RIA in a Box, a leading provider of compliance, operations and registration software and services solutions for the wealth management industry, announced the launch of an automated Form CRS creation tool and resources to help registered investment advisors (RIAs) complete the upcoming required Form CRS filing. Unlike many compliance firms that are charging thousands of dollars to create the new Form CRS filing, the proprietary Form CRS tool is available for no additional charge to all subscribers of MyRIACompliance.
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Through RIA in a Box’s compliance platform, MyRIACompliance, firms can leverage the Form CRS tool to automate the creation of a customized Form CRS filing. RIA in a Box utilizes a firm’s existing Form ADV data, along with a short, rules-based smart questionnaire to streamline the Form CRS drafting process. The RIA in a Box team of compliance experts then works with the individual RIA firm, allowing the advisor to make any additional edits to the Form CRS.
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Also known as Form ADV Part 3, the new Form CRS is a client relationship summary that must be filed by SEC-registered RIA firms that serve retail investors between May 1 and June 30 of this year. The form, which has five key elements, must be provided to all current and prospective clients. The document must be written in plain language and not exceed two-pages in length. The five key elements are:
- Introduction – background on the firm including its name and the date of its founding
- Relationships & Services – overview of the types of investment services offered, including whether they are discretionary or non-discretionary
- Fees, Conflicts & Standard of Conduct – a summary of fees and fiduciary obligations
- Disciplinary History – overview of any legal or disciplinary actions
- Additional Information – where more information about the firm can be found
“When it comes to Form CRS, the challenge for RIA firms will be to distill the information down to only two pages, especially when you consider that the official Form CRS rule release is 564 pages,” said GJ King, president at RIA in a Box. “Available to RIA firms for no additional charge through our MyRIACompliance platform, we have made the process of creating and filing Form CRS as simple as possible, leveraging a firm’s existing Form ADV along with our proprietary insights.”
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