More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- Disaster Recovery Plans and Succession Planning RIAs owe a fiduciary duty to clients to prepare for disasters and other contingencies. If an RIA does not have a disaster recovery plan, clients financial well-being may be jeopardized. RIAs should also engage in succession planning, ensuring a smooth transaction if an owner or principal leaves.
The Department of Labor Employee Benefits Security Administration (EBSA) and the American Institute of Certified Public Accountants (AICPA) recently launched a new, interactive website to help small businesses select a retirement plan for their employees.
The website, “Choosing a Retirement Solution for Your Small Business,” is available at http://www.choosingaretirementsolution.org/.
Jim Metzler, AICPA’s vice president of small firm interests, said in a statement announcing the web site's release that “the economic turmoil of the past two years has underscored the importance of sound retirement plans for employees of small businesses.”
Through the website, employers have access to a number of retirement plan options from “a simpler individual retirement account-based plan to the more sophisticated automatic enrollment 401(k) plan,” the release states. The website also describes the advantages and features of various retirement plans, the release notes, and “even businesses with as few as two employees will find options using this new online tool.”