Luna vs Smartria
The most-used RIA compliance software won't tell you its price. Luna will.
Smartria leads RIA compliance in the 2025 Kitces Report, and the same report says the leading vendors "are the lowest rated in the category." Its pricing page offers "customized pricing." Luna's prices are on the page, the same for every firm, and you can start today.
Why advisers choose Luna over Smartria
A price before the demo, not after it
Smartria's pricing page offers "customized pricing designed to fit your firm's size, complexity, and growth stage" and a demo. Luna has four prices, published, and a free plan.
Policies written for you
Luna drafts 17 policies from your answers about how the firm runs, and can propose your firm's rules from your filed Part 2A. Smartria's site describes prebuilt task libraries, not policy drafting.
The Marketing Rule, cited line by line
Every paid Luna plan reviews advertisements with AI, cites the rule and the page, and drafts the disclosure language. A person approves, and Firm Plus can require two.
State, MNPI and registrations, built in
Your states' deadlines and rules with citations, an MNPI register with a daily SEC filing check, and a dated log of every Form U4, U5 and ADV amendment. Smartria's site shows none of the three.
The scorecard
12 things Luna does that Smartria's website does not show. Luna's column is what ships today.
| Capability | Luna | Smartria |
|---|---|---|
| Price on the website | Yes. Every price, free to $1,499/mo | Not shown on their website. "Customized pricing" |
| Start without a demo | Yes. Free plan; 14-day trials, no card | Not shown on their website. Demo first |
| No annual contract | Yes. Month to month; cancel in the product | Not shown on their website. Not shown on their site |
| Compliance calendar | Yes. Fitted to SEC, state or ERA registration | Yes. |
| Your states' deadlines and rules | Yes. Reviewed deadlines, IARD dates, cited rules | Not shown on their website. Not shown on their site |
| Policies drafted for your firm | Yes. 17 policies drafted from your answers | Not shown on their website. Task and form libraries shown |
| AI Marketing Rule review | Yes. Cites the rule and the page; a person approves | Yes. Marketing reviews; AI pre-screen per a July 2026 release |
| Code of ethics: gifts, OBAs, political | Yes. Gift limits measured for you | Yes. OBAs, political, holdings attestations |
| Personal trading preclearance | Yes. Linked brokerage accounts; every trade checked daily | Yes. |
| MNPI register and insider lists | Yes. Daily SEC filing check; insiders auto-denied | Not shown on their website. Restricted lists and blackouts shown |
| Form U4, U5 and ADV amendment tracking | Yes. Each one dated by your strictest state | Not shown on their website. Not shown on their site |
| IAR continuing education | Yes. Per IAR, against each of their states' rules | Not shown on their website. Not shown on their site |
| SEC exam workspace | Yes. Request letter split into owned, dated items | Not shown on their website. "Audit prep" workflows; no exam workspace shown |
| Email archive and review | Yes. Included on Firm Plus | Yes. Email, SMS, social, web |
| Anonymous whistleblower reporting | Yes. No account, IP or time stored | Not shown on their website. Not shown on their site |
| AI answers from your own policies | Yes. Ask Luna, on every paid plan | Not shown on their website. Not shown on their site |
| Separate deployment per firm | Yes. Its own app and database | Not shown on their website. AWS and MongoDB Atlas |
✓ yes ✕ no – not shown on Smartria's website when we read it, which is a statement about the website, not about what they may offer privately.
In Smartria's own words
“We offer customized pricing designed to fit your firm's size, complexity, and growth stage.”
“In practice, these leading vendors are the lowest rated in the category, suggesting that their acquisitions and rapid growth may have expanded their advisor base faster than the technology could evolve to meet those expanded needs.”
In detail
| Topic | Luna | Smartria |
|---|---|---|
| Price | Calendar free, Solo $199/mo, Firm $699/mo, Firm Plus $1,499/mo. On the page, the same for every firm. No setup fee, no per-account fee. | Customized; not shown on smart-ria.com. "Book a Demo." |
| How you start | Sign up and use it today. Calendar is free with no card; paid plans start with a 14-day trial, no card. Nobody has to talk to sales. | "Book a Demo." |
| Marketing review | On every paid plan. Each finding cites the rule and points to the page or slide, with sample disclosure language filled in for your firm. Your own confirmed rules apply too. A person approves; Firm Plus can require two. | "Streamline reviews of marketing materials." A July 2026 release names an AI pre-screening assistant. |
| State-registered advisers | Calendar fitted to your registration type, reviewed deadlines for your states, the IARD renewal dates, your states' rules with citations, and testimonials flagged where a state still bans them. | Its site describes an "SEC/FINRA program." |
| What advisers say | Launched September 30, 2026; not yet surveyed. | 7.4 satisfaction and 7.8 value out of 10 in the 2025 Kitces Report, with the category's largest share, 12.1%. |
| Archiving | Email, on Firm Plus, included in the price. | SmartArchive (July 2026): email, SMS, social and websites, on technology licensed from Presults. |
| Security | Each firm gets its own deployment and database, in the United States, with multi-factor sign-in for every user. SOC 2 Type 2 and ISO 27001 audit work underway since October 6, 2026. | An annual SOC 2 Type 2 attestation; hosted on AWS and MongoDB Atlas. |
About Smartria: Smartria, formerly SmartRIA, describes itself as "the RIA compliance software built to centralize, automate, and scale your SEC/FINRA program," with compliance management, marketing reviews, attestations, trade monitoring, vendor management and, since July 2026, SmartArchive. Sources, each read October 11, 2026: smart-ria.com, Smartria pricing, Smartria compliance management, Smartria security, Introducing SmartArchive, The Kitces Report, Vol. 1, 2025, pp. 152 to 154. If something here is out of date, tell us at sales@lunacompliance.io and we will correct it.
Coming next in Luna
Luna ships every week. This is what is underway or next, so you are comparing against where it is going, not only where it is.
- UnderwaySOC 2 Type 2 and ISO 27001. Audit work began October 6, 2026.
- NextNet worth and bond monitor for state-registered advisers.
- NextState-aware marketing review and advisory contract review.
- ComingAnnual review workspace and mock exam prep, on Firm Plus.
Questions
- How much does Smartria cost?
- Smartria's pricing page offers customized pricing by firm size, complexity and growth stage, and asks you to book a demo. Luna's prices are published.
- Does Smartria draft policies?
- Its site describes prebuilt libraries of compliance tasks and forms. Luna drafts your policies from your answers and keeps them versioned and acknowledged.
- How long does it take to move from Smartria to Luna?
- Sign up and your calendar is set up for your registration type and your states the same day. Luna drafts your policies from your answers about how the firm runs, and can read your filed Part 2A to propose your firm's rules, so there is no manual to rebuild by hand. Keep your old system's records as long as the books and records rules require.
See the price. Skip the demo. Start today.
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