Guides
Longer explanations of the questions advisers ask most, each linked to the rules it explains in the regulatory library. Free, no account.
Running the compliance program
- Solo Adviser Compliance from A to Z
Everything a solo investment adviser must do, from Form ADV and U4 to custody, marketing and state rules: deadlines, common mistakes and where to start.
Updated October 5, 2026
- The RIA Chief Compliance Officer: Duties, Authority and Liability
What Rule 206(4)-7 requires of an RIA's chief compliance officer: who can serve, core duties, the annual review, liability, and the limits of outsourcing.
Updated October 13, 2026
- The Custody Rule Explained: Rule 206(4)-2 for Investment Advisers
When an adviser has custody under Rule 206(4)-2, qualified custodians, the surprise exam, fee deduction, SLOAs and the audit approach for private funds.
Updated October 13, 2026
- Annual Compliance Review Checklist for Investment Advisers
What the Rule 206(4)-7 annual review must cover, how often, how to document it, what the 2026 Risk Alert found, and a checklist for advisers to work from.
Updated October 13, 2026
- How to Respond to an SEC Deficiency Letter
What an SEC deficiency letter means, the 30-day response window, what to put in the response, how to evidence remediation, and what happens afterward.
Updated October 13, 2026
Registration and filings
- Form ADV Annual Updating Amendment: Deadline, What to Update and Interim Amendments
The Form ADV annual updating amendment: the 90-day deadline, what to update, when to amend between years, and the 120-day brochure delivery that follows.
Updated October 13, 2026
- How to Register as an RIA: SEC or State Registration, Form ADV and Timeline
How to register as an RIA: SEC or state registration by AUM, the exemptions, filing Form ADV through IARD, Series 65 and Form U4, and the 45-day SEC timeline.
Updated October 13, 2026
- Form ADV Part 2A and 2B: The Brochure and Brochure Supplements
What Form ADV Part 2A and Part 2B must contain, who needs a supplement, when to deliver and update them, and how the annual summary of material changes works.
Updated October 13, 2026
- Form CRS Requirements for Investment Advisers
Form CRS for RIAs: who must file, the five required items, the two-page limit, delivery triggers, and the 30-day amendment and 60-day client notice deadlines.
Updated October 13, 2026
Marketing and advertising
- Testimonials, Endorsements and Third-Party Ratings Under the Marketing Rule
How Rule 206(4)-1 treats testimonials, endorsements and third-party ratings: the disclosures, written agreements, disqualification and records it requires.
Updated October 13, 2026
- Performance Advertising Under the Marketing Rule: Net, Gross, Hypothetical and More
Performance in adviser advertising under Rule 206(4)-1(d): net with gross, 1, 5 and 10 year periods, and hypothetical, extracted and predecessor results.
Updated October 13, 2026
- Social Media Compliance for Investment Advisers
How the Marketing Rule and Rule 204-2 apply to adviser social media: which posts are ads, comments and likes, personal accounts, influencers and records.
Updated October 13, 2026
Code of ethics and conflicts
- What Is MNPI? Material Non-Public Information for Investment Advisers
What makes information material and non-public, where advisers come across it, what Section 204A requires, and the controls examiners expect to see.
Updated October 5, 2026
- Code of Ethics Requirements for RIAs: Rule 204A-1 Explained
What Rule 204A-1 requires: who is an access person, holdings and transaction report deadlines, IPO and private placement preclearance, records and review.
Updated October 13, 2026
- Gifts and Entertainment Policy for Investment Advisers
How RIAs handle gifts and entertainment: the fiduciary conflict, FINRA's new $300 limit, Marketing Rule referral gifts, ERISA and union rules, and the log.
Updated October 13, 2026
- Outside Business Activities for Investment Adviser Representatives
Outside business activities for advisers: Form U4 Question 13, Form ADV Part 2B Item 4 and its 10 percent test, FINRA Rule 3290, conflicts and approval.
Updated October 13, 2026
- The Fiduciary Duty of Investment Advisers: Care, Loyalty and Disclosure
The SEC's 2019 fiduciary interpretation: the duty of care, the duty of loyalty, full and fair disclosure, informed consent, and what an adviser cannot waive.
Updated October 13, 2026
- The SEC Pay-to-Play Rule for Investment Advisers: Rule 206(4)-5
Rule 206(4)-5 explained: covered associates, the $350 and $150 limits, the two-year time-out, the new hire look-back, placement agents and the 2026 proposal.
Updated October 13, 2026
Records, privacy and technology
- Regulation S-P Compliance Checklist for Investment Advisers
The 2024 Reg S-P amendments for RIAs: incident response, 30-day customer notice, 72-hour service provider notice, records, and a 12-step checklist.
Updated October 5, 2026
- AI Compliance for Investment Advisers: AI Washing, Marketing Claims, Records and Vendors
How existing SEC rules apply to adviser use of AI: AI washing cases, Marketing Rule claims, records of AI output, vendor diligence and the policies to write.
Updated October 13, 2026
- Off-Channel Communications for Investment Advisers: Texting, WhatsApp and Recordkeeping
Texting and WhatsApp at RIAs: what Rule 204-2(a)(7) requires you to keep, the off-channel enforcement cases, where the SEC stands in 2026, and the controls.
Updated October 13, 2026
- Books and Records Requirements for Investment Advisers (Rule 204-2)
What Rule 204-2 requires RIAs to keep, how the five-year retention period is really counted, the two years in an office, electronic storage and exam requests.
Updated October 13, 2026
- Cybersecurity for RIAs: What the SEC Expects of Investment Advisers
What SEC-registered advisers need for cybersecurity: Reg S-P and S-ID duties, exam priorities, vendor oversight, incident response and the records to keep.
Updated October 13, 2026