside from the firm’s primary place of business, in which advisory services are performed.

4. Website[s] and Social Media - Active websites (including those used for DBA names) as well as social media pages for the firm (not your supervised persons individual pages)

5. Fees and Compensation - Advisory fees and billing methodologies for your various advisory services.

6. Assets, Clients, and Accounts - Fiscal year end information related to the firm's assets under management, client breakdown, and discretionary and non-discretionary accounts.

Once all of the review forms are completed, the AdvisorAssist team conducts an analysis of current filings to ensure consistency across disclosures and amendments to ensure adherence to regulatory expectations.

If you’d like to obtain more information about AdvisorAssist's Annual Amendment process and how we can assist your firm, please contact us at  info@advisorassist.com.

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